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Esteemed Contributor
Posts: 5,069
Registered: ‎05-27-2016

Re: Using Credit Cards Encourages Extra Spending 💳

@Irshgrl31201, take a look at what TD Bank does in situations such as this with credit cards.  I'm inclined to think it varies by Bank.

 

I had recently bought off a website who ended up making 90$ worth of charges. Not a crazy ​amount but it's still money. The TD rep. told me they will refund me after the charges are​ finished pending. How long after this will it usually take to get the refund?

 

Welcome to TD Helps, Crystal. We'd be glad to point you in the right direction.

To better assist you, we ask that you contact one of our Banking Specialist 24/7 at 888-75​1-9000 so we can place a dispute for these transactions or check the status of a dispute i​n progress. You may also visit any TD Bank for further assistance. For a listing of TD B​ank Stores, please look here: http://bit.ly/TDStores.

If the transactions included in the dispute were made by using your TD Visa Credit Card, p​lease contact our 24/7 TD Card Services at 888-561-8861 to speak with a Specialist.

Please know that fraud disputes may take up to 7-10 business days or 90 days for a merchan​t dispute.

We hope to hear from you soon, Crystal and have a good day.

 

 

 

I filed a fraud dispute but was never told how the refund process goes. they just told me ​Id get a letter. I need to find out the process because the fraud charges are causing me o​ver $200 in overdraft fees

 

Thanks for joining the conversation, Carl. We'll be sure to clarify.

Depending on what type of dispute that you filed, typically within 7-10 business days, a d​ecision and or a provisional credit may be made to your account. We suggest giving us a ca​ll 24/7 at 888-751-9000 or visiting any TD Bank during lobby hours to check on the status ​of your dispute. Click here: http://bit.ly/TDStores to find a TD Bank near you.

Also to touch upon what you mentioned above regarding a letter being mailed to you, a lett​er will be mailed to your home within 7-10 business days containing the decision and or an​y additional information regarding your claim.

We sure hope this clarifies your question, Carl and feel free to come back to TD Helps any​ time you have a question. Take care.

*Call Tyrone*
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Respected Contributor
Posts: 3,207
Registered: ‎02-20-2016

Re: Using Credit Cards Encourages Extra Spending 💳

Duh.

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Esteemed Contributor
Posts: 5,069
Registered: ‎05-27-2016

Re: Using Credit Cards Encourages Extra Spending 💳

https://www.consumerfinance.gov/askcfpb/1017/how-do-I-get-my-money-back-after-I-discovered-an-unauth...

 

How do I get my money back after I discovered an unauthorized transaction or money missing from my bank account?

 

Answer: Contact your bank or credit union immediately if you suspect an unauthorized transaction from your bank account

If the transaction was made using a debit card or other electronic fund transfers, you may have additional protections under federal law. Electronic fund transfers include ATM transactions, purchases using your debit card, some online bill payments, and payments you’ve set up to be deducted from your account automatically.

If you lost your card or PIN

 

Let’s say you lost your debit card or PIN or either was stolen. If you notify your bank or credit union within two business days of discovering the loss or theft of the card, the bank or credit union can’t hold you responsible for more than the amount of any unauthorized transactions or $50, whichever is less. If you notify your bank or credit union after two business days, you could be responsible for up to $500 in unauthorized transactions.

 

Also, if your bank or credit union sends your statement that shows an unauthorized debit, you should notify them within 60 days. If you wait longer, you could also have to pay the full amount of any transactions that occurred after the 60-day period and before you notify your bank or credit union. In order to hold you responsible for those transactions, your bank or credit union would have to show that if you notified them before the end of the 60-day period, the transactions would not have occurred.

*Call Tyrone*
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Honored Contributor
Posts: 16,210
Registered: ‎10-04-2010

Re: Using Credit Cards Encourages Extra Spending 💳

Dave Ramsey talks cash too.

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Honored Contributor
Posts: 16,210
Registered: ‎10-04-2010

Re: Using Credit Cards Encourages Extra Spending 💳

Read an article too, on if your wallet is stolen or lost, you need all your credit card info and the phone number on the back (esp. if you destroyed any paper bill) that has the number to call to report it. They say make copies front and back of the cards you carry.

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Esteemed Contributor
Posts: 7,714
Registered: ‎03-10-2010

Re: Using Credit Cards Encourages Extra Spending 💳

If you pay with cash you don't establish a credit history so when you apply for a mortgage or a car loan you pay a higher rate of interest. I have six credit cards ad have never carried a balance, never paid interest on any of them. I put everything I buy on a credit card and get cash back which is no different from the interest paid to you on a savings account only while savings accounts are paying 1% or less, I'm getting 3% cash back for gas and 2% on every other prchase. Not only that, I'm getting interest on the cash waiting in the bank for my credit card bills to arrive each month.

 

 

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Honored Contributor
Posts: 9,129
Registered: ‎11-16-2014

Re: Using Credit Cards Encourages Extra Spending 💳


@occasionalrain wrote:

If you pay with cash you don't establish a credit history so when you apply for a mortgage or a car loan you pay a higher rate of interest. I have six credit cards ad have never carried a balance, never paid interest on any of them. I put everything I buy on a credit card and get cash back which is no different from the interest paid to you on a savings account only while savings accounts are paying 1% or less, I'm getting 3% cash back for gas and 2% on every other prchase. Not only that, I'm getting interest on the cash waiting in the bank for my credit card bills to arrive each month.

 

 


I learned this lesson when I dropped my wallet carrying my crying child out of a store years ago. I had just cashed my husband's check and all of our money for the next 2 weeks was lost. After that, I used credit and paid monthly everything in full. Often times I pay our bills before they are due. I love being financially responsible and taught my children the same. Also love the cash back rewards.

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Honored Contributor
Posts: 29,894
Registered: ‎03-10-2010

Re: Using Credit Cards Encourages Extra Spending 💳


@Irshgrl31201 wrote:

@LipstickDiva wrote:

@Irshgrl31201, our debit card has a Visa logo and has the same protection as our credit card.  Our debit card was compromised several times where the card was used on-line to make purchases and the money was pulled out of our checking account.  Everytime, I was contacted by the bank's fraud department or I contacted the bank.  They provisionally replaced the money in our account and I had to go in and sign paperwork that I didn't make the purchases.  The paperwork I signed and submitted was reviewed by the bank board (I deal with a local S&L) at which time it was considered permanently back in my account. 

 

There was never an issue with getting our money back immediately.     


Yes, he had that logo too and it took him that long to get his money back. Debit cards are not listed with the same protections under the Consumer Credit Act and that is what this bill is for. While many banks will offer protection some (even the big ones) need to be persuaded and taken to court to actually cover them. His bank was Bank of America and since he wasn't in a place where he could check his daily balance he didn't know it was missing. In the fine print for BOA it said it would cover theft or fraud but needed to be reported within a 3 day time frame. Many of the banks have the same wording if you read it. He is far from the only person this has happened to. My husband works in finance and he sees it frequently and that is why we don't carry debits and he advises against it until it is listed with the same protections under the CCA.


Maybe my bank is just more accomodating.   I don't know but they told me that any card that has a Visa or MC logo has all the protections that Visa and MC offer, regardless of the card type. 

 

That is ridiculous that the poor guy was overseas and it took that long to get his money back.  Smiley Sad

 

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Honored Contributor
Posts: 14,845
Registered: ‎03-09-2010

Re: Using Credit Cards Encourages Extra Spending 💳

@gidgetgh I agree about the easy pay.I got caught up in that for awhile and then those charges went on for months and I couldn't remember what I was paying for.I like to pay it in one transaction now because I am not saving anything with easy pay and it just clogs up my card and frankly causes me panic over what appears to be over indulgence when you see them all stacked up.

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Esteemed Contributor
Posts: 7,829
Registered: ‎03-18-2010

Re: Using Credit Cards Encourages Extra Spending 💳


@itiswhatitis wrote:

@Irshgrl31201 wrote:

@LipstickDiva wrote:

@Irshgrl31201, our debit card has a Visa logo and has the same protection as our credit card.  Our debit card was compromised several times where the card was used on-line to make purchases and the money was pulled out of our checking account.  Everytime, I was contacted by the bank's fraud department or I contacted the bank.  They provisionally replaced the money in our account and I had to go in and sign paperwork that I didn't make the purchases.  The paperwork I signed and submitted was reviewed by the bank board (I deal with a local S&L) at which time it was considered permanently back in my account. 

 

There was never an issue with getting our money back immediately.     


Yes, he had that logo too and it took him that long to get his money back. Debit cards are not listed with the same protections under the Consumer Credit Act and that is what this bill is for. While many banks will offer protection some (even the big ones) need to be persuaded and taken to court to actually cover them. His bank was Bank of America and since he wasn't in a place where he could check his daily balance he didn't know it was missing. In the fine print for BOA it said it would cover theft or fraud but needed to be reported within a 3 day time frame. Many of the banks have the same wording if you read it. He is far from the only person this has happened to. My husband works in finance and he sees it frequently and that is why we don't carry debits and he advises against it until it is listed with the same protections under the CCA.


@Irshgrl31201, that's not true either.


Uh, yes it is. How in the heck would you know what happened to him? 

Those who make peaceful revolution impossible will make violent revolution inevitable.
JFK