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CREDIT
AND DEBIT CARD DISPUTES
The following information is
summarized from the websites of the
Connecticut State Department of Banking: www.ct.gov/dob/
and the Federal Trade Commission (Fact
Sheets on "Credit, ATM and Debit Cards": (www.ftc.gov/bcp/edu/pubs/consumer/credit/cre04.shtm)
and "Electronic Banking": http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre14.shtm
The Fair Credit Billing Act (FCBA) and the
Electronic Fund Transfer Act (EFTA) offer
procedures for individuals and businesses to use
if their cards are lost or stolen.
WHAT IS THE FAIR CREDIT
BILLING ACT?
The Fair Credit Billing Act (FCBA) helps
consumers resolve disputes with creditors over
errors which appear on bills for their "open
end" credit arrangements which include credit
cards, revolving charge accounts (such as
department store accounts) and overdraft
checking.
- The Act does not apply to loans
and credit, which are paid according to a
fixed schedule until the entire amount is
repaid. The Act applies only to "billing
errors" on the periodic bills or statements
you receive (usually monthly) for your "open
end" credit.
WHAT IS THE ELECTRONIC FUND
TRANSFER ACT?
The Electronic Fund Transfer Act
provides consumer protection for all
transactions using a debit card or electronic
means to debit or credit an account. It also
limits a consumer's liability for unauthorized
electronic fund transfers.
WHAT ARE THE TYPE OF BILLING
ERRORS THAT CAN OCCUR?
The term "billing errors"
includes:
- Charges not made by you or
anyone authorized by you to use your account;
- Charges which are incorrectly
identified or for which the wrong amount or
date is shown;
- Charges for goods or services
you did not accept or which were not delivered
as agreed;
- Errors in the computation of
charges or similar errors;
- Failure to properly reflect
payments or credits, such as for returned
merchandise;
- Not mailing or delivering bills
to your current mailing address provided you
have notified the creditor of the change of
address at least twenty (20) days before the
billing period ends;
- Charges for which you request
an explanation or written proof of purchase.
WHAT SHOULD I DO IF MY CARD IS
LOST OR STOLEN?
- Call or write the company:
Sometimes a telephone call is all it takes to
correct the problem. Make sure you keep a
record of the date, person contacted, and
subject matter of each telephone contact you
have with the company.
- Calling does not always replace
writing. The credit card company must receive
your written billing error notice within 60
days of the first alleged billing error. The
letter you send must include your name and
account number, a statement that you believe
the bill contains an error and the dollar
amount involved, and the reasons why you think
the error exists. It may be a good idea to
send your notice letter by certified mail,
return receipt requested, so that you have a
record of the dates of mailing and receipt.
- The company must acknowledge
your notice in writing within 30 days.
- You don’t have to pay the bill,
including finance and other related charges,
and the company cannot try to collect until
the dispute is resolved. The company cannot
make adverse reports to a credit reporting
company.
- If it’s still not resolved,
write the Federal Trade Commission (FTC,
Washington, DC): www.ftc.gov/,
the Connecticut Department of Consumer
Protection: www.ct.gov/dcp/,
and Connecticut's Attorney General: www.ct.gov/ag/.
Note: If your credit card
is lost or stolen, contact your financial
institution as soon as possible to report the
loss or theft and to learn about your
liabilities.
TO FIND PROVIDERS IN CONNECTICUT'S
COMMUNITY RESOURCES DATABASE:
Search by agency name:
Banking,
State of Connecticut Dept. of
Federal
Trade Commission
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SOURCES: 2-1-1 Database; State of
Connecticut Department of Banking website;
Federal Trade Commission website
INTERNET PAGE PREPARED BY: 211/pt
CONTENT LAST REVIEWED: September2012
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