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Visa's Zero Liability Policy w/ Business Client

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I know that under Reg E business clients are not covered. However, I am confused as to what the bank's liability is with respect to Visa's Zero Liability policy when receiving a dispute for a business client that was run on the Visa network.

VISA has extended its Zero Liability coverage to small business customers that have debit cards attached to their checking accounts. The bank is liable to reimburse a business customer for unauthorized signature based charges resulting for a lost, stolen or compromised debit card. The bank also must follow VISA's requirement to provide provisional credit to the business customer within five business days after it is notified of the dispute.

Zero Liability does not apply to merchandise or service related disputes, but the bank still has an obligation under VISA rules to research, and if needed, file chargebacks on behalf of its business cardholders.

First published on 8/22/11

First published on 08/22/2011

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