Buzz
The moment you notice a charge on your credit or debit card that seems out of place, your heart rate likely increases, right? Your bank account balance is meant to be stable, with fluctuations only happening when you intentionally use your card.
However, when your account activity doesn’t align with your expectations, it’s important to quickly identify the nature of the issue at hand. Knowing the right type of issue to report can speed up the process of resolving your account’s discrepancies.
When to challenge a transaction
We have an abundance of payment methods available, but none are completely free of errors. If you encounter a billing mistake that you can't resolve directly with the retailer, you should file a dispute.
Here are some common instances of charges you can contest if needed:
You were billed more than expected
You were charged multiple times for the same item
The product or service you received didn’t match the advertisement, or your order was never delivered
You returned an item but haven’t gotten the refund you were promised
You might be able to initiate this process by logging into your account. If not, you may need to submit a written notification to your financial institution. The FTC provides a helpful template for this situation. Your bank or credit card company should acknowledge receipt of your dispute within 30 days and offer a resolution within two billing cycles.
Filing a dispute takes time, so if you feel the billing error was a minor issue or if you’ve already worked with a company’s returns department, be ready for your bank or card issuer to take time investigating the issue.
When to report a fraud incident
If you spot charges that you didn’t authorize, it’s time to expedite the process and contact the fraud department. Since fraudsters can act quickly, it’s important to prevent any further damage to your accounts. If you identify suspicious transactions before your card issuer or bank’s fraud team does, call them immediately to flag the charges.
The quicker you stop the fraudsters, the sooner you can focus on securing your financial accounts and protecting your identity by reviewing your credit reports, freezing your credit, and notifying other financial institutions of the potential fraud.
