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Businesses in New York will have to clearly state the total price of an item or service and limit their surcharge amounts starting Sunday, Feb. 11. NY ditches hidden credit card surcharges with ...
The New York law prohibits businesses from posting a cash price and adding a fee when customers choose credit (a “credit card surcharge”). However, the law permits businesses to post a credit card price and charge less when customers choose cash, check, or equivalent means (a “cash discount”).
Debit cards and transactions in the ten states that prohibit credit-card surcharges will not be affected. Many large retailers, such as Wal-Mart and Target have opted not to impose surcharges. [12] In the event of a return, surcharges are refunded along with the purchase price of the merchandise. [13]
Credit card surcharges are becoming more common, but they’re not legal in every state.
What the new law means for New Yorkers. Credit card issuers have 45 days to let cardholders know when any existing credit card account or rewards program is canceled, closed or modified in a way ...
In regards to the former option—charging the customer a surcharge—the New York Legislature enacted a law, §518, which banned this practice, in that, "[n]o seller in any sales transaction may impose a surcharge on a holder who elects to use a credit card in lieu of payment by cash, check, or similar means."
The Durbin amendment, implemented by Regulation II, [1] is a provision of United States federal law, 15 U.S.C. § 1693o-2, that requires the Federal Reserve to limit fees charged to retailers for debit card processing.
Credit card surcharges are applied when you use your credit card to make a payment. In states where surcharges are legal, they must be clearly displayed at the point of sale and on your receipt.