Credit Card Receipt Rules Under FACTA Aim to Protect Consumers

It seems like it is all too often that the media is releasing information that a new data breach has occurred, and identity theft remains a top concern of most Americans in this digital age. However, sometimes as consumers, we may feel that much is out of our control with respect to securing our identity when data breaches occur in large corporations.

While this may be the case, federal credit card receipt rules help ensure that consumers’ point-of-sale transactions leave their personal information secure.

FACTA Provides Credit Card Receipt Rules for Businesses

Legislation enacted in 2003 under FACTA, the Fair and Accurate Credit Transaction Act, helps protects consumers by requiring businesses to follow strict credit card receipt rules. FACTA was an amendment to the Fair Credit Reporting Act.

Most consumers are aware of FACTA because they can access free annual credit reports from each of the three main credit reporting bureaus: Experian, TransUnion and Equifax. However, many consumers are not aware of the credit card receipt rules that businesses must follow that have been established under FACTA.

What Should NOT Appear on Your Credit Card Receipt

FACTA outlines two main credit card receipt rules that businesses must follow to be in compliance with the law. These rules apply to digitally printed receipts that are given to customers. These rules do not apply to handwritten receipts, receipts with an imprinted credit card or those that are retained by the business as their own copy.

The first rule is that no more than the last five digits of the credit card or debit card account number may appear on the receipt. Less than this may appear or no credit card number at all may appear, but having more than five digits in total or having digits outside of the last five digits of the credit card number are prohibited.

The second rule under FACTA is that no part of the expiration date of the credit card or debit card may appear on the receipt. In its place, receipts may show asterisks or other symbols or may have a blank line or empty space after where “EXP DATE” or the like is printed.

Businesses who violate the rules under FACTA are subject to penalties that could cost millions of dollars. Penalties are assessed for violations and even greater penalties are assessed for willful violations and may be assessed on each transaction. For large businesses, this can be very costly.

Although this legislation has been in place for more than the last decade, when businesses change their credit card processing software, if they do not program it to comply with FACTA credit card receipt rules, they can be putting consumer identity in danger and can be penalized for their negligence.

Has A Business Issued You a Receipt That Didn’t Adhere to Credit Card Receipt Rules?

If you have been issued a receipt by a business that did not adhered to credit card receipt rules, and this receipt has more than the last five digits of your account number printed or has any part of the expiration date of your credit card or debit card account number printed, you may have a legal claim. An attorney can provide you with a free case review to inform you of your legal rights.

Free FACTA Class Action Lawsuit Investigation

If you made one or more purchases and the retailer provided you with a receipt that contained more than the last five digits of your credit or debit card number or the expiration date, you may be eligible for a free class action lawsuit investigation and to pursue compensation for these FACTA violations.

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