Disputed Transactions

MarcoM

Hi,

I'd like to know what is the mechanism for disputed transactions, say if a company has taken a payment in error on your credit card.
Can the credit company "isolate" the disputed amount and delete the interest from it till they sort it out with the company that has taken the money in error?

Thanks

gnaril

Yes generally once it has been flagged no interest will accrue on that amount until it has been resolved.

James

MarcoM wrote: »

Hi,

I'd like to know what is the mechanism for disputed transactions, say if a company has taken a payment in error on your credit card.

Thanks

A timeley and appropriate question as the Banking Code is superceded today by FSA Regulations (Click here for: Are New Rules for Banks Good News For Customers? -The Times 31 Oct 09)


From the FSA Press release (28 Oct 2009)

Unauthorised transactions

Where a customer claims that an unauthorised transaction has taken place, the bank must refund the amount unless they can show some good reason why they need to investigate the claim.

(Click here).


More information and links: Click here.