Banks want door left open on Eftpos fees

Commonwealth Bank, National Australia Bank and St George Bank say they would prefer that the Reserve Bank leave the way open to reintroduce wholesale fees for Eftpos or debt card transactions at a later date, even if the RBA uses its powers to impose a wholesale fee of zero for a number of years. The banks want the flexibility to charge a small interchange fee in the future, but one in which the fee is paid to the card issuer’s bank rather than to the merchant’s bank as at present. The RBA is considering submissions form banks before deciding on what regulatory action to take.