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Reg E and Buyer's Remorse

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Does Reg E apply in the case of buyer's remorse? Example: when the customer authorized the transaction as posted and now are just unhappy?

No, when it comes to a claim, Reg. E is concerned that the transaction was or was not authorized. This is an often confused topic. Credit cards, not debit cards include the disclosure stating "If you have a problem with the quality of property or services that you purchased with a card, and you have tried in good faith to correct the problem with the merchant, you may have the right not to pay the remaining amount on the property or services." This does not apply to Reg. E, and it is why your customers have better protections under Reg. Z when they use a credit card, instead of a debit card.

First published on 7/12/10

First published on 07/12/2010

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