Filing a dispute with the bank question

[wyliec]

First, this has nothing to do with any vendors on here.

The bank I do banking with files disputes whether the charge was on a credit or debit card. My latest dispute was on my debit card, and the bank gave me a provisional credit while they check out the dispute. The bank sent me a letter that said the dispute may take up to 90 days. My question is, what can the bank actually do if the company does not respond? I have googled the company to check out the reviews, and to no surprise there were plenty from never receiving the product, receiving the wrong product, parts missing, never responding to emails.

 

[obiwanbill]

Depends on Bank/Credit Union. I've bought stuff online and when article arrived is was crap, won't fit, etc.
If they hear No response, they let me keep prov. credit

I buy a lot from Amazon; they offer a full refunds and free returns paid by them.

 

[wyliec]

Depends on Bank/Credit Union. I've bought stuff online and when article arrived is was crap, won't fit, etc.
If they hear No response, they let me keep prov. credit

I buy a lot from Amazon; they offer a full refunds and free returns paid by them.

So, the bank has no way of getting their money back?

 

[ARtraveler]

So, the bank has no way of getting their money back?

They always get their money. But, not necessarily from specific customer X.

Way back when...Wells Fargo lost my mortgage payment. They started going after me by using collections calls. I had the company I worked for, close out their accounts with WF. That one cost them over a million bucks. And...I turned out to be right on the payment. They cashed my check.

 

[Arion]

We wish you and your bank success, but we fear it depends almost entirely upon the honesty and integrity of the vendor in question. It can be very difficult to recoup the funds because, in effect, you have already directly paid the vendor whereas credit card purchases are, at least from your perspective, pending until you pay your recurring credit card bill. Unless the vendor has a sense of integrity and values its customer base, this vendor may try their best to draw out the dispute process until either you or your bank simply gives up, particularly if the purchase was not costly. And we do wish you the best of luck. Events like yours cause people to lose faith in humanity, and that's sad indeed.

 

[UtahPete]

We've been told again and again by financial institutions and financial advisor to use a credit card when buying from vendors we've not done business with before or on a regular basis. Credit purchases have proven much easier to dispute than debit card purchases. Purchases via debit card are almost immediately paid to the vendor from your bank account (it's your approval for the vendor to "debit" your account at the time of sale). It can be very difficult to recoup the funds because, in effect, you have already directly paid the vendor whereas credit card purchases are, at least from your perspective, pending until you pay your recurring credit card bill. Unless the vendor has a sense of integrity and values its customer base, they may be willing to draw out dispute efforts until either you or your bank simply gives up, particularly if the purchase was not costly. I fear this is not what you wanted to hear. And we do wish you the best of luck recouping your money.

I found this out the hard way, also. Beware the websites that impose a fees for using a credit card, but not for using a debit card!

 

[ziggy]

I have had four disputes and all settled in my favor using PayPal. One dispute directly with bank on debit, settled in the favor of a dishonest supplement company.
I only buy supplements thru Amazon now and I ALWAYS use PayPal for any other purchase on the net. If this was an internet problem? You didn't say.:dontknow:
I just kinda assumed.

 

[BLUEKNIGHT911]

They always get their money. But, not necessarily from specific customer X.

Way back when...Wells Fargo lost my mortgage payment. They started going after me by using collections calls. I had the company I worked for, close out their accounts with WF. That one cost them over a million bucks. And...I turned out to be right on the payment. They cashed my check.

:2thumbs::clap::clap::clap: ........... Mike :thumbup:

 

[BLUEKNIGHT911]

Credit Card companies talk and share info with the other CC companies.... If you are a business person that depends on using CC to get PAID and you are black-balled in the industry, because of shoddy business practices, you will suffer ..... jmho .... good luck .... Mike :thumbup: ...

 

[Joel The Biker]

You should never use a debit card for online purchases. It does not have the same protections as a credit card company does. Credit card purchases are insured by the issuing bank and reimbursments to you are usually resolved within hours or days. When you pay with a debit card, you pay with your money, not the banks money. The sense of urgency is much less. Kind of like taxes. When you owe them money, they want it now. When you are due a refund, you must wait. :gaah:

 

[canamjhb]

Can't give you a good answer not knowing what the details are for your dispute. But, you have a provisional credit from your bank while they investigate your dispute. If the investigation determines that you have been scammed, the credit will most likely become permanent and you won't be out any money. Meanwhile, I would not spend the provisional money you have been credited with.

Joel is exactly correct about NOT using your debit card for purchases on-line. Your debit card directly accesses your bank account and there are lots of good reasons to not put that access information out there on the WWW. For on-line transactions you are much better protected using 3rd party payees such as PayPal. Or use your credit card. That way you are not risking your hard-earned money up front. Good luck..... Jim

 

[IdahoMtnSpyder]

A lot depends on the amount involved. If the bank determines you were scammed or subject to fraud, and the amount is small, it's probably cheaper for the bank to eat the cost rather than pursue recovery. But if the credit card issuer still has access to the vendor's deposit account, the bank will back charge them for the amount. The only way a vendor can keep the money from any transaction that is successfully disputed is to close out the deposit account before the back charge hits it. And even then he is most likely not safe from being made to repay if his other deposit accounts are reachable.

 

[IdahoMtnSpyder]

I found this out the hard way, also. Beware the websites that impose a fees for using a credit card, but not for using a debit card!

You very well could be right. Like a local attorney advertises, "That's good advice!" But the fees are not the same. Debit transactions cost the vendor only something like 25 cents for each transaction plus something like 0.5 to 1.0 percent of the transaction amount. Credit card transactions run about 3% to 5% of the transaction amount. I don't remember now but I think there may be a per transaction fee like for debit transactions, or a minimum fee. It's been some time since I set up online giving process for our church so my memory is fuzzy. Large vendors can negotiate the fees with the credit card issuers. It's conceivable to me a vendor may not charge for a debit purchase but will for a CC purchase, but that is probably not likely.

If you're a member of a credit union you may have gotten promotional material from them encouraging you to select credit card even when you're using a debit card. That's because they soak the vendor more money for a CC transaction.

Don't think CC purchases don't get processed quickly. When I buy gas at Costco using my Costco Visa card I get an alert from Citi Bank before I can get the nozzle into the tank!

 

[wyliec]

A lot depends on the amount involved. If the bank determines you were scammed or subject to fraud, and the amount is small, it's probably cheaper for the bank to eat the cost rather than pursue recovery. But if the credit card issuer still has access to the vendor's deposit account, the bank will back charge them for the amount. The only way a vendor can keep the money from any transaction that is successfully disputed is to close out the deposit account before the back charge hits it. And even then he is most likely not safe from being made to repay if his other deposit accounts are reachable.

Thanks. That’s what I was looking for.

 

[Little Blue]

Online Purchase

:chat: .....Thanks for the update and Tips on this Forum about 'Online Purchases'.

I have always used a CC.
I have never had a problem with my 'Online Purchases' but there's always a first time. .....:thumbup: