Posted By: terpsfan
Online Acct Opening Credit Card Funding - 06/21/16 12:20 PM
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?
Posted By: rlcarey
Re: Online Acct Opening Credit Card Funding - 06/21/16 05:43 PM
Check with your merchant processing representative.
Posted By: terpsfan
Re: Online Acct Opening Credit Card Funding - 06/27/16 06:57 PM
They said it will be a purchase transaction but deposit account funding just seems like it might fit a cash advance.
Posted By: bropliance
Re: Online Acct Opening Credit Card Funding - 03/31/20 09:50 PM
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.?
Posted By: rlcarey
Re: Online Acct Opening Credit Card Funding - 04/01/20 11:53 AM
Other than considering that unauthorized transactions can come back for 60 days?
Posted By: BrianC
Re: Online Acct Opening Credit Card Funding - 04/01/20 02:21 PM
60 days for ACH, 120 days for VISA/Mastercard.
Posted By: bropliance
Re: Online Acct Opening Credit Card Funding - 04/01/20 03:40 PM
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?