EFTPOS is a huge part of the modern day retail business today, with this type of payment accounting for around 65% of all payments, up from less than 20% 20 years ago.

The introduction of PAY PASS is one that puzzles me, along with recent changes to the options when selecting ones account, eg; 1 used to be cheque, 2 was savings (there's a laugh) and 3 credit.
Just recently the option have all changd and not even the same with all cards, plus, shoppers are growing wary of PAY PASS, mainly because they say the money does not come out for up to three days. meaning they can quite easily overspend.

So my question is, have the banks deliberately changed the options, hoping some will now chose a FEE CHARGING option, while the pay pass may be a trap so the banks can charge an overdrawn fee for over spending.

I do think the banks need to be sent a 'please explain 'letter as to why they have made these changes.

BTW, banks have no control over pay pass as this is controlled by VISA.

The trade union royal commission was extremely useful in exposing systemic corruption, thuggery and criminal activity, and highlighting the need for an independent commission to monitor and punish these criminal elements in the building industry.

An RC should highlight the need for a similar organisation for banking. Perhaps we should call it the Australian Securities and Investments Commission.

Oh dear! it already exists, and is already catching and punishing misbehaviour in the banking system. So Why does Labor need an $80m RC?

Quote "So Why does Labor need an $80m RC?"

Could it be to pay back the lawyers and people who have to be repaid for past favors to certain Labor officials at taxpayer expense.

Corruption disguised. Any money Slater and Gordon will be high on the list to get some of that $80 million.

Hi All,
I brought these issues up with the bank.
Incorrect balances, Overdrawn fees and no choice out of Paywave.
The worst part is I don't even use paywave anyway, I still elect to swipe the card and use my pin, meaning the option on my card is nothing more than a liability where I could be scammed and left open to loss.

Also as far as I know if someone steals and uses your card they only reimburse from the time that you realise you card is stolen and have contacted them, at which point they stop access to making transactions and lose nothing.

Its the customer who's left exposed to risk and loss, I'm sure the banks insured for their losses, but not for yours.

Paywave sucks.

If someone ever steals my card I'm going to go into the bank and go ballistic.
I don't even care if its some poor staff member that doesn't personally deserve it.
It's their new systems they force on us which fail to protect us.
Whats the point of even having a pin anymore?
Why bother locking your car, house or anything?
Why don't we all just leave our wallets out on the footpath?
May as well.

Maybe I should proactively protect myself by taking a hammer to the RFID chip in the card.

Dear Critic,

<<Maybe I should proactively protect myself by taking a hammer to the RFID chip in the card.>>

I did exactly this when I received an unwanted one. See instructions: http://www.youtube.com/watch?v=oD1QwLkTlxw

As I don't have one I can suggest someone try this.

Get some alfoil wrap put this card in it and see if the card works or not if it doesn't just keep your card in the foil when not in use.

I have seen stories of some scanners people can walk around with that can read the data if close by. What can be read can be cloned.

....and many businesses do not accept nor have the facility to accept the good old "legal tender", the definition of which is that it "must be accepted". Line this up with the original promise that EFTPOS would never be subject to fees and see where we are. Back to the government abrogating it's responsibility to provide and regulate a uniform medium of exchange, leaving that job to outside contractors who having cornered the market start to squeeze it. A great many goldsmiths were willing to profit but not to make good on their notes not so terribly long ago...

Crypto-currencies might wind up on top after all...

Rusty

Paywave is a major problem as I have accidently waved a customers card when going to insert it, or customers have done that themselves, it really should be a customers choice to have, or not have it.

The banks will honour any transactions that have been done as it happened to my daughter.

She was on a train and someone stole her purse, along with her licence and cc. She called the bank an hour latter and they said the card had been used a half hour ago at southbank, so she called the police and they tracked down the thieves, not before they spent $99 on PW. The bank reimbursed her funds. But, I'm sure the underlying motive is so the banks can charge more fees for overdrawn an account unintentionally.
The other issue is the changed options, once again I feel the motive here is to charge fees because what used to be a saving account, can now be credit which can attract fees. Not only that but shoppers can accidently over spend then think they have more funds than they thought.
The more I think about it the more I think its a legalized scam and perhaps we do need a RC into banking, because lets face it, the ACCC is a toothless tiger and the banks think they are untouchable.