BHL Bogen

BHL Bogen
BridgehouseLaw LLP - Your Business Law Firm

Tuesday, June 19, 2012

Maximum Daily Limit for Credit Card Payments is Lowered – Effective 6/30/2012

Effective June 30, 2012, the daily limit per credit card account will be lowered from the current $99,999.99 to $49,999.99, and the daily limit for debit cards will be eliminated

The new daily limit for credit cards was imposed by the U.S. Patent and Trademark Office (USPTO) and will be enforced through Pay.gov, the system used by the Department of Treasury to process all credit and debit card payments. If a cardholder exceeds the daily limit, the system will reject the payment and notify the user that the daily maximum has been reached.

Although this change is not entirely relevant to the average American, businesses who make large amounts of purchases on their credit cards could be affected by this. Alternative ways for credit card holders to submit large dollar payments include through a deposit account, electronic funds transfer (EFT) over the USPTO website, or a wire transfer through the Federal Reserve Fedwire System.

(c) Picture:  freedigitalphotos.net  

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