A customer has fraud on their card and the fraudulent charge is under a certain amount. When we have a smaller disputed transaction, we usually just take the loss for the item, write it off and send a letter of finalization. To my understanding, once a final letter has been sent, credit CANNOT be reversed per Reg E. I have had instances where we have written fraud items off, sent a letter, but the merchant refunds this item directly to the customers debit card giving them a second credit. Does the bank have the right to take their credit back? Do we not have the right because a final letter was sent?
How do I process third party cashier checks electronically? I have a merchant account services that allows me to submit my checks (business, personal, cashier, bank draft) via a program. The problem is that the check goes to the bank for processing under my business name and not the payee name.
We recently had a customer notify us via phone call of a POS transaction debiting his account that he did not make. We gave him his Provisional Credit; however, he did not give us the necessary paperwork for us to file with our processor until 6 calendar days later. We are now approaching 45 days since the customer notified the bank. I called our processor about the time frame and I was told the 45 days time frame was Reg E only and did not apply in this case since they had requested a receipt copy from the merchant. She told me the merchant has 30 days from the date the processor filed the request to respond. My question is how do we proceed once we reach the 45 days since the customer notified the bank if we have not received the response from the merchant? Dates: Customer Notified Bank 5/25/11 Dispute Filed with Processor 5/31/11 Processor Submitted Copy Request 6/8/11
If a customer "opts in" to have their statements provided in their online banking, are we obligated or regulated to send them a paper statement AND online statement the 1st month their statement cycles?
We submitted an ACH PPD on 6/23/11. We received it back on 6/28/11 with Return Reason Code R01. Is this considered a late return?