Fed Scraps Debit Card Receipts for Small Purchases

[HandyMom]

http://www.consumeraffairs.com/news0..._receipts.html

By Joseph S. Enoch ConsumerAffairs.Com

The Federal Reserve Board has voted to no longer require merchants to provide receipts for consumers who make debit card purchases of less than $15.

According to a Federal Reserve Board press release, the ruling “is intended to facilitate the ability of consumers to use debit cards in retail environments where making receipts available may not be practical or cost effective.”

Visa, a credit card company that makes money every time a consumer swipes one of their debit cards, worked closely with the board to push the regulation through.

According to a Visa press release, the ruling will come in handy for consumers paying for parking, vending machine goods, laundry machines and any other coin-operated mechanisms.
However, for consumers making typical store purchases of less than $15, it will “be up to the vendor's discretion” to give a receipt, said Emily Collins, a spokeswoman from Fleishman-Hillard, a public relations firm.

The ruling is expected to take effect in about 30 days, according to the board press release

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I understand that this is cost effective but won't it make it more difficult to keep track of debit card spending and possibly cause some problems with overdrawn checking account balances? What if you need a receipt to return an item and it was under $15? I wonder if stores will now make you ask for a receipt instead of automatically giving you one.

[SSGWilkesWife]

I always ask anyway. I save every receipt so I will know how much state tax I have paid and apply towards federal tax return. We do not have to file a state return, so I can claim the state tax to my federal.

[McD]

I actually prefer not to have the receipts for small purchases. I track my spending closely with our online banking.

[Katybird]

I think it ought to be an option. I am not happy about not receiving a receipt for my debit card transactions below $15, how am I to know that I was only charged X amount without a receipt? My bill could be 4 dollars and my debit card could be charged $14 and I would not know until I checked my online banking, without a receipt, what proof do I have? I really hate their new rule .

[Radish4ever]

Perhaps what they mean is a separate receipt? I know that when I go to a local Pizza buffet, I receive my regular order receipt and then they also give me a receipt showing my debit card purchase............ So perhaps you must receive a receipt for merchandise but not a separate one for the card?