The Importance of FACTA Rules for Receipts

Consumers across the country are becoming increasingly aware of the federal rules that govern their debit and credit card receipts.

The rules for receipts aim to increase the privacy for consumers by lowering the chances of fraud or identity theft. Even though most consumers check their receipts to make sure they are not overcharged, there are other important things to scan on those slips of paper.

Under the Fair and Accurate Transactions Act (FACTA), the rules for receipts mandate that there can only be certain information present on the electronically printed documents. Under FACTA, debit or credit receipts must only show the last five digits of the card number and must completely omit the card’s expiration date.

Merchants all over the country must adhere to FACTA policy, which states the rules for receipts that must be followed. Consumers should also be aware of what should be present on their receipts, which serves to confirm the transaction took place.

According to the FACTA rules for receipts, information allowed on these documents include:

• Merchant’s DBA (Doing Business As) name and address
• Date of the transaction
• List of the products or services purchased, which includes what the items cost and any taxes
• The card owner’s signature must be signed on the merchant’s copy, unless PIN number was used
• Authorization code from the company that issued the card
• No more or less than the last four or five digits of the debit or credit card number (businesses may opt to show the last four digits, as card numbers are often separated into four digit segments) and no part of the expiration date

FACTA rules for receipts apply to all electronically printed receipts from cash registers, self service kiosks, and restaurant tickets. It is important to note that FACTA rules for receipts do not apply to handwritten or imprinted receipts.

Overview of FACTA Policy

Consumers who may receive handwritten receipts for their purchases are encouraged to use cash if possible, because there is no way to know what will happen to their card information after the transaction.

The FACTA rules for receipts were first enacted in 2003, with businesses given until 2006 to update all their receipt printing software to be in federal compliance. FACTA was enacted to help consumers battle against the rising problem of credit card fraud and identity theft.

By concealing the majority of the card’s information, the chances of these scenarios is lowered. Merchants that produce receipts that are not FACTA compliant may face fines up to $1,000 per faulty receipt. Consumers should educate themselves on the FACTA rules for receipts to protect themselves and for the company to correct the problem.

Consumers who find that their receipts do not meet FACTA standards may file legal action against the merchant. Potential claimants should contact a specialized lawyer to determine eligibility for a FACTA lawsuit.

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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