questionsal2015 - 12/08/2017 - 09:43:51
New 3% fee on gambling and betting transactions? So does this mean that customers will be charged 3% extra for debit card transactions?
I thought this only usually occurred using credit cards?
Is this charge reflected at other UK banks?
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CommentMIROW - 12/08/2017 - 09:50:36
What 3% fee?
NatWest, Barclays and Halifax all have special terms for gambling transactions and Sky betting site says about credit cards that "card issuers may add an additional charge as they class gambling transactions as a cash advance". As for debit cards some companies may decline online gambling transactions but they normally foreign cards not UK ones.
MIROW - 12/08/2017 - 09:55:26
Personally I think it is a great idea as since the restrictions on advertising gambling on TV was lifted there has been an increase in delinquent accounts due to gambling addiction of 14% (source: Messrs Hardcastle and MacCormick, "Gambling addiction, a review of customers from 3 major UK banks", March 2017)
sal2015 - 12/08/2017 - 09:57:28
I received a message from Fidor yesterday (perhaps it's a special condition on my account only lol)
We would like to inform you that we have introduced a 3% fee on all gambling and betting transactions. The notice will appear on your statement as ‘gambling transaction fee’.
For example, if you spend £100 on gambling services, the transaction fee will be £3.
Should you have any queries on these changes, kindly get in touch with our customer service team who will be happy to help via email at firstname.lastname@example.org.
The Fidor Bank Team
(PS I don't use gambling websites by the way)
sal2015 - 12/08/2017 - 09:58:28
The point is its another example of Fidor having limited competitive advantage over the 'big retail' banks
MIROW - 12/08/2017 - 10:10:33
Maybe they are planning to introduce overdrafts or loans?
I'm guessing it's something to do with risk assessment. With gambling, a higher proportion of accounts will become delinquent.
mwri - 12/08/2017 - 10:42:32
How do they know it is a betting and gambling transaction?
Easy way around that, use crypto for betting and gambling sites from a private wallet (not a custodian wallet as Coinbase ban accounts that transact with companies they don't like such as gambling and betting).
MIROW - 12/08/2017 - 10:53:26
From the 4 digit transaction code provided by the card scheme every time you do a transaction
mwri - 12/08/2017 - 10:58:45
So they maintain a list of company account numbers to check?
Perhaps they should PUBLISH a list of account's and companies they are going to put the fee on so we at least know.
MIROW - 12/08/2017 - 11:58:49
every merchant registered with mastercard and visa registers under a merchant type code. I doubt they would ever publish the list of every shop in the world that takes cards
mwri - 12/08/2017 - 11:59:47
Then I hope Fidor alert us to the transaction fee prior to submitting the transfer.