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Friday, March 28, 2014

Mary Watson of Vancouver takes Canadian banks and credit card companies to court


Now, that's what I call absolutely PRICELESS!   You Go Girl !!

From CBCNews: 
....In the court documents, Watson says  she is seeking to recover the fees that the credit card companies and banks "have collected illegally from merchants."
The card companies charge a fee of 1.5 to three per cent of the total amount of the transaction each time a credit card is used. That can mean $15 in fees paid by the merchant when a customer charges a $500 purchase. The fee paid by a merchant for a debit transaction, on the other hand, is about 12 cents.

This lawsuit echoes arguments made by the Competition Bureau of Canada late last year, when it moved to strike down the rules companies impose on merchants that accept their credit cards.
The bureau said it was concerned the rules prohibit merchants from encouraging lower-cost forms of payment, such as debit and cash.

Under the current agreement, merchants cannot offer lower prices for non-credit card transactions.
In his 91-page decision certifying the class action lawsuit, B.C. Supreme court Chief Justice Robert Bauman dismissed the banks' claim that Watson hadn't demonstrated a "genuine controversy."..........

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