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#2224851 - 10/31/19 03:02 PM Finance Charge on Credit Card
ckme Offline
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Joined: Sep 2002
Posts: 243
Our credit card processor discovered an issue on the finance charge calculations for our customers. The variance is relatively small, but they are proposing making our customers whole with a statement credit. I thought there was a requirement for issuing a check, but am not very familiar with credit cards. The largest refund is just under $3.00.

will a statement credit put us in compliance?

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Lending Compliance
#2224856 - 10/31/19 03:49 PM Re: Finance Charge on Credit Card ckme
rlcarey Online
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Joined: Jul 2001
Posts: 78,946
Galveston, TX
Sounds like a breach of contract rather than a APR restitution issue. Making the customer whole with a credit should suffice, but I would follow you legal counsel's lead.
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