Debit cards work like cash and make spending and withdrawing money seamlessly, but it’s possible to get charged twice for the same transaction. Fortunately, this mistake is easily resolved.
Shopping with your debit cards can be hassle-free however, you might lose track of transactions so it’s necessary to record your card transactions on the mobile app or keep a paper ledger.
People utilise online banking to review their account status and it is usually a good idea to monitor the account through digital banking. If charges were made twice for the same amount and the same date, see the original receipt of the purchase. Call the merchant and have a conversation with the manager. Some banks enable customers to receive phone notifications for any charges on the account.
Double charges on debit cards are mostly resolved easily by banks or merchants
Many businesses nowadays can pull out their records online and will refund the money if charged twice, within three to five business days. Explain the situation and ask to get the duplicate charge reversed.
If you are reporting the double charge on a debit card, you are liable for up to $50 if you report the charge within 48 hours. It is only liable for up to $500 if it’s within 60 days. After 60 days, it is up to the bank whether to refund your account or not. If the bank denies a refund, you can file a complaint. Some banks carry more generous policies.
Visa debit cards generally have a zero-liability policy for incorrect charges. The customer needs to report the charge accurately. If you are abroad and get charged twice for a transaction, you can contact the bank’s number. Customers can report any fraudulent activity through banking apps or websites.
Awareness of any kind of unauthorised charges
Ask your bank to reissue a new debit card with a new number and expiration date, if you are certain that the charge was fraudulent and not an honest mistake from the merchant’s end. Report the transaction to the local police or departments that track fraud. In case of identity theft, study the credit report and freeze further payments and accounts. Inform the credit reporting bureaus in order to prevent anyone from fraudulently opening a credit card account or borrowing money in your name.
Monitor your account after taking the necessary measures. If after waiting sometime nothing happens, contact the customer service representative to investigate the error. You can visit the local branch and fill up the disputed charge form.
Challenge the fees from a double charge
Most double charges are credited back without any issues. Any big charge occurring twice on your account can cause it to go below the minimum balance requirement. This can trigger an overdraft fee which can hurt your pocket. You can dispute the charge and ask to refund the overdraft fees. If the bank won’t allow it, ask the merchant to cover the fees since the overdraft stemmed from its mistake.
Banks take up to 10 days to dispute a double charge and processing a claim extends to 20 days if the account is new. The investigation must be conducted within 10 days. The bank has up to 45 days to probe, but it must provide provisional credit. The bank can deny this provisional credit if you have not given proper written notice. While these options might get your issues resolved, chances are, the bank or merchant may deny your claims.
You may opt to submit a review on BankQuality.com. It is the best option to take the help of online reviewing platforms that leverage your issues to your desired financial institutions. BankQuality.com is a customer-centric online reviewing website that helps consumers to rate/review the bank and tags the financial institutions on social media websites. BankQuality focuses on providing a reliable solution for consumer issues and complaints.