Yesterday
APRA warned Cuscal on risk settings ahead of IPO
The payments company, set to list on the ASX next week, is working with the regulator to improve compliance systems after an external review disclosed in its prospectus.
- James Eyers and Lucas Baird
October
NSW baulks at refunding $144m unlawfully taken in card fees
Service NSW and Revenue NSW government levied residents $144 million in card fees over eight years despite the government having legal advice it was unlawful
- Tom Burton
Small businesses fear payments squeeze in surcharge ban
Business owner Rob Anderson says payment processing costs have jumped “exponentially” with 80 per cent of customers now using card and digital payments.
- Lucas Baird
- Exclusive
- Payments
Payment giants threaten to halt refunds for fraud
The two payment network giants have threatened to stop providing refunds to defrauded customers if forced to limit how much they charge for their services.
- James Eyers
Labor to ban debit card payment surcharges
The Albanese government is attempting to ease financial pressure on families ahead of a federal election next year. But the change could hurt small businesses.
- James Eyers, Lucas Baird and John Kehoe
Chemist Warehouse goes to war with card fees – using QR codes
The pharmacy and retailing giant pays $15 million in transaction costs every year. Now it has signed on to a new NAB-backed system that circumvents them.
- James Eyers
Mark Carnegie pushes Circle’s USD Coin to Australia’s super funds
MHC Digital says USDC, which has a market cap of $50 billion, could be used by big institutional investors to bypass banks and save hundreds of millions of dollars.
- James Eyers
September
Apple, Google respond to payment cost heat by backing eftpos
The US tech giants will enable “least-cost routing” for new cards on their smartphones to try to help merchants save costs by avoiding Visa and Mastercard.
- James Eyers
August
Mastercard argues cash costs more than card in bid to stymie fee limit
A Boston Consulting Group report commissioned by the global payments giant has found there are plenty of “hidden” costs to using cash, which could be reduced.
- James Eyers
Card payment surcharge billions under RBA microscope
The RBA has brought forward an inquiry into card payment costs amid increased political scrutiny of the estimated $4 billion that Australians pay in fees each year.
- Updated
- James Eyers
July
ACCC wants banks to make foreign exchange calculators more accurate
The regulator has proposed changes to FX calculators to ensure banks subtract fees, so customers have genuine transparency.
- James Eyers
The top 10 deals where bankers won big fees in the past year
The country’s largest investment banks shared in an estimated $600 million payday – from capital raisings to IPOs in everything from NextDC to the ailing Star.
- Aaron Weinman
Banks caught repeating royal commissioner-era fee charging
ANZ, the Commonwealth Bank, Westpac and Bendigo and Adelaide Bank have agreed to move 200,000 customers into lower-fee accounts.
- Ronald Mizen
April
CBA joins banks quietly cutting interest-free days on credit cards
The big banks have all been slowly lifting their rates, while Commonwealth and Westpac have also increased annual fees.
- James Eyers
October 2023
‘What the eff?’: Jack Zhang on Airwallex’s near-death experience
A close call with Silicon Valley Bank could have wiped out half a billion of capital. The swiftness of Airwallex’s response demonstrates why it’s a company to watch.
- Michael Bailey
September 2023
PayPal targeted by ASIC for contract clause letting it keep wrong fees
The corporate regulator sued PayPal in the Federal Court alleging an unfair clause that let it hold on to overcharged fees if errors weren’t notified to it.
- James Eyers
November 2022
NAB ‘took advantage of customers’ by overcharging them: judge
The Federal Court found NAB acted unconscionably, and breached a licence condition, when it levied fees that have resulted in $8m being paid in compensation.
- James Eyers
April 2022
Westpac fined $113m after charging fees to deceased clients
Westpac has been hit with $113 million in penalties and will issue $80 million in remediation after it was found to have made widespread compliance failures.
- Lucy Dean
February 2022
Regulatory pressure, customer unbundling force ANZ to cut mortgage fee
After Breakfree was targeted at the royal commission and ASIC, ANZ has killed the controversial product.
- James Eyers
July 2021
Millions wasted, reputations damaged
Three years after the royal commission explored the fees-for-no-service scandal, ASIC has dropped the criminal probe into AMP on advice from the DPP.
- Updated
- James Frost