Going on Spring Break 2021? Here’s Why You Should Keep Your Receipts 

Spring break vacations can be exciting, and it may seem like the last thing you should be paying attention to is your credit card receipts.

But whatever you’re doing for spring break 2021, it’s actually important to keep your receipts and pay attention to what information is included on them — they may be worth money.

Why Should You Keep Your Receipts?

Keeping receipts is important for a few reasons: It can help you keep track of your spending, make returns easier, or function as a souvenir — and in some cases, your receipt may even be worth money.

In fact, you may be able to spot information illegally printed on your receipts that could expose you to the risk of fraud or identity theft.

Spring Break 2021: What to Check Your Receipts For

Don’t worry; during spring break 2021, you won’t have to waste a ton of time looking through all the information on your various receipts. There are just a few key components you should be looking for.

The first thing to check is your debit or credit card number. Only the last five digits of your card number should be shown on the receipt — more than five digits or any numbers taken from anywhere else in the credit card number are not allowed.

Also be sure to check for your card’s expiration date. No portion of the expiration date should be displayed.

What Is FACTA?

The Fair and Accurate Credit Transactions Act (FACTA) is a set of rules passed back in 2003 that is meant to protect consumers from issues like fraud and identity theft that can occur if too much of their financial information is printed on their receipts, according to Investopedia.

FACTA regulates what information can be printed on debit and credit card receipts and establishes fines for companies that break these rules.

The regulations were phased in gradually and have been in full effect since Dec. 1, 2006, according to the FTC.

FACTA is a federal law, meaning it applies in all 50 states. However, some states have enacted state-level credit card receipt laws, as well.

FACTA is the law that restricts receipts from showing only the last five digits of a credit or debit card number and states no portion of the card’s expiration date can be included on the receipt.

Also under FACTA, consumers are guaranteed a free credit report once every 12 months from each of the three big credit reporting agencies: Equifax, Experian, and TransUnion, according to the Office of the Comptroller of the Currency.

Is Your Receipt Worth Money?

Your receipts that contain FACTA violations may actually be worth money.

In fact, people who report FACTA violations may be eligible for a financial award of up to $1,000 per violation.

These individual FACTA violation penalties can quickly add up depending on the number of people affected.

Because electronically printed receipts rely on machines being programmed correctly to comply with FACTA rules, a receipt containing a FACTA violation typically indicates many more receipts may have been affected, as well.

Credit Card Receipts FACTA Compliance

Electronically printed receipts should only contain the last five digits of the card number, the name of the business, the purchase amount, the transaction date, and an itemized list of what was purchased.

There should be no other card numbers and no expiration date, both of which provide vital information about a consumer’s checking account.

To be in compliance with FACTA, businesses should shorten card information so receipts display only the allowed information.

Compliant card numbers should look something like this: **** **** ***1 2345

However, a company can choose to display fewer than five numbers, as long as they are still from within the last five digits. For example: **** **** **** 2345

The other component to look out for is the expiration date. No portion of your card’s expiration should appear on the receipt.

Instead, the entire expiration date must be deleted, per the FTC, so that it looks something like this: **/****

How to Deal with Potential Card Fraud after Spring Break 2021

If you believe your card information may have been stolen, the first thing you should do is call your bank or other credit card issuer to let them know you believe your card information has been stolen, according to The Balance.

The issuer can then cancel your card and send you a new one, which will have a new number and expiration date.

Also remember to inform the card issuer about any transactions you did not actually authorize.

The Fair Credit Billing Act protects you from responsibility for purchases made with a stolen card, according to The Balance.

How Long Should You Keep Your Receipts?

Receipts are less necessary for tax purposes than you might think.

The standard rule of thumb for important financial records is keeping them for three to five years, in case the Internal Revenue Service (IRS) wants to review them.

However, receipts are a different story, since the standard deduction (which most people take) doesn’t require them and because the itemized deduction laws changed in 2018, Market Watch reported.

The most important thing about your receipts is not that you store them forever, but that you check to make sure they comply with FACTA.

If the information on the receipt violates FACTA, keep the receipt as evidence to help strengthen your claim.

How to File A Claim

If after spring break 2021 you realize you’ve received a receipt that shows too much of your debit or credit card information, you may be able to file a lawsuit under FACTA. Reporting such violations not only helps enforce these rules, but can also help protect the information of hundreds or even thousands of other customers.

Regularly check the card information being printed on your receipts, including card numbers and expiration dates. If your receipt does not abide by FACTA rules, you can report this violation and may be eligible to receive financial compensation.

Make sure to keep receipts that may be relevant as evidence of your claim.

Join a Free Credit Card Receipt Class Action Lawsuit Investigation

If you have a receipt, invoice or contract from a retailer or vendor that includes more than the last five digits of your credit card or debit card number or any portion of the expiration date, you may qualify to file a credit card receipt class action lawsuit.

Learn More

This article is not legal advice. It is presented 
for informational purposes only.