We see it as our duty to inform you when there’s pending legislation that has the potential to impact our ability to serve you. One service that Taleris offers is the use of debit and credit cards. These cards are convenient and the sense of security that comes with knowing funds and transactions are guaranteed by our credit union is paramount. What many may not realize is that using these cards includes a transaction cost.
When you use your credit or debit card, a small fee—known as an interchange fee—is incorporated into the transaction. Interchange is what credit unions, other financial institutions, card networks, and payments processors use to guarantee full payments and recover expenses, such as fraud and theft; fraud monitoring; issuing and reissuing cards; and administrative costs.
New legislation would put your data at risk
Right now, in Congress, there is a bill that would allow retailers to pick and choose which network they use for credit card transactions. With only their bottom line as motivation, due to the protections provided by financial institutions like us, retailers will choose the cheapest – not most secure option. Interchange is the safety net that allows us to help members when merchant data is compromised. Interchange should only be reduced when merchants are going to start being held financially responsible for their data breaches. The changes proposed by these lawmakers will lead to less secure, less innovative, and higher-risk transactions for American consumers like you. Consumers, small businesses, and small community financial institutions will lose the most if this happens. Send a message to your federal lawmakers and tell them to oppose S. 1838, the Big Box Bill.
What We Need from You
At Taleris Credit Union, we value civic engagement. I hope you’ll consider lending your voice to this important effort. Please click on this link to learn more about the problem and send an e-mail to your U.S. Representative and U.S. Senators.