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Beware of Merchants Processing Point of Sale (POS) Transactions

It has come to our attention that McDonald’s, Walmart, Target and other companies have begun processing some transactions as PIN-based (debit) transactions, even when cardholders have not entered a PIN for verification. Moreover, this is happening when cardholders specifically request that their transactions be processed as credit-type transactions.  

This is a major concern because such unscrupulous merchant behavior may adversely affect member accounts that have a limited number of free pin-based transactions. Additionally, these types of transactions do not favorably satisfy account requirements for those accounts requiring PIN-based transactions in order to earn a dividend (such as HD Checking). 

As always, we seek to provide the best financial solutions for our entire membership. Unlike these merchants, we are a not-for-profit financial co-op that is trying to do right by its member-owners. Such devious merchant practices undoubtedly and unnecessarily drive up operational costs shared by all of our membership!

It is most unfortunate that merchants such as these have begun taking away consumer choice; in most cases, totally unbeknownst to to the consumer!  Governmental regulations have sadly given way to this underhanded behavior and consequently, banks and credit unions are left to explain unexpected processing costs to consumers.

Financial institutions cannot influence the way in which merchants handle these transactions and process payments.  However, should you have any questions, please feel free to reach out to us at 814.456.6231.  We will do our best to explain the situation to you and to help you understand which vendors you may potentially wish to avoid when making future purchases.

You may also email us at info@widgetfinancial.com and we would be happy to assist you.