What is Chargeback?

It's the process is the Banking where transactions gets failed but Amount or Money gets Debited from the Source but Does not Cash or Money didn't get received on the Receiver End.

Chargeback can be categorised into Three Category and they are namely:

1. ATM CHARGEBACK

2. POS CHARGEBACK

3. E-COM CHARGEBACK

4. ADHAAR CHARGEBACK

5. BILL PAYMENT REDRESSAL

ATM CHARGEBACK:

When Customer Makes the Cash Withdrwal Through ATM Machine, Money gets debited the Customer's Account but Cash didn't get Dispensed from ATM Machine then the term is known as ATM Chargeback.

Refund TAT: 7- 15 Working Days

POS CHARGEBACK:

When Customer swipes his/her card through POS Terminal and Amount gets debited from His/Her Account but money does not gets received by Merchant then this transaction failure can be termed or quoted as POS CHARGEBACK.

Refund TAT:

Mastercard: 47 Working Days

Visa Card: 32 Working Days

Rupay Card: 32 Working Days

E-COM CHARGEBACK:

When Customer makes Payment to any website and amount gets debited from his/her account but don't reaches the merchant side or website payment destination then the transaction can be quoted as E-COM CHARGEBACK.

Refund TAT:

Mastercard: 47 Working Days

Visa Card: 32 Working Days

Rupay Card: 32 Working Days

ADHAAR CHARGEBACK:

When customer makes the transaction through his/her fingerprint or Adhaar and transaction gets failed but amount or money gets debited from the Customer end then the transaction can be termed as ADHAAR CHARGEBACK.

Refund TAT: 21 Working Days

BILL PAYMENT REDRESSAL:

When Customer makes any bill payment and transaction gets failed and amount gets debited from Customer's account. Then the transaction can be termed as BILL PAYMENT CHARGEBACK OR REDRESSAL.

Refund TAT:

STUBP: 7 Working Days

BDGIP: 15 Working Days

FREQUENTLY ASKED QUESTIONS

Question 1:

What is TAT?

Answer: Abbreviation is TAT is Turn Around Time. It means the time taken by any Individual Organization to do any task- Refund Or Settlement, etc.,

Question 2:

Does all Bank.s have Same TAT?

Answer: No, TAT of Banks or Financial Institution may vary from Bank. To Bank.

Question 3:

Do bank Pays any Additional Amount or Penatly to Customer if Bank fails to Deliver the refund within defined Time or TAT?

Answer: Yes, Banks do have to pay Extra Fee or Compensation Money to Customer If Bank fails to deliver their Refund within Defined TAT or Time.

USEFUL LINKS:

1. BANK OF INDIA Website: www.bankofindia.co.in

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