We are allowing customers to opt out of arbitration provisions in the deposit agreements. What should we use as the appropriate record retention for these forms?
Per Reg E (and even MasterCard policies), what should our process be for debit card transaction disputes where the customer claims the transaction was unauthorized but it gets charged back to us with proof (invoice, order, etc) of authorization? Am I allowed to charge it back to the member? Am I allowed to delay giving provisional credit for any amount of time? Can I (as the FI) call the merchant to verify shipment of goods, etc?
Our financial institution issues the VISA check card to our customers. We have had fraud issues that VISA denies us charge back rights on. They are protecting the merchants and the ones committing fraud but what about the cardholders and card issuers? Shouldn't VISA reimburse us for this loss? How can a FI get restitution for the money they lose when protecting their customers against fraud?