Thread Starter: Anonymous
Title: Re: Credit Card Pinless Cash Advance
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We have been alerted that a local institution is forcing pinless debits to post directly to credit card accounts rather than to a checking account.
When a merchant attempts a pinless ATM network transaction using a credit card number, the transaction is approved through the network and applied to the card as a cash advance. The charges are posting as "Bill Payments" and subsequently the card holders are being charged cash advance interest.
Is this a violation of any Visa, MasterCard, or federal REGs?
Is this practice being used at other Financial Institutions?
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