magsglass Posted August 9, 2006 Share Posted August 9, 2006 Hey all,I just received a reminder from my merchant account bank about the new credit card compliance policies. They said effective July 1, 2006, all merchants who use an electronic terminal must comply with Federal law regarding truncating credit card numbers on the customer's copy of the receipt. This means the customer's receipt cannot have the full credit card number printed on it or the expiration date, but instead only have a truncated version (xxxx-xxxx-xxxx-0123).There are some hefty fines for not being in compliance. Visa and Mastercard penalties are $5000.00 for the first violation, and go up from there. In addition, many states have made their own laws on this, including a fine and/or felony if you're not in compliance.It looks like merchants may have the entire CC# & exp. date printed on their copy, as long as it's not on the one given to the customer. Merchants who use handwritten and manual "knuckle-buster" machines apparently do not have to comply at this time. (err...yet?)Here's some more info, including links to each state's truncation laws:http://www.merchantequip.com/truncation.php. Quote Link to comment Share on other sites More sharing options...
Candle Man Posted August 9, 2006 Share Posted August 9, 2006 I received this info from my cc processer last year about this, so to me this is old news. Quote Link to comment Share on other sites More sharing options...
magsglass Posted August 9, 2006 Author Share Posted August 9, 2006 Glad to see you're on top of things. I posted it for the people who might not be as aware. Quote Link to comment Share on other sites More sharing options...
sockmonkey Posted August 9, 2006 Share Posted August 9, 2006 Thanks for the info. It looks like several states still do not have any laws pertaining to truncation of creditcard receipts. In my case, this was the first I've heard of it, so I looked under my state's laws for further info, and they have no law regarding it. Quote Link to comment Share on other sites More sharing options...
Candle Man Posted August 9, 2006 Share Posted August 9, 2006 Thanks for the info. It looks like several states still do not have any laws pertaining to truncation of creditcard receipts. In my case, this was the first I've heard of it, so I looked under my state's laws for further info, and they have no law regarding it.This is mandatory and put forth by Master Card & Visa because of so much charge backs and stolen #'s. Quote Link to comment Share on other sites More sharing options...
KristinesShower Posted August 10, 2006 Share Posted August 10, 2006 When I run my CC's they don't have the whole number on them anyway, but my machine is a newer one from this year so maybe they have already nipped alot of those problems in the bud. Quote Link to comment Share on other sites More sharing options...
lindsaycb Posted August 10, 2006 Share Posted August 10, 2006 Just last year where I worked, I had someone have a fit about receiving a receipt with CC number on it.... I would have too...that's a big deal just in case you don't grab it & leave it...and its there for the world to find.Thanks for the info! Quote Link to comment Share on other sites More sharing options...
magsglass Posted August 10, 2006 Author Share Posted August 10, 2006 One of my pet peeves is when I'm paying for a meal in a restaurant and the server brings me the slip to sign and says "Just leave it on the table". I make the server wait and take it with him/her. I refuse to leave it on the table for some stranger to walk off with. (Of course the server could also scam my number...) Gee I'm glad this requirement has been put in place! Quote Link to comment Share on other sites More sharing options...
Candle Man Posted August 10, 2006 Share Posted August 10, 2006 One of my pet peeves is when I'm paying for a meal in a restaurant and the server brings me the slip to sign and says "Just leave it on the table". I make the server wait and take it with him/her. I refuse to leave it on the table for some stranger to walk off with. (Of course the server could also scam my number...) Gee I'm glad this requirement has been put in place! Speaking of restaurants, on Prime Time a few years back there were servers using a devise, they had hid on them, that they slide your CC through and capture your card info. So I wont let my card out of my sight when I pay for something anywhere, even if I have to follow them to the cc processing machine. Quote Link to comment Share on other sites More sharing options...
skg Posted August 10, 2006 Share Posted August 10, 2006 My hubby's # was stolen and we recently just realized it - they only took $200.00 but it wasnt a CC it was our "debit" card and I guess that means that they could also potentially get our bank acct info - we are waiting to hear from the fraud department at our bank. Its been going on for almost a year, but in such a small amount monthly that we did not notice until just now. I can think of a few places local that still imprint the entire #. Quote Link to comment Share on other sites More sharing options...
sockmonkey Posted August 10, 2006 Share Posted August 10, 2006 This is mandatory and put forth by Master Card & Visa because of so much charge backs and stolen #'s.They can make whatever rules they choose to make, it doesn't make them a law until congress initiates legislation to create and enact such a law. I have not received anything from Visa, Mastercard, or my processor regarding this. Perhaps it's because my machine is already in compliance, but regardless, you would think there should be a mass mailing pertaining to the issue. Quote Link to comment Share on other sites More sharing options...
magsglass Posted August 10, 2006 Author Share Posted August 10, 2006 They can make whatever rules they choose to make, it doesn't make them a law until congress initiates legislation to create and enact such a law. I have not received anything from Visa, Mastercard, or my processor regarding this. Perhaps it's because my machine is already in compliance, but regardless, you would think there should be a mass mailing pertaining to the issue.I think these requirements have been slowly phased in for the last 3 years. The things is, it doesn't matter if it becomes law or not. If you are a vendor who accepts Visa or Mastercard, your relationship with these two companies is at their discretion. In their terms of service, you as a merchant agree to abide by their rules, and the bank you have your merchant account through agrees as well. If you're not following their rules, they can fine you and/or terminate your relationship (Visa, Mastercard, and likely your bank as well). Quote Link to comment Share on other sites More sharing options...
sockmonkey Posted August 11, 2006 Share Posted August 11, 2006 That's right, and so this shouldn't be new to anyone, if they are doing their job properly. No one can be fined unless you have signed a contract with Visa/Mastercard stating that they have the authority to fine you, or unless you live in one of the states that has enacted such laws. Quote Link to comment Share on other sites More sharing options...
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