Late last month, merchants in the United States were granted the ability to impose a surcharge on credit card transactions, giving businesses a piece of the interchange pie while leaving consumers and financial institutions with a sea of unanswered questions.
What happens if a merchant accidentally charges a credit card surcharge when they weren’t supposed to?
Will debit card transactions be impacted by the new credit card surcharge rule?
As of Sunday, merchants in the United States and U.S. Territories can now impose transaction surcharges on consumers using credit cards. The new ability to collect the surcharge stems from last summer’s antitrust class-action settlement between VISA and MasterCard and a large group of merchants.
An update on various legislations that may affect credit unions, including a foreclosure mediation update, redistricting plans, and changes to the property recording surcharge.