OMVIC Practice Test

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Prepare for the OMVIC Practice Test. Study with flashcards and multiple choice questions, each question has hints and explanations. Get ready for your OMVIC exam!

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Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

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True or False: The transaction fee can be passed along to the customer.

  1. False

  2. True

The correct answer is: True

When it comes to transaction fees, a common practice is for the merchant to cover the cost of the fee. However, according to the Dodd-Frank Wall Street Reform and Consumer Protection Act, merchants are allowed to pass along the fee to the customer, as long as they disclose it and offer an alternative payment method without a fee. This means that while option A may seem more likely, option B is actually the correct answer.

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