Banks will cooperate on fees says ACCC
According to the Australian Competition and Consumer Commission (ACCC), the major banks – who the ACCC have accused of fixing credit card interchange fees – are likely to cooperate to discuss a new pricing structure for card fees. ACCC chairman Professor Allan Fels warned the banks that if they fail to cooperate, they face the possibility of being sued by retailers and consumers; the victims of card fee price fixing. This follows the Reserve Bank of Australia's announcement, made last week, that it would use its statutory powers to reform the card payments system. RBA Governor Mr Ian Macfarlane also warned the banks that it would be best to avoid legal action.
‘ACCC fess case is too strong to refuse: Fels', The Australian Financial Review, 08/12/00, p 56.
To find out how banks' interchange fees affect your credit card bill, read our article ‘Card Fees – Are we being ripped off?'