So we have been in the new house approaching a month now with yesterday being the first day to pay the rent. Needless to say I was not really organised and so had to pay the rent via the “DEFT” system and a credit card.
And this is the kicker. You enter your magical number into the DEFT system (Owned by Maquarie Bank) and hey presto was is the first page you get, the default option as it were…. the pay by credit card. Quick skim of the page can’t see any bad things and because the rent is due and I haven’t set up direct debit to use this system I enter the details and hit go. So off to the confirmation page the computer travels collecting a small surprise. A 19.00 dollar surcharge. Yep… 19 f’ing dollars to pay the rent via credit card.
I had no real choice at this point in time… but did fire of a quick letter to them to ask about the fee which of course is know where on the site until you hit the I am ready to pay button (yes it is before the confirm, but only just!) and here is there response…
“The Surcharge Levied by DEFT on credit card transactions is to cover the various costs of processing and settling the transaction to your Biller’s account. If you are making a payment from your registered bank account a convenience fee of $0.85 may apply. Please confirm with your biller as to whether a fee will apply.
Credit card payments may be subject to a credit card surcharge of 1.30% (inc. GST) for Visa/MasterCard, 3.773% (inc. GST) for Diners Club or 3.30% (inc. GST) for American Express. Any fees charged will apply to both phone and internet payments.
DEFT provides other convenient payment options that don’t incur a surcharge.
Please contact your Biller who will be able to advise you of alternate payment methods.
If you have any further enquires please contact DEFT support on 1800 672 162.”
Firstly it says “May” May my arse… show me a case when it doesn’t sunshine!
Now if Aldi charge me 1$ on a credit card transaction when I do my shopping of say $100 it adds all of 1 dollar and this manages to cover their costs. Yet for some reason a transaction that is closer to $1500 costs $19… some one is making a SHIT LOAD OF MONEY (Allan Moss did… $50M!) out of it.
I find it impossible to believe that a transaction worth $100 costs less to process than a transaction of $1500, yet this is what the banks will have you believe.
So yes the banks are making a big profit and it sucks!
So I will now rant and rave to people that agree with me until they get sick of me and tell me also to shut up and stop complaining.