Retailers oppose debit card fee elimination
Retailers have attacked bank moves to cut inter-bank fees on debit card transactions even though the ACCC has authorised the change. About 10 leading retailers including Coles Myer, Woolworths and Bunnings said that the move to set debit card interchange fees at zero would lead to higher costs for consumers as well as merchants. The retailers have asked the Australian Competition Tribunal to quash the ACCC's authorisation of the move. A QC for the retailers argued there are no guarantees that banks will pass on lower fees to consumers if the interchange charge were removed, nor that debit-card holders would use their cards more often.