When the term POS appears on your bank statements or online transaction history, it often refers to a purchase you made using your debit card. This tag may indicate the amount you paid to the merchant, or it may indicate that additional fees were charged for using your card.
POS Fees
If you’re trying to figure out what the transaction means in your account ledger, it likely refers to a purchase you made in person at a retail store.
Point of Sale Systems
A Point of Sale (POS) system is a combination of hardware and software designed to help process transactions. It can be as simple as a cash register, or it can be more complex software that integrates with other systems (like card payment networks). Merchants and online vendors use POS systems to accept payments and manage their businesses.
Debit Card Purchases
Fees that appear with “POS” are usually the result of using your debit card. Most likely, you selected “debit” at checkout and entered your PIN on the merchant’s payment device (instead of selecting “credit” and signing for the purchase). However, both online purchases and in-person transactions can result in POS appearing on your statement.
Additional POS Fees
POS fees can also be additional charges imposed by banks when using your debit card. If you selected “debit” at checkout and used your PIN, banks may charge additional fees. These fees are typically around one dollar or less.
Merchants Who Charge Fees?
Some merchants do not include these fees in their prices. Instead, they prefer to charge higher prices only to customers who cause additional costs: those customers who pay through more expensive credit card networks. For example, a merchant might charge an extra fee for credit cards for customers who pay by credit, or they may require a minimum purchase amount for credit card payments.
Is This Legal?
Additional fees and minimum purchase requirements are allowed in some states. However, sometimes merchants charge consumers more than permitted by law, and they may set minimum requirements when they are not supposed to. Even when merchants are not breaking the law, they may be violating the rules set by their payment processors.
Frequently Asked Questions (FAQs)
How do you protect yourself from unauthorized fees?
Although credit cards are somewhat safer than debit cards, there is still a possibility of unauthorized charges. To protect yourself, do not lend your card to anyone, even if you trust them. Review your credit card statements for unauthorized charges, and you might consider setting up alerts so you’re contacted about your credit card purchases. If you see anything unfamiliar, you can investigate right away.
What are credit card fees?
Credit card fees are charges that merchants add to credit card purchases to compensate for the processing costs associated with accepting credit cards. Merchants are required to disclose the existence of additional fees and the amount of those fees. Merchants are also allowed to set minimum purchase requirements for using credit cards as a result of the Dodd-Frank Act.
Source: https://www.thebalancemoney.com/pos-fees-definition-point-of-sale-fees-315345
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