Redstone Federal Credit Union

4 | r e d f c u.o r g Did you know? Merchants are not allowed to charge customers a fee for using a debit card to pay for purchases, thanks to the Durbin Amendment of the Dodd- Frank Wall Street Reform and Consumer Protection Act. In addition, Visa® and Mastercard® prohibit surcharges for debit card transactions. e prohibition applies to prepaid debit cards as well. Surcharge fees for customers are limited to credit card transactions. Even if you sign for a debit card purchase, meaning the card is processed as a credit transaction, merchants are still not allowed to charge you a fee. When merchants charge a fee for credit card usage, it cannot be more than the processing fees that they pay. You may have noticed that many merchants now have a surcharge fee of 3% for credit card transactions. is is acceptable for purchases made with a credit card – but not with a debit card. To keep their costs down, merchants can offer a discount for payment by cash or set a minimum dollar amount for credit transactions. Unfortunately, if you've paid a surcharge fee on a debit card purchase, Redstone cannot refund it because it's the merchant's fee. However, you can report it to Visa or Mastercard. You can also report merchants charging excessive credit card fees, meaning more than 4% of the transaction amount or more than the merchant's cost to process the payment. DEBIT CARD SURCHARGE FEES – KNOW THE FACTS high-performing teams, and create a strong organizational foundation helped position us for long-term success. But Jan's greatest contribution may be the way she cares about Redstone and its people. She believes deeply in our mission. rough times of growth, challenge, and change, she has remained a trusted leader and a steadfast advocate for employees across the organization. Fifty years is an incredible achievement. Jan's legacy will not be measured solely by years of service, but by the countless employees she mentored, the leaders she helped develop, and the culture she helped shape. Redstone is stronger today because of Jan, and her influence will continue to shape Redstone for years to come. Continued from page 2

• Cover