In August of 2011, I wrote about a bad idea, the one where customers in retail shops don’t have to sign credit card receipts if the purchases are less than a certain set amount. It was a bad idea then; it’s a bad idea on steroids now.
If you want to know what I said a year ago, go to
If you want to know what I think now, read on. Retail merchants have upped the limits on which customers have to sign. For example, my local supermarket, Martin’s, used to have a $25 threshold. But I went there this week and learned that it had been raised to $50.
In the past, I would always try to exceed the $25 limit and force the clerk to request my signature. An extra bottle of wine could always tip the balance. And I did it to protect both the retailer and myself. But I’m not sure I can schedule my shopping or purchase that much wine to reach $50 each time I visit Martin’s.
I don’t think consumers understand the dangers involved. I know that the clerks in the check-out counters don’t either. And I suspect it’s because neither group feels the pain of what happens when fraudsters use this new policy to purchase items with stolen cards. If you read my August 1, 2011 blog, you understand my concerns. If you haven’t, please do.
With the holidays looming, I wonder how much money retailers will lose with the tendency to raise such limits. And, in the end, it’s consumers who will lose money.
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