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Connexus : Issue 40
'credit card' for the purposes of the new provisions." At Victoria Teachers Mutual Bank about 17,000 of its 85,000 members have a credit card while 64,000 have a debit card. About two-thirds of the 17,000 Should mutuals decide to no longer impose over-the-limit fees they then face a diffculty of a different kind: how to recoup the lost revenue. “Either their proftability on these products will be further squeezed or they'll have to recover the revenue in other ways." Funston is critical of the reform process. "The detailed regulations were only made in the last couple of months, and technical adjustments to these rules were still being fnalised at the beginning of June," he says. "In addition, there's some uncertainty about the exact meaning of the term credit card-holders carry an outstanding balance on their card on any given month. The bank's Rosemary Boissezon, executive manager, sales and ser vice, says providing each of those members with a tailored warning of the effect of making the minimum monthly repayment has required "onerous" systems changes. The over-the-limit fee regulation also has the potential to be a signifcant administrative and compliance burden. At the time of writing, the bank was yet to decide whether to continue charging an over-the-limit fee. Christine Long is a freelance writer. ...there is some uncertainty about the exact meaning of the term 'credit card' for the purposes of the new provisions. www.abacus.org.au 15