Will Americans Have To Sign For Credit Card Purchases?
Will Americans Have To Sign For Credit Card Purchases?: US will no longer have to sign for credit card purchases. Since the move to plastic money, it has rapidly gained popularity. Gradually, credit and debit cards have largely taken over actual bills and pennies.
What significance does signing after using the credit card hold?
It seems counterproductive to sign a receipt after using a credit card. Why? Well, for one thing, shopping has largely shifted focus to being a physical activity to more of a laid back, lounge-in-your-couch online activity. Consequently when we shop for multitudes of items online, we are never required to actually sign a receipt. Why then should we be signing an actual receipt?
Most of us are under the illusion that the signing of a receipt is a protective measure. As if it is an additional net of safety against an instance of possible fraud. The truth behind the matter is that it is in fact a protective measure. The irony is that it does not serve to protect you; rather it frees the store from all liability. In case a fraud does occur, the signed receipt means the bank has to absorb the cost rather than the shop.
Dropping the Signature requirement!
Major credit card networks have announced that users in US will no longer have to sign for credit card purchases. These networks include Visa, MasterCard, American Express as well as Discover.
With users largely just scribbling down anything under the moon on receipts and moving on with their lives, the purpose behind the signature (to prevent fraudulent activities) has already largely been defeated. This move also confirms what many already suspected; that the signature really doesn’t amount to much when preventive crime. The only thing these signatures really do now is slow down customers who are in a hurry to move on to the next chore.
The one thing that is certain is that customers should now be more careful and should thoroughly check bank statements. Not that this isn’t something that shouldn’t be done in routine otherwise! Always remember, better safe than sorry!
For More Information & Videos Subscribe To Our YouTube Channel