February 13, 2024
As of Sunday, February 11th, a new law in New York is making sure that when you use your credit card for a purchase, you know exactly what you're paying for. Governor Kathy Hochul signed this law on December 13, 2023, to protect consumers from surprise charges.
Now, businesses that add a fee when you use your credit card have to tell you upfront what the total price will be, including that fee. This way, you won't be caught off guard by unexpected charges. Governor Hochul believes that this transparency is important for building trust between businesses and customers.
Under the new rules, businesses can't charge more for credit card payments than what the credit card company charges them. They also have to show the total price with the fee included and offer a cash payment option so you can see the difference.
Businesses can't just put up a sign saying they charge fees for credit card transactions anymore. This means you'll have a clearer idea of what you're paying for before you make a purchase.
With these new rules, shopping in New York should be more transparent and fair for everyone.
As a Financial Advisor, I'm here to assist businesses in adapting to these changes and improving financial strategies. Whether it's pricing adjustments, expense management, or comprehensive financial planning, I offer personalized support to ensure compliance and enhance success. Contact me today to discuss how I can help strengthen your business's financial health and achieve your objectives.
Jennifer M. Snyder - Financial Advisor
E-Mail: jsnyder@brightonsecurities.com
Direct: 585.340.2207
https://www.nytimes.com/2024/02/10/nyregion/ny-law-credit-surcharges.html