ANZ and NAB 'reverse' Eftpos direction
ANZ and National Australia Bank are catching up with the remainder of the market and "reversing" the direction of interchange on Eftpos payments from the beginning of April. Most of the market made the change, which affects wholesale prices, late last year. The dispatch of revised fees from banks to the merchant customers is generating a fresh round on angst over the rise in costs. The Master Grocers Association said one owner of a string of small supermarkets would pay more than A$1 million extra in bank fees a year. In a media statement released yesterday, the association asserted: "There has been little transparency on the part of ePAL, the organisation which operates the Eftpos system, nor from its members, which include the banks, the credit unions and Woolworths and Wesfarmers."