Refunds of Credit Balances
When you make a return or pay more than the total balance at present, you
can keep the credit on your account or write your issuer for a refund - if it's
more than a dollar. A refund must be issued within seven business days of
receiving your request. If a credit stays on your account for more than six months,
the issuer must make a good faith effort to send you a refund.
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Errors on Your Bill
Issuers must follow rules for promptly correcting billing errors. You'll get a statement
outlining these rules when you open an account and at least once a year. In fact,
many issuers include a summary of these rights on your bills.
If you find a mistake on your bill, you can dispute the charge and withhold pay-
ment on that amount while the charge is being investigated. The error might be
a charge for the wrong amount, for something you didn't accept, or for an item
that wasn't delivered as agreed. Of course, you still have to pay any part of the
bill that's not in dispute including finance and other charges. |
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If You Decide To Dispute A Charge:
Write to the creditor at the address indicated on your statement for "billing
inquiries." Include your name, address, account number, and a description of
the error. Send your letter as quickly as possible. It must reach the creditor
within 60 days after the first bill containing the error was mailed to you.
The creditor must acknowledge your complaint in writing within 30 days of
receipt, unless the problem has been resolved. At the latest, the dispute must
be resolved within two billing cycles, but not more than 90 days.
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Unauthorized Charges
If your card is used without your permission, you can be held responsible for up
to $50 per card.
If you report the loss before the card is used, you can't be held responsible
for any unauthorized charges. If a thief uses your card before your report it
missing, the most you'll owe for unauthorized charges is $50.
To minimize your liability, report the loss as soon as possible. Some issuers
have 24-hour toll-free telephone numbers to accept emergency information.
It's a good idea to follow-up with a letter to the issuer -- include your
account number, the date you noticed your card missing, and the date you
reported the loss. |
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Disputes About Merchandise Or Services
You can dispute charges for unsatisfactory goods or services. To do so you must:
- Have made the purchase in your home state or within 100 miles of
your current billing address. The charge must be for more than $50.
(These limitations don't apply if the seller also is the card issuer or if a
special business relationship exists between the seller and the card issuer).
- Make a good faith effort to resolve the dispute with the seller.
No special procedures are required to do so.
If these conditions do not apply, you may want to consider filing an action in
small claims court.
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Shopping Tips
Keep these tips in mind when looking for a credit or charge card:
- Shop around for the plan that best fits your needs.
- Make sure you understand a plan's terms before you accept the card.
- Pay bills promptly to keep finance and other charges to a minimum.
- Hold on to receipts to reconcile charges when your bill arrives.
- Protect your cards and account numbers to prevent unauthorized use.
- Draw a line through blank spaces on charge slips so the amount cannot
be changed.
- Tear up carbons.
- Keep a record -- in a safe place separate from your cards -- of your account
numbers, expiration dates and the phone numbers of each issuer to report
a loss quickly.
- Carry only the cards you think you'll use.
For Help And Information
Questions about a particular issuer should be sent to the agency with jurisdiction.
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National Banks
Comptroller of the Currency
Compliance Management, Mail Stop 7-5
Washington, DC 20219
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Federal Credit Unions
National Credit Union Administration
1776 G Street, NW
Washington, DC 20456
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State Member Banks of the Reserve System
Consumer and Community Affairs
Federal Reserve Board
20th & C Streets, NW
Washington, DC 20551
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