Lloyds Auctioneers and Valuers has been penalised for overcharging customers on credit card transactions.
The Australian Competition and Consumer Commission has fined Lloyds $37,800 for the breach.
The online and Gold Coast-based auction house overcharged customers between $30 and $350 above the amount it costs to process the transactions.
From September 2017 to March 2018, the ACCC states that Lloyds scraped 2.25% surcharges from customers paying via credit or debit cards online for auction items, up to 1.43% higher than the actual card processing cost.
Infringement notices have been issued for transactions made with MasterCard debit and credit, and a Visa debit card in the six month period.
The auction house currently has an ultra-rare 1972 Ford XA GT-HO Phase IV Falcon for sale, sitting at with $1.55 million dollar bid, followed by two other red XY Phase III Falcons commanding $376,000 and $352,000 respectively.
The site also has a range of utes, equipment and trailers, and several small, medium and heavy truck models from multiple brands.
Since September 1, 2017, the Competition and Consumer Act 2010 has banned excessive surcharging for card payments for all businesses, with rules determining permitted charges outlayed in the Reserve Bank of Australia’s Standard No 3 of 2016, published May 26th of that year.
The ACCC also penalised Europcar in July this year for excessively overcharging customers for card payments.
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