Published : Wednesday, 13 Feb 2013, 1:22 PM EST
KALAMAZOO, Mich. (WOOD) - Recently a ban was lifted on merchants choosing to assess a surcharge (1.5-4% of purchase amount) when consumers choose to make purchases with a credit card. This type of fee is not placed by financial institutions such as a bank or credit union, but rather the merchant who is attempting to pass on fees assessed to them when processing payments made via credit cards.
Most retailers are indicating no likelihood to implement a surcharge, but if a merchant chooses to implement one they must do the following:
For more information on credit card surcharges visit Community Federal Credit Union online at www.1stcomm.org or call 269-382-9866.