When to Dispute Credit Card Fees or File a Fraud Complaint
As soon as you notice a transaction that your credit or debit card doesn’t seem to match, your heart rate starts to quicken, right? Your bank account balance should be predictable, your credit tab fluctuates just because you decide to swipe the card.
But when your account activity falls short of your expectations, you have to quickly determine what problem you have on your hands. Knowing what type of issue you need to report can speed up the process of fixing your account.
When to dispute the charge
We have more payment methods than ever, but none of them are infallible. You must file a dispute if there is a billing error that you cannot resolve directly with the seller.
Here are some common examples of actions that can be challenged if necessary:
- You were overpaid
- You were charged multiple times for the same purchase
- The product or service you received was not advertised, or your order was never delivered.
- You returned an item but did not receive the promised refund
You may be able to do this by logging into your account. Otherwise, you may have to notify your financial institution in writing. In this case, the FTC provides a useful sample letter. Your bank or credit card issuer must acknowledge receipt of your objection within 30 days and provide a resolution within two billing cycles.
Filing a dispute takes some patience, so if you can tell that the billing error is just a fluke, or you’ve already run into the company’s returns department, be prepared to wait while your bank or card issuer investigates the issue.
When to File a Fraud Complaint
If you notice any accusations you haven’t filed, then it’s time to speed up the process and contact the anti-fraud department. Since thieves can act quickly, you should disable any possibility of further compromising your accounts. If you notice unexplained payments before your card issuer or bank’s anti-fraud department detects them, pick up the phone as soon as possible and call them to bookmark your purchase.
The faster you can stop the fraudsters, the faster you can deal with the blocking of your financial accounts and your identity by checking your credit reports, blocking loans and alerting other financial institutions about possible fraud.