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Credit Cards vs. Debit Cards: Disputed Transaction Time Frame
by John Burnett, BOL Guru
BIO AND CONTACT INFO
Question: I have a debit card (MasterCard) customer that wants to dispute a transaction done more than 60 days from last statement date. It was authorized but he is not receiving the "service he wanted". Because it is past the 60 day time frame he has been instructed to contact the company. He then wants to know why his friends with credit cards are getting their money back from transactions from many months ago from this company. Is it true that credit cards fall under a different regulation? We are bound by the "60 days from last statement" part of the regulation.
Answer: Credit card transactions are addressed in Regulation Z. Debit card transactions are addressed in Regulation E. Both regulations provide 60 days from the statement showing the transaction for a consumer to assert an error.
But this type of dispute (if a credit card is involved) doesn't fall within the error resolution processes of either regulation. Instead, it falls into the special credit card provisions in §226.12(c), which provides for certain protections in credit sales that are not afforded under Regulation E. Claims in this area are not governed by the 60 day rule.
There is no parallel rule in Regulation E.
First published on BankersOnline.com 9/2/03
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