Surcharge
Surcharges are additional fees or taxes that are added to the purchase price of goods and services. Depending on the good or service, a surcharge can be flat fees or a percentage of the purchase price. It is added at the time of purchase by the seller or service provider. Surcharges are imposed by businesses, governments, service providers, and service professionals."}},"@type": "Question","name": "What Is a Broadcast TV Surcharge?","acceptedAnswer": "@type": "Answer","text": "Television networks impose broadcast TV surcharges on cable providers to carry their signals over the airwaves. The fee is negotiable between networks and cable companies, and is allowed by federal law. Rather than increase the price of the service, the surcharge is passed on to cable company customers each month.","@type": "Question","name": "What Are Some Examples of Surcharges?","acceptedAnswer": "@type": "Answer","text": "Examples of surcharges include ATM fees, fuel surcharges, broadcast TV surcharges, disposal fees, handling fees, hazardous waste fees, filing fees, tips and gratuities, processing fees, convenience fees, and checkout fees.","@type": "Question","name": "Which States Allow Credit Card Surcharges?","acceptedAnswer": "@type": "Answer","text": "Credit card surcharging is a fee structure that allows credit card companies to charge consumers to process transactions. Although surcharging isn't illegal across the United States, there are certain jurisdictions where companies can't impose these fees on their customers, including Connecticut, Massachusetts, and Puerto Rico. Anti-surcharging laws are limited or cannot be enforced in California, Florida, Kansas, Maine, New York, Oklahoma, Texas, and Utah. In 2017, the Supreme Court struck down New York State's prohibition on credit card surcharges, ruling that fees fall under free (and protected) speech for credit card companies."]}]}] EducationGeneralDictionaryEconomicsCorporate FinanceRoth IRAStocksMutual FundsETFs401(k)Investing/TradingInvesting EssentialsFundamental AnalysisPortfolio ManagementTrading EssentialsTechnical AnalysisRisk ManagementNewsCompany NewsMarkets NewsCryptocurrency NewsPersonal Finance NewsEconomic NewsGovernment NewsSimulatorYour MoneyPersonal FinanceWealth ManagementBudgeting/SavingBankingCredit CardsHome OwnershipRetirement PlanningTaxesInsuranceReviews & RatingsBest Online BrokersBest Savings AccountsBest Home WarrantiesBest Credit CardsBest Personal LoansBest Student LoansBest Life InsuranceBest Auto InsuranceAdvisorsYour PracticePractice ManagementFinancial Advisor CareersInvestopedia 100Wealth ManagementPortfolio ConstructionFinancial PlanningAcademyPopular CoursesInvesting for BeginnersBecome a Day TraderTrading for BeginnersTechnical AnalysisCourses by TopicAll CoursesTrading CoursesInvesting CoursesFinancial Professional CoursesSubmitTable of ContentsExpandTable of ContentsWhat Is a Surcharge?How Surcharges WorkBank SurchargesExamplesSurcharge FAQsThe Bottom LinePersonal FinanceTaxesSurcharge: What It Is, How It Works, Types, and ExamplesByAlexandra Twin Full Bio LinkedIn Alexandra Twin has 15+ years of experience as an editor and writer, covering financial news for public and private companies.Learn about our editorial policiesUpdated June 30, 2020Reviewed byLea D. Uradu Reviewed byLea D. UraduFull BioLea Uradu, J.D. is a Maryland State Registered Tax Preparer, State Certified Notary Public, Certified VITA Tax Preparer, IRS Annual Filing Season Program Participant, and Tax Writer.
surcharge
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Surcharges are additional fees or taxes that are added to the purchase price of goods and services. Depending on the good or service, a surcharge can be flat fees or a percentage of the purchase price. It is added at the time of purchase by the seller or service provider. Surcharges are imposed by businesses, governments, service providers, and service professionals.
Television networks impose broadcast TV surcharges on cable providers to carry their signals over the airwaves. The fee is negotiable between networks and cable companies, and is allowed by federal law. Rather than increase the price of the service, the surcharge is passed on to cable company customers each month.
Examples of surcharges include ATM fees, fuel surcharges, broadcast TV surcharges, disposal fees, handling fees, hazardous waste fees, filing fees, tips and gratuities, processing fees, convenience fees, and checkout fees.
Credit card surcharging is a fee structure that allows credit card companies to charge consumers to process transactions. Although surcharging isn't illegal across the United States, there are certain jurisdictions where companies can't impose these fees on their customers, including Connecticut, Massachusetts, and Puerto Rico. Anti-surcharging laws are limited or cannot be enforced in California, Florida, Kansas, Maine, New York, Oklahoma, Texas, and Utah. In 2017, the Supreme Court struck down New York State's prohibition on credit card surcharges, ruling that fees fall under free (and protected) speech for credit card companies.
The final rule establishes the criteria for identifying a GSIB and the methods that those firms will use to calculate a risk-based capital surcharge, which is calibrated to each firm's overall systemic risk. Eight U.S. firms are currently expected to be identified as GSIBs under the final rule: Bank of America Corporation; The Bank of New York Mellon Corporation; Citigroup, Inc.; The Goldman Sachs Group, Inc.; JPMorgan Chase & Co.; Morgan Stanley; State Street Corporation; and Wells Fargo & Company.
"A key purpose of the capital surcharge is to require the firms themselves to bear the costs that their failure would impose on others," Chair Janet L. Yellen said. "In practice, this final rule will confront these firms with a choice: they must either hold substantially more capital, reducing the likelihood that they will fail, or else they must shrink their systemic footprint, reducing the harm that their failure would do to our financial system. Either outcome would enhance financial stability."
Like the proposal issued in December 2014, the final rule requires GSIBs to calculate their surcharges under two methods and use the higher of the two surcharges. The first method is based on the framework agreed to by the Basel Committee on Banking Supervision and considers a GSIB's size, interconnectedness, cross-jurisdictional activity, substitutability, and complexity.
The second method uses similar inputs, but is calibrated to result in significantly higher surcharges and replaces substitutability with a measure of the firm's reliance on short-term wholesale funding. As seen during the crisis, reliance on this type of funding left firms vulnerable to runs and fire sales, which may impose additional costs on the broader financial system and economy.
Under the final rule and using the most recent available data, estimated surcharges for the eight GSIBs range from 1.0 to 4.5 percent of each firm's total risk-weighted assets. Because the final rule relies on individual GSIB data that will change over time, the currently estimated surcharges may not reflect the surcharges that would apply to a GSIB when the rule becomes effective.
"A set of graduated capital surcharges for the nation's most systemically important financial institutions will be an especially important part of the strengthened regulatory framework we have constructed since the financial crisis," Governor Daniel K. Tarullo said. "Like the higher leverage ratio requirements we will apply to these firms, they reflect the relatively new, but very significant, principle that the stringency of prudential standards should vary with the systemic importance of regulated firms."
In response to comments, the Board modified several aspects of the proposal's second method to more accurately reflect a GSIB's systemic importance. Additionally, the Board released a white paper on Monday describing how the surcharges were calibrated. The paper details the methodology used to set a GSIB's surcharge at a level that would reduce the impact of its failure to near the impact of the failure of a large bank holding company that is not a GSIB.
On June 29, 2018, the Department of Telecommunications and Cable (DTC) approved a petition to increase the monthly 9-1-1 surcharge from $1.00 to $1.50, effective January 1, 2019. The DTC also approved a reduction in the monthly surcharge back to $1.00, effective January 1, 2024. All telephone customers, regardless of wireless or landline, pay the monthly surcharge for each line capable of accessing the 9-1-1 system.
A person engaged in the business of renting vehicles without drivers (a rental company) is required to collect, at the time the vehicle is rented, a surcharge on each contract that is for a period of 180 days or fewer.
The rental-vehicle surcharge must be used only for the reimbursement of the amount of Arizona vehicle license tax (VLT) imposed on rental vehicles, whether rented in this state or in another state or jurisdiction, and paid by the person engaged in the rental vehicle business. Any surcharge collected in excess of the VLT must be remitted to ADOT to be deposited in the Highway User Revenue Fund. Any surcharge collected in error must be refunded to the renter. If not refunded, this amount is to be included in the annual report.
The rental company subject to the vehicle rental surcharge that has conducted a vehicle rental business any time during a calendar year is required to file a Rental Vehicle Surcharge Annual Report form #96-0290 no later than Feb. 15, immediately following the end of the calendar year. 350c69d7ab