Like any financial institution, Bank of America will start assessing fees as soon as it gets involved in a chargeback. The specific amount a merchant will be charged can usually be found in their merchant agreement, and may vary depending on the industry, type of business, and risk assessment. What Is Bank of America’s Chargeback Fee?Ĭhargeback fees at Bank of America range from $25 to $50 for each disputed charge. Some may dispute a charge simply because they feel they can get away with fraud. Unfortunately, some cardholders dispute charges for reasons that aren’t legitimate-perhaps because they experienced poor customer service, or because they don’t recognize a charge they authorized on their account statement. These issues can almost always be resolved more quickly and easily by contacting the merchant directly, but if the merchant is uncooperative, the customer may dispute the charge. Some chargebacks may be filed due to the customer not receiving the product or service they purchased, receiving a damaged item, or being accidentally charged twice for a single purchase. If a customer’s card has been stolen, or if someone has gained unauthorized access to their card or account information, that customer is within their rights to dispute any charges resulting from that fraud. The only situation in which a cardholder should immediately dispute a charge is when they’re sure the charge is the result of fraud. In most cases, customers should contact the merchant to attempt to resolve any issues with them directly before disputing a charge, and Bank of America says as much on their website. The cardholder will receive a temporary credit for the amount of the transaction, which will become permanent if the chargeback is resolved in their favor. When that happens, the funds will be debited from the merchant’s account along with an additional chargeback fee. If the bank believes the dispute may be valid, a chargeback will be filed. If you’re looking for information about how Bank of America handles chargebacks in general, such as fees, deadlines, and how to respond to chargebacks filed by the bank, that’s exactly what we aim to cover in this article.Īn institution the size of Bank of America can be an intimidating opponent, but ultimately, you’re both subject to the rules imposed by Visa and Mastercard, and even big banks have a vested interest in following the rules and doing the right thing.Ī Bank of America chargeback is what happens when someone disputes a charge on their Bank of America debit or credit card. If you’re learning how to use Bank of America’s platform to contest a chargeback, we have a step-by-step walkthrough that will guide you through the entire process. Any merchant who deals with chargebacks will have to deal with Bank of America from time to time, which makes it valuable to know exactly how the bank handles disputes. One of the largest issuing banks in the United States is Bank of America, which is responsible for over 58 million credit card accounts. In addition, most stages of the chargeback process are handled not by the card network, but by the customer’s issuing bank, and every issuing bank has different methods, priorities, and preferences. Every card network has its own rules, its own process, and its own terminology. Why It Pays to Fight Bank of America Chargebacksĭealing with chargebacks can be complicated. What Is Bank of America’s Chargeback Process?.What Are the Time Limits for Bank of America Chargebacks?.What Is Bank of America’s Chargeback Policy?.What Is Bank of America’s Chargeback Fee?.
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