As a debit cardholder, you may have come across instances where you need to dispute a transaction that has been charged to your account. In such cases, chargeback is the process that enables you to reverse the transaction and get your money back. However, it is important to note that there are time limits for chargeback requests that vary depending on the type of transaction and the reason for disputing it. In this article, we will provide you with the ultimate guide to debit card chargeback time limits.
Types of Transactions
There are two types of transactions that can be disputed using the chargeback process:
- Card-present transactions: These are transactions where the debit card is physically present during the transaction, such as in-store purchases or ATM withdrawals.
- Card-not-present transactions: These are transactions where the debit card is not physically present during the transaction, such as online purchases or telephone orders.
Chargeback Time Limits for Card-Present Transactions
The chargeback time limits for card-present transactions are as follows:
- Fraudulent transactions: You must report the fraudulent transaction to your bank within 60 days of the date of the transaction.
- Goods or services not received: You must report the non-receipt of goods or services to your bank within 120 days of the expected delivery date.
- Goods or services received but not as described: You must report the receipt of goods or services that are not as described to your bank within 120 days of the transaction date.
Chargeback Time Limits for Card-Not-Present Transactions
The chargeback time limits for card-not-present transactions are as follows:
- Fraudulent transactions: You must report the fraudulent transaction to your bank within 120 days of the transaction date.
- Goods or services not received: You must report the non-receipt of goods or services to your bank within 120 days of the expected delivery date.
- Goods or services received but not as described: You must report the receipt of goods or services that are not as described to your bank within 120 days of the transaction date.
Consequences of Missing the Chargeback Time Limits
If you miss the chargeback time limit for disputing a transaction, you may lose the right to reverse the transaction and get your money back. The merchant may be able to keep the funds and you may have to take legal action to try to recover your money. Therefore, it is important to act promptly if you need to dispute a transaction.
Conclusion
In summary, debit card chargeback time limits vary depending on the type of transaction and the reason for disputing it. It is important to be aware of these time limits and to act promptly if you need to dispute a transaction. By doing so, you can protect your rights as a debit cardholder and increase your chances of getting your money back.