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#2084321 - 06/21/16 12:20 PM Online Acct Opening Credit Card Funding
terpsfan Offline
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Joined: Feb 2007
Posts: 1,803
If we provide credit card as a option to use to fund the initial deposit on an account and process it as a purchase is there any chance of it being counted as a cash advance on their card?

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eBanking / Technology
#2084394 - 06/21/16 05:43 PM Re: Online Acct Opening Credit Card Funding [Re: terpsfan]
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 73,292
Galveston, TX
Check with your merchant processing representative.
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#2085408 - 06/27/16 06:57 PM Re: Online Acct Opening Credit Card Funding [Re: terpsfan]
terpsfan Offline
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Joined: Feb 2007
Posts: 1,803
They said it will be a purchase transaction but deposit account funding just seems like it might fit a cash advance.

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#2234019 - 03/31/20 09:50 PM Re: Online Acct Opening Credit Card Funding [Re: terpsfan]
bropliance Offline
New Poster
Joined: Jul 2014
Posts: 9
East Texas
We are going to start offering Credit Card funding for new accounts opened online. Is this any riskier than debit cards? If so, can you please explain. Is there anything else we should be aware of, like chargebacks, etc.?

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#2234030 - 04/01/20 11:53 AM Re: Online Acct Opening Credit Card Funding [Re: terpsfan]
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 73,292
Galveston, TX
Other than considering that unauthorized transactions can come back for 60 days?
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2234039 - 04/01/20 02:21 PM Re: Online Acct Opening Credit Card Funding [Re: terpsfan]
BrianC Online
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BrianC
Joined: Nov 2004
Posts: 5,350
Illinois
60 days for ACH, 120 days for VISA/Mastercard.
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#2234054 - 04/01/20 03:40 PM Re: Online Acct Opening Credit Card Funding [Re: terpsfan]
bropliance Offline
New Poster
Joined: Jul 2014
Posts: 9
East Texas
Thank you! So under Visa/MC, they get an additional 60 days compared to Reg E to chargeback unauthorized transactions. Whether its ACH, Debit, or Credit, there is no time limit to report fraud, correct?

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