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Major crackdown on 'excessive' surcharge scourge costing Aussies: 'Repetitive instances'

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Australian businesses are being warned they face fines of up to $50,000 if they try to skirt around card surcharge laws. The consumer watchdog said the problem of businesses charging customers more than what's necessary for card purchases is a big area of focus this year.
The article from MSN discusses a significant crackdown on excessive surcharges in Australia, particularly focusing on the fees added by businesses when customers use certain payment methods like credit cards. The Australian Securities and Investments Commission (ASIC) and the Reserve Bank of Australia (RBA) have noted that these surcharges often exceed the actual cost of processing payments, unfairly burdening consumers. The crackdown aims to address these "repetitive instances" of overcharging, with new regulations potentially on the horizon to limit how much businesses can charge for payment processing. This initiative follows consumer complaints and aims to ensure fairness in transaction fees, potentially saving Australians money on everyday purchases. The article highlights specific examples where surcharges have been egregiously high, prompting calls for stricter enforcement and clearer guidelines on what constitutes a reasonable surcharge.

Read the Full MSN Article at:
[ https://www.msn.com/en-au/money/economy/major-crackdown-on-excessive-surcharge-scourge-costing-aussies-repetitive-instances/ar-AA1zpo8J ]