![]() There are a number of factors at play in a decision like this (not quite as cut-and-dried), but many banks would rather avoid the regulatory scrutiny and reduce back-office costs, so the mere threat of a CFPB complaint can sometimes shake things loose before even filing the complaint itself. So, bank has some policies in place that if the dollar amount is below $X to automatically just grant the case in the customer's favor, since it would cost more to merely investigate. For regulatory complaints that require much more investigation and lots of paperwork, that might balloon to, say, $400 per investigation to handle. An average back-office investigation may cost, say, $125 for the bank to handle. (Again, this is just one bank other banks may have different set-ups).Īnd there is a cost involved with handling calls and complaints. Bank policy is that if someone says they are going to file a regulatory complaint to the CFPB or OCC, the call is to be transferred immediately to this specialized department for handling. But at our bank we have an entire department of seasoned veterans that take care of all presidential-level and regulatory complaints. Yup, different banks have different policies, so YMMV. You could file a CFPB complaint which will have about a 90% chance of being granted in your favor NOT because you're right unfortunately but because of how these are worked internally. Will your bank change its decision? No, they won't change it. Authorizations can change in amount, case and point Hotels, Car Rentals, ect. I digress, but it is likely that one of the merchants either successfully replayed the token/value, or the transaction showed something totally different AND low value (likd $.25) BUT when they late posted they changed the merchant name and amount. In South America the card gangs are probably the most sophisticated I have ever seen in executing cash outs to the point that proof of concept ideas down there make there way to the US a year later. I do have a theory of what happened only because people who intentionally try to deceive a bank try for much higher loss amounts, and would have given up when the bank said denied. The argument becomes how is this transaction fraudulent when transactions before and after were legitimate using the same EMV card. The difference here is the numbers (data/cryptogram) changes with every transaction attempt and is not based on time. Your chip card is similar to a RSA token where the numbers change every 15 secs. The reason why they're fighting with you is because the cryptogram was exchanged on the transaction and the only way to do that is with the real card. Is there anything I can do at this point?įraud worker. They are currently "reopening" the chase a third time now and this has been going on for months. They keep reopening the case after I call and complain then they send a new letter days later saying the charge with valid without any recept, address of the company, or even items supposedly purchased. However, I hardly ever use the card in person and only used it at a department store called Falabella and Viva Colombia airlines. I was in Barranquilla at the time of the charge and the card was in my possession. ![]() The only information that Chase could give was a company name INV Y CONSTRUCCIONES Barranquilla, Colombia and the card was used in person with the chip. ![]() I called them to dispute it and they removed it and sent new cards.Ī month later they put it back on my new card statement saying the charge was valid. Several months ago there was a $327 dollar fraudulent charge on my Chase card. Here, please treat others with respect, stay on-topic, and avoid self-promotion.Īlways do your own research before acting on any information or advice that you read on Reddit. Get your financial house in order, learn how to better manage your money, and invest for your future. Banking Megathread: FDIC, NCUA, and your cash.Private communication is not safe on Reddit. Scam alert: Ignore any private messages or chat requests. ![]()
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