Congress addressed this in the Fair Credit Billing Act of 1974, which created the option for consumers to ask their banks to replace any funds that were taken from their accounts because of fraudulent transactions. The ability to dispute a charge came about in the 1970s, when credit cards were just becoming a prominent payment option for consumers, but many people were wary of them because they worried about getting stuck with the bill for fraudulent charges. ” That means you’re letting your bank or card issuer know there’s a problem with a charge, and it’s possible it could result in the bank or card issuer forcing a reversal of the charge. What Disputing a Card Charge Meansĭisputing a charge can also be called a “ chargeback. Read on to learn everything you need to know about what it means to dispute a transaction, how to dispute a purchase, when you should take that step, and what you can do if your dispute is denied. If you’ve ever wondered when and where you should dispute a transaction, and how you can use disputes to protect yourself against unfair charges, this is the guide for you. While there are many cases in which disputing a transaction is a legitimate step consumers can and should take, there are also rules involved to make sure consumers can’t abuse the system to get money back for no reason. And with that, disputing transactions has become a tool consumers can use if they encounter unfair charges, whether they come from fraud, shady business dealings, or just a dispute between the seller and the consumer. When you use a credit or debit card, you add a middleman to the transaction - in the form of a bank or other card issuer - who has the power to reverse a transaction in certain circumstances. Today, more and more of our transactions are becoming cashless - digitized first via the invention of credit and debit cards, and, more recently, technologies like digital payment platforms (think Apple Pay and Google Wallet) and cryptocurrencies.Ī somewhat unexpected benefit of that shift is that consumers now have an added layer of protection to many of the transactions they make. Money has changed a lot throughout history, and especially in the digital age.
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