The change went into effect on Oct. 6 following a June settlement in a multimillion-dollar class-action lawsuit involving Visa and Mastercard over what’s known as “interchange fees.”
Now, merchants can pass those fees onto customers to a limit of 2.4 per cent, according to the Canadian Federal of Independent Businesses . In light of the change, CTV News Toronto reached out to the LCBO to see if the Crown corporation plans on introducing the surcharge -- to which they said they are not.
Source: Loan Digest (loandigest.net)
I thought it was suppose to be small business only. I don’t think the LCBO fits that profile.
LCBO is already very expensive with insane profit. 6 Buds x CA$13.50 (24xCA$54), but at the US border, same 24Buds x US$16.50 or CA$22.65, a difference of CA$31.35 !!!
It's all about digital currency. Cash and credit cards will be a thing of the past as the government takes over everything.
These fees are already passed on to the customer in the price of stuff you buy. Its calculated in the cost of running a business. Then the item/service is priced from there. This is deceptive bullshit.
The price of alcohol already has that built into the cost.
As long as you are not the only person offereing the service, sure, charge me the fee. However I should have the option to decide my money elsewhere. Not the case with nany LCBO products…
As a consumer, I would like to know - before I make a purchase - if I am being charged a fee. It should be made mandatory that customers are informed. Otherwise, businesses will just raise the price and have the fee included.
I predict the businesses that have replaced workers with self check out machines, which do NOT accept cash, will be the first to jump on this bandwagon
disgusting they make enough now
Simple. Pay me cash. I won’t charge you HST. Done.
The extra credit card fees that my sister is charged her store is robbery from the CC companies.The fees should be illegal! CC companies make more than enough on interest!She can’t raise the prices;cost of product has gone through the roof &she will lose more customers greed
Another tax on those families who rely on credit to make their budget stretch through to the end of the month. Will it be a line item on the receipt? Will it be claimable on your income taxes? Stores need to post their intent. Is there a cap on the percentage on the fees?
I would like credit cards to lower there interest rates !!
I’m planning to cut all credit cards I’m paying a fee for to earn more points. Not worth doing it if I’ll get charged 2.4%
I read somewhere that Quebec does not allow surcharges. Maybe other provinces could do that?
Servers have been paying credit card terminal fees for years
That will end cc shopping. Cash coming back
That only means that LCBO will make bigger profits from folks paying cash / debit.
Businesses can suck up the service charge like they do now or I'll pay cash and you'll have to count it at the end of the night, which takes time and time is money. We all lose in the end. Only credit companies and banks win... as usual.
I'm just going to pay in nickels for now on.
Bye.
LCBO your costs already include it.
Back to cash
The competitionless Control-Board contemplating more gouging when this is meant to be an option for small business. 🙄
All the blame to businesses? Banks are passing off the fees for your rewards to small businesses and reaping in benefits for you using the card (like missing a payment). They should charge the same fee no matter what type of reward offered.
CASH IS KING
Weight in ? I’m sure they made up their minds already
Net income reached a record $2.54 billion in FY2021, an additional $136.8 million from the previous year. It represented 35.3 per cent of revenues, which was 15 basis points lower than FY2020. The LCBO added nine new stores to its retail network during the year
Tyranny meets profiteering.
I will no longer use a credit card, debit only…just out of principle!!!!
Monopoly‘a power lol
Cash back on Master Card.
Quebec does not allow why not ontario?
Maybe it’s a good thing… using less of my credit card
I am happy to use cash if the price is lowered by 3 %. but the product and service are already priced in for the credit card fee before this new changes anyway. those who charged more after it is just pure profits. and the bank should lower the fee, not merchant nor customers
If anyone is charging me for using my own card I'd like it posted outside so I don't waste my time shopping there, or so I can go prepared and pay my total in chance. You wanna charge by choice, I'm going to waste your time with nickels and dimes 🖕🏼
I always pay cash bbbbb
People can easily lose $20+ from surcharges and that's just filling up with gas (prices are on the rise), tickets of any kind (concert, plane etc), kids summer camps etc .. took technology back 20 yrs so choice: use CASH or DEBIT to pay ....
The interest you pay on your credit card, plus the fees businesses pay, make banks and credit card companies a crap ton of $$. I think there are bigger reasons beyond just fees that this is happening.
Well, I suppose charging fees at point of sale says, 'Don't spend beyond your means.' Don't want to pay additional fees beyond the borrowing/interest rates, stop using credit cards. Or, it's a move to squash credit until the wef takes over all lending and collections.
Glad i dont drink. But lets see if they can do this with gas. I mean lets just keep everyone poor and hungry so we can continue to say how lucky we are to be canadian lol
If any business can get away with it it’s the LCBO.
Just stop buying! Problem solved!
When people have to pull hard cash out of their pockets they think about it more. When you're just tapping it's a little more out of sight out of mind worry about it later. Businesses might want to consider this before implementing the fee.
I never use credit cards unless there are deposits required for online or over the phone purchases. Financial institutions did nothing to earn that fee.
Time to start paying with these bad boys. I knew I didn’t save for nothing
Time for moonshine I guess.
Time for moonshine I guess.
Of course.
I buy my poison in cash only!
on a side not can you people teach your employees how to count cash back to people instead of just putting it in their hand with the receipt in the most screwed up way they can muster
I wouldn't be surprised if the people crying about this fee also carry a balance on their credit cards. Most people out there don't have $0 balances
Cash is king
Well, l’ll be sticking with cash from now onwards
This is absolutely ridiculous the surcharge is implamented for small businesses. How is LCBO a small business? Ridiculous.
Virtually every business has buoy these fees into their prices already… customers fleeced again
If a store is going to charge me a fee for using my own credit card I would like to see that posted out front of the store before I even walk in.
LCBO is already selling the liquor at high prices, they want surcharge too Lol.. USA is far better than this Canadian shit show anyday.
Cash payment let the cashier work harder, long lineup every time. Customers leave. Thank you for reducing alcoholic people
Hopefully all the businesses charging the fees goes out of business.
Why is anyone buying booze on a credit card lol?
The credit card charges are already priced in. Why adding another 2.4%? Corporate greed.
I always have cash in my wallet for those 'just in case' times. I guess this is one of those times. But extended. I'm okay with that.
If canadians put their foot down, and just refuse to do business with these places, there is literally nothing they can do but take it back. I have firsthand seen what not paying tips has done to certain take out only places in our town
Hmmm, it’s not like they have a monopoly or anything. I guess Dougie needs to squeeze that teet a bit harder.
How many cases of Clown-19 🤡 today? 🚑
How much more money do the credit card companies have to make? I'm getting charged like a criminal for being poor while corporations profit. I will only use cash or debit not Visa debit/cards. Kiss my a$$
They’re not doing it, saved you a click
It's ludicrous that the govt allows them to charge citizens for a cost of doing business which is solely on the corporations to absorb
Wow! Cash is making a come back, I may choose not to even shop at those businesses that pass on this fee.
Sure, lots of people can switch to debit or cash and it won't be an issue, but plenty others will simply buy less or none at all since they probably use their credit cards as an advance on their salaries. Majority is poor. Any businesses looking to maximize sales wouldn't dare.
Let’s talk about this story. Global News is using the same misogynist hashtag that they accused PierrePoilievre of using in his videos. Jenni_Byrne AnaPoilievre cdnpoli
Every credit card in Canada has different %’s, it’s unfortunate not a lot of consumers are aware how interchange works!!!
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