ARLINGTON, Va. — NAFCU has told the Federal Reserve that the group likes its idea of creating an exception for receipts on purchases under $15, but said the regulator could do more.
"NAFCU generally supports the creation of a small-dollar exception; however, we would recommend that the threshold for the receipt requirement be raised from $15 to $25," NAFCU President/CEO Fred Becker wrote in a comment letter to the Fed. Currently, receipts are required for all electronic funds transfer transactions at electronic terminals, regardless of the amount.
Becker asserted that $25 would be consistent with current payment card association rules, including minimum chargeback limits, and that anecdotal evidence suggests that consumers tend not to retain receipts for transactions under $25 anyway.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
