Groundbreaking debit and credit Code introduced
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West Mandate
Member Newsletter
In April, Federal Finance Minister Jim Flaherty announced a Code of Conduct for the credit and debit card industry. Based on a similar CFIB proposal, it consists of 10 principles that will increase transparency and fairness for small businesses that accept credit and debit cards. For example, the industry must provide 90 days notice of any fee increases and merchants can then opt out of contracts without penalty.
The Code, which comes into effect August 2010, also protects low cost debit in Canada.
Your support and 45,000 faxes helped CFIB convince the finance minister that this Code of Conduct was necessary. We will now closely monitor its implementation to ensure all players live up to their commitments.
