ARLINGTON, Va. — NAFCU has told the Federal Reserve that the group likes its idea of creating an exception for receipts on purchases under $15, but said the regulator could do more.
"NAFCU generally supports the creation of a small-dollar exception; however, we would recommend that the threshold for the receipt requirement be raised from $15 to $25," NAFCU President/CEO Fred Becker wrote in a comment letter to the Fed. Currently, receipts are required for all electronic funds transfer transactions at electronic terminals, regardless of the amount.
Becker asserted that $25 would be consistent with current payment card association rules, including minimum chargeback limits, and that anecdotal evidence suggests that consumers tend not to retain receipts for transactions under $25 anyway.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
