Latest news with #hiddenfees
SBS Australia
12 hours ago
- Business
- SBS Australia
Energy price rules for electricity retailers are changing soon. Here's what to know
Energy retailers will be barred from raising bills more than once a year and will be forced to remove unfair fees for vulnerable customers under new rules announced by the energy market rule maker. The move will help reduce the complexity and opacity of the poorly understood electricity system, and prevent customers from being ripped off, Energy Minister Chris Bowen said. The changes announced by the Australian Energy Market Commission include: Preventing retailers from increasing prices more than once a year Banning excessive fees for late payments, and Prohibiting fees for vulnerable customers Retailers must also ensure vulnerable Australians are receiving their best available plan. The commission's rule changes will be phased in over the course of next year, with the first tranche coming into effect on 1 July 2026 and the remaining changes applying from 30 December 2026. The changes are intended to clamp down on retailers who lure customers in with cheap deals, only to move them onto higher cost plans or impose hidden fees and charges. "I'm not going to pretend that they're a silver bullet, but clearly, the situation hasn't been working," Bowen told ABC Radio National on Thursday. "There are many, many Australians, either in hardship or not in hardship, who aren't on their best possible plan. That's not their fault. We need to make it as easy as possible for them to change." Research has found about 40 per cent of Australians don't read their energy bill. More needs to be done to ensure busy consumers receive their best offer, Bowen said. But it's only part of a broader reform process to make the energy system simpler and fairer, he said. On Wednesday, Bowen flagged changes to so-called Default Market Offer rules in a bid to force energy companies to compete harder for customer dollars and prevent unfair price hikes. The regulations were intended to establish a benchmark price to limit price gouging and put downward pressure on prices through competition between energy companies, but were not working as planned, Bowen told the Australian Energy Week conference in Melbourne. Bowen flagged reforms to the Australian Energy Regulator's price-setting mechanism for NSW, South Australia and Queensland to better align with Victoria's rules.
CTV News
6 days ago
- Business
- CTV News
Uber Eats Canada is accused of drip pricing practices for food deliveries in proposed class action suit
Uber Eats Canada is charging customers hidden fees with their orders, a proposed class action lawsuit is alleging. The statement of claim filed against the food delivery platform with the Ontario Superior Court Justice last month alleges that Uber Eats has been hiding an additional service fee within its overall delivery costs. Based on the filings, Uber describes this fee as something that fluctuates depending on the customer's order size, which is 'typically 10% of the basket, calculated on the total before any promotions or discounts are applied.' The filings allege, however, that the service fee is fixed at a minimum of $2 for all food deliveries under $20 and a maximum of $4 for those above $40. The service fee is about 10 per cent of the items' order value for anything in between those price points. This fee was allegedly tucked underneath the 'Taxes & Other Fees' line item and did not clearly state its existence at any point prior to purchase, like when a user reviews menu prices for example. The documents note this additional cost was only applied to deliveries, not pick-up orders. Toronto-based law firm Koskie Minsky LLP—the class counsel—says doing this misrepresents the actual cost of app's delivery services, adding that by introducing and charging this fee by the transaction stage is a 'quintessential example of drip pricing practices.' Here is everything you need to know about the proposed class action lawsuit: What is drip pricing? This type of practice is seen when a company adds mandatory fees after advertising low prices to lure in customers, so the advertised prices are not actually attainable, Competition Bureau Canada says. It does not include additional fixed charges like the harmonized sales tax, for example. There are some telltale signs to look out for, Competition Burau Canada says, like if the price you see does not match up with what you pay or if you have to scroll down or read the fine print to find the actual cost of a product. How does this impact Uber One users? Uber One members pay just shy of $10 each month for a variety of perks, including five per cent off on orders and a free delivery fee over a minimum total of $15 from eligible restaurants. The proposed suit alleges the plaintiff, a Toronto-area woman who was an Uber One member from October 2023 to December 2024, paid a total of $28.50 in service fees across eight delivery orders—despite paying the monthly membership fees. The filings allege Uber Eats misrepresented the Uber One memberships and the benefits associated with it, saying that the service fee was charged to members every time a delivery order was placed—whether the $15 minimum spend was met or not. What did Uber say in response to the class action lawsuit? Uber Eats tells CTV News Toronto it could not comment on the proposed lawsuit, but said it is taking these 'allegations seriously.' 'We are committed to transparency and fairness in our pricing practices,' the statement reads. 'We are reviewing the claims thoroughly and will be defending the lawsuit.' Am I eligible for the Uber Eats class action lawsuit? Any Canadian who has placed an order for delivery on Uber Eats on or after May 16, 2023, may be eligible to participate in the lawsuit, as well as Uber One subscribers. The Toronto-based law firm says people do not need to actively sign up to become involved with the class action—instead, if people qualify under the class action description, they automatically qualify unless they choose to back out from the proceedings. There is a deadline to opt out of the class action if someone wants to pursue independent legal action, the firm adds. Koskie Minsky says those who remain in the class action will be notified of their involvement after the statement of claim has been certified. Do I have to pay legal fees for a class action? Koskie Minsky says the costs are handled on a 'contingency fee basis'—meaning class counsel will only be paid of the suit is successful at trial or settled. 'In that case, class counsel fees may be paid by the defendants or out of the settlement or judgment proceeds as approved by the court,' the firm says online. Class action members looking for some financial assistance may be able to look at the Class Proceedings Fund, which can provide support to approved plaintiffs for legal disbursements.
Entrepreneur
09-06-2025
- Business
- Entrepreneur
Why Institutional Investors Are Embracing Crypto–TradFi Partnerships
Many people have been stranded while attempting to send money or make an investment, only to have paperwork drag things down. These experiences raise a basic question: Is there a better way to send money? Opinions expressed by Entrepreneur contributors are their own. You're reading Entrepreneur Asia Pacific, an international franchise of Entrepreneur Media. Have you ever waited days for a bank transfer to clear, only to be surprised by a hidden fee? Or did you feel stuck when you tried to buy an investment, and paperwork slowed you down? Many people have been stranded while attempting to send money or make an investment, only to have paperwork drag things down. These experiences raise a basic question: Is there a better way to send money? Old Banking Methods Are Slow and Costly In the past, moving money across borders typically required filling out lengthy documents and waiting for permissions. Hidden costs accumulated while you waited. This process might take several days or weeks. You had no clear view of what was occurring with your finances. It seemed like your money was imprisoned. How Blockchain Makes Finance Faster Now, blockchain networks can handle transactions in real-time. They use public ledgers that everyone can inspect. No more wondering if your payment went through, and no more hidden fees. This move is not only for IT professionals; anybody looking for quicker, clearer, and more affordable financial services may benefit from it. Consider waking up and moving money over the world in minutes, or purchasing a piece of rental property without seeing a lawyer. That scenario is becoming a reality as blockchain solves problems that traditional banks cannot. Why Big Businesses Are Getting Involved Banks and big financial institutions have licenses, employees, and regulators' trust. But they recognize the need for improved tools. This is where platforms such as MultiBank come into play. MultiBank has decades of expertise in the FX and derivative markets. They established robust risk management procedures and learned to obey rules. They are now using their experience to provide new blockchain-based solutions. Instead of abstract roadmaps and hype, is providing real-world innovation, such as a $3 billion real estate tokenization collaboration with MAG and Mavryk, demonstrating how Web3 can enable unprecedented levels of liquidity, access, and global involvement. This allows both tech-savvy consumers and conventional investors to feel at ease. Platforms that combine blockchain speed with established safety nets may be a viable alternative. For example, if you want to invest in tokenized real estate, search for a provider that stores digital assets in safe wallets and adheres to local regulations. This configuration allows for faster access while remaining worry-free. You continue to follow the same standards, but more speedily and efficiently. Tokenization Opens New Doors Tokenization converts a huge asset (such as a building) into tiny, digital shares. Instead of saving for years to acquire the entire land, you may buy a portion for a few dollars. This allows consumers to start investing sooner and with less money. Tokenized real estate may seem more like purchasing stock than dealing with banks and attorneys. This transformation is not limited to real estate. Tokenization may be used for bonds, art, and even collector artifacts. Each of these assets may be converted into digital tokens that anyone can purchase and trade. When corporations like MultiBank back these coins, investors get additional trust since they know a licensed expert is engaged. Tips for Embracing Crypto and Traditional Finance Together Begin by sending a basic payment using a cryptocurrency wallet. Take note of the time it takes and the money you pay. Then compare it to a previous bank transfer. If you enjoy the outcomes, look into other methods to use these tools. Perhaps you should trade a tokenized bond next, or invest in a small slice of a rental building. Choose platforms that continue to offer useful features. For example, a smartphone app may display your balance in real-time, or the business may provide crypto-backed loans. These changes should seem like useful enhancements rather than hard sales. When a platform expands its tools, you gain greater value without requiring a steep learning curve. Actions to Take Today Real change does not occur overnight. However, by being interested and educated, you may influence your financial future. Try making a modest blockchain payment. Investigate a tokenized asset that interests you. Over time, you'll realize that cryptocurrency and traditional finance are not mutually exclusive. They operate best together, making finance quicker, clearer, and safer. Finally, keep in mind that cryptocurrency is not intended to replace banks. It's here to help them improve and to provide you with what you need more quickly and easily.
The Sun
21-05-2025
- Business
- The Sun
Hidden fees and bill splits top Brits' financial gripes, poll finds
The everyday unfair money moments Brits find frustrating include paying an automatic tip for poor service, a friend ordering an expensive pint when it's your round – and being charged for tap water in a restaurant. A poll of 2,000 adults revealed the most common everyday financial injustices they face when it comes to spending – with 36 per cent feeling hard done by when hit by hidden admin fees for gig tickets. 1 Another 32 per cent said it's unfair when something marked as 'on sale' is actually the same price as before, just with a new sticker. Meanwhile, 30 per cent get annoyed when splitting a bill equally despite only having a salad and no alcoholic drinks – and the same find it vexing when train fares increase without explanation. A quarter added paying for early hotel check-in, even when the room is clearly ready, feels unfair - similarly, 24 per cent are short-changed when paying for priority boarding, only to find the queue is just as long. A fifth (21 per cent) feel they've been done a disservice when shops refuse to accept cash even when they're carrying plenty of change. And 19 per cent find it unfair when confusing jargon is used when making large, important purchases such as buying a home and a car. The research was commissioned by Skipton Building Society which was 'Founded on Fairness', looks at the everyday money moments Brits find unfair. Alex Sitaras, head of savings and partnership products at the building society, said: 'Fairness shouldn't be a luxury, especially when it comes to your own money. 'But it's clear from the research many people are fed up with feeling short-changed in everyday money situations. 'From hidden fees to automatic tips, to even how deciding restaurant bills are split with friends and family, these frequent frustrations can start to feel unfair and have a wider impact on a person's overall finances. 'Especially when we're in a cost-of-living crisis, which is already making it more difficult than ever for people to save and plan for their future. From TV to energy... tips to save you money on 7 bills that are going up in April "So, these unfair money moments, no matter how small or large they may be, can start to feel more like injustices. 'We believe in fairness, which is why we offer everyone free and accessible money advice, through our My Money Review service, to help people plan ahead and make the most of their money.' The poll also found 68 per cent believe these types of unfair money moments shouldn't be accepted as part and parcel of modern life – and 65 per cent have spoken up when they've encountered one. For more than half (51 per cent), the issue was resolved there and then, but 29 per cent were met with resistance and saw no change. However, 30 per cent admit they're unlikely to speak up even when they feel unfairly treated financially. Among those, 46 per cent want to avoid confrontation, 41 per cent feel too awkward to say anything, and 29 per cent worry about coming across as petty. But many are now taking steps to avoid these situations altogether – 44 per cent say they always double-check the bill before paying. And 33 per cent make sure to do their research before committing to a big purchase. Of those polled via OnePoll, they believe getting a fair deal is harder now than it was five years ago – with 78 per cent admitting they're pleasantly surprised when something feels genuinely good value. Nearly four in 10 (38 per cent) say they're sceptical because most deals seem 'too good to be true', while 30 per cent don't believe businesses have their best interests at heart. Alex Sitaras from Skipton Building Society added: 'Many of us have a sense of what a fair deal looks like – and we often notice when something feels off. 'Yet many people are still hesitant to speak up, often out of fear of confrontation or not having the confidence to question something that isn't right. 'We want to change that mindset and empower people to stand up for what's fair, and it's encouraging that so many are already double-checking bills and doing their research before making important purchases. 'By building confidence and financial know-how, we can help make fairness the norm, not the exception.' TOP 25 EVERDAY UNFAIR MONEY MOMENTS 1. When restaurants add on an automatic tip, but the service is poor 2. When someone crashes their car into yours and your insurance premiums increase 3. When you're charged for tap water in a restaurant 4. Seeing a sneaky 'admin fee' added to concert tickets 5. When there is a fee for an online return. 6. When the sale price is just the original price with a new sticker. 7. Seeing a 'minimum spend' just to use your card. 8. When train tickets go up in price for seemingly no reason. 9. Splitting the bill equally after only having a salad and didn't order an alcoholic drink. 10. When a supermarket reduces the price of something they just bought at full price. 11. A friend ordering an expensive drink when it's your round at the pub. 12. Discovering your loyalty points doesn't equal much actual money at all. 13. When your hotel charges extra for early check-in, even though the room is ready. 14. Paying for 'priority boarding' but the queue is just as long as the regular one. 15. When you plan your savings down to the penny and the Government change the tax rules. 16. Not being able to get discounted prices because you forgot your loyalty card. 17. When you must chase friends or family for money that they owe you. 18. When you fix your utility costs but then the prices fall. 19. When a shop refuses to accept cash, even when they've got a pocket full of change. 20. When confusing jargon is used when making important financial purchases. 21. Getting hit with a peak time surcharge. 22. Getting hit with a hefty dynamic ticket price after sitting in a virtual queue for hours. 23. Getting hit with a 'city tax' you only hear about at check-out. 24. When you attempt DIY to save money, it costs you more to put it right. 25. Friends who insist on taking a taxi when public transport is cheaper
CBS News
11-05-2025
- Business
- CBS News
Federal Trade Commission's crackdown on junk fees goes into effect this week, here's how you can protect yourself
Say goodbye to hidden fees because starting on Monday, the Federal Trade Commission will implement its new rule on unfair or deceptive fees. They have been the source of a lot of frustration for many who go to sporting events, concerts, and other live, ticketed shows. You search the website, pick out your seats, and before you finally check out, you find that $10, $13, or more has been added to the price, and this is what the FTC is trying to crack down on. The new rule really targets two big industries, live-event ticketing is one of them, so that means Ticketmaster, Vivid Seats, and StubHub. It also goes after short-term lodging industries like Airbnb. Maybe you've tried to rent a hotel room for a couple of nights. So, how will it affect them? Total prices will have to be listed more prominently on their websites. Meanwhile, places like hotels won't be able to tack on fees not immediately reflected in the total price. For example, they can't surprise you with cleaning fees on the last page. Basically, the rule instructs businesses to be more transparent with consumers on fees. They will have to tell you exactly what they are for. It also calls for them to avoid using vague phrases like convenience fees, service fees, or processing fees. Finally, if you've ever been annoyed by credit card fees, under the new rule, they will not be allowed to be put into a price unless that business gives you other ways to pay. If you've got any questions, the FTC has a frequently asked questions page on their website outlining how it will work. Check that out here.
