|Forum topic by DannyBoy||posted 02-19-2009 10:19 PM||1677 views||0 times favorited||12 replies|
02-19-2009 10:19 PM
I happen to work for a financial institution and I have heard it through the grape vine that there is a new policy coming for all Visa Check Card holders (what is hooked to a checking/savings account). I found out in an email that this is being sent out to our Visa Check Card customers:
”Non-Visa PINless Debit Transactions on Visa Branded Cards. Effective April 1st, 2009, new procedures will go into effect that may impact you when you use your Visa Check Card at certain merchant locations.
Before that date, your Visa Check Card transactions that are made without supplying your signature or your PIN will be processed as Visa Check Card Transactions. Beginning on April 1, 2009, if you do not enter a PIN or sign the transaction receipt, your transaction may be processed as either a Visa Check Card transaction or a transaction on another network, such as PULSE or NetWorks.
Please be advised that, should your merchant use PULSE or another network, and not the Visa network, when processing your Visa Check Card transactions without a PIN or your signature, certain Visa policies that protect you from any liability for unauthorized transactions (subject to the limitations set forth in you Cardholder Agreement) will not apply to those transactions. Please refer to your Cardholder Agreement for further details.”
I just got this email about 15 minutes ago and I’ve been asking around to make sure if this is correct and all I can get is a “we guess so”. The person who sent it out didn’t have any more information than what was being sent out to customers. But basically, it seems like Visa is trying to get themselves off the hook for fraud issues.
So, if you do business with a merchant that doesn’t use Visa’s network and they don’t make you sign for the item (including pay-at-the-pump and internet transactions) you will not be covered for fraud on the card.
Here’s the catch: If someone gets your card and uses it at one of these non-Visa network or internet places, you don’t have fraud coverage through Visa. Further, let’s say you did authorize a transaction; for example $20 for gas. If the merchant isn’t on the Visa network and they accidentally charge you $25, you aren’t covered by Visa.
I’ll try and post more information on this as it becomes available, but right now all I have is what the letter says.
-- He said wood...http://hickbyassociation.blogspot.com/