![]() 10 days for the consumer to challenge the result of the investigation.Resolution within two billing cycles (but not more than 90 days).Explanation in writing if the investigation determines there was no billing error.Explanation in writing if your account has a mistake and what corrections were made.Acknowledgement by the creditor, in writing, that it received the complaint within 30 days.These also coincide with billing practices that creditors must follow. Under the FCBA, Stewart says, consumers have rights for open-end credit accounts, such as credit cards. "The law was designed to protect consumers from unjust billings to build customer confidence in credit processes," Stewart says. Mark Stewart, an in-house accountant at information site Step By Step Business, says the Fair Credit Billing Act (FCBA) of 1974 outlines the process that a merchant has to follow for chargebacks. The amount of the transaction is credited back to the consumer while the issuer and merchant investigate. It's issued after a consumer disputes a transaction and the card issuer determines the cardholder has a reasonable claim. What is a chargeback?Ī chargeback is the reversal of a charge on your credit. If your claim is reasonable, it can issue a chargeback to your card. ![]() In these cases, you may be able to dispute the charge with your credit card company. Or, perhaps you ordered a new outfit or a gift for someone else that never arrived from the other side of the world. It may have been from a business you've never heard of or maybe you were charged twice for the same transaction. Have you ever seen a charge on your credit card that didn't seem quite right? ![]() By clicking ‘Sign up’, you agree to receive marketing emails from InsiderĪs well as other partner offers and accept our ![]()
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