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Fed Scraps Debit Card Receipts for Small Purchases

By Joseph S. Enoch
ConsumerAffairs.com

June 29, 2007

According to a Federal Reserve Board press release, the ruling “is intended to facilitate the ability of consumers to use debit cards in retail environments where making receipts available may not be practical or cost effective.”

Visa, a credit card company that makes money every time a consumer swipes one of their debit cards, worked closely with the board to push the regulation through.

According to a Visa press release, the ruling will come in handy for consumers paying for parking, vending machine goods, laundry machines and any other coin-operated mechanisms.

However, for consumers making typical store purchases of less than $15, it will “be up to the vendor's discretion” to give a receipt, said Emily Collins, a spokeswoman from Fleishman-Hillard, a public relations firm that represents Visa.

The ruling is expected to take effect in about 30 days, according to the board press release.

Correction

We received the following from Emily Collins, quoted in our story as "a spokeswoman from Fleishman-Hilliard, a public relations firm that represents Visa."

I wanted to follow-up with you regarding an article by Joseph Enoch that appears on ConsumerAffairs.com regarding the Federal Reserve Board's decision to modify the receipt requirement of Regulation E.

Joseph contacted me yesterday when he was on deadline regarding some questions on the news release issued by Visa on the Federal Reserve Board's decision on the Regulation E receipt requirement. I made it clear to Joseph that the information I shared with him was on background, and that I am not a quotable Visa spokesperson. At that time, he did not request an interview with a quotable Visa spokesperson.

Based on this, I was surprised to see that the story that appears on your Web site today inaccurately identifies me as a Visa spokesperson. I'd like to request that the quote from this story be removed as soon as possible. I discussed this with Joe this morning, and he said that I would have to address this with you.

Please contact me if you would like to discuss.

Emily Collins
Vice President
Fleishman-Hillard
San Francisco
555 Market Street, 20th Floor
San Francisco, CA 94105

We most humbly apologize for accurately identifying Ms. Collins.

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