As soon as you spot a transaction that doesnt seem to belong on your credit or debit card, your pulse starts to quicken, right?
Your bank account balance is supposed to be predictable, your credit tab fluctuating only because you decided to swipe your card.
But when your account activity doesnt match up with what you expected, you should quickly determine what kind of problem you have on your hands.
Knowing which jot down of problem it’s crucial that you report can expedite the process of getting your account straightened out.
When to dispute a charge
We have more payment options than ever before, but none of them are error-proof.
You shouldfile a disputein the event of a billing mistake that you cant manage to resolve with the retailer directly.
Here are some common examples of activity it’s possible for you to dispute if necessary:
You were overcharged
You were charged multiple times for the same purchase
The product or service you received wasnt what was advertised, or your order never arrived
You returned an item, but havent received the refund you were promised
You might be able to do this while logged in to your account.
If not, you may need to notify your financial institution in writing.The FTC providesa helpful sample letter if thats the case.
Your bank or credit card issuer should confirm it received your dispute within 30 days, and provide a resolution within two billing cycles.
Filing a dispute requires some patience, so if you might tell that a billing error is just a fluke or youve already battled a companys returns department, be prepared to wait for your bank or card issuer to investigate the problem.
When to file a fraud complaint
If you notice charges you didnt make, then its time to fast-track the process and head to the fraud department.
Because thieves can act quickly, you want to shut down any potential for your accounts to be further compromised.
If you notice unexplained charges before your card issuer or banks fraud department detects them, pick up the phone as soon as you’ve got the option to and give them a call to flag the purchase.
The faster it’s possible for you to stop the fraudsters, the faster it’s possible for you to deal withlocking down your financial accountsand your overall identity by checking your credit reports,freezing your creditand alerting your other financial institutions to potential fraud.
