Free Republic
Browse · Search
News/Activism
Topics · Post Article

To: CatOwner
Card services like VISA are nearly immune from any responsibilities.

No, the CREDIT card customers are immune from any responsibilities. If the customer timely reports the card lost or stolen, customer liability is capped at $50. And many issuers will eat that first $50. Generally, the bank will get stuck, but they might try to recover from the merchant in some cases, depending on the size of the loss, merchant culpability, and the customer relationship itself.

Rules are different for debit cards, which is why I won't use one. Although, again, the bank will sometimes eat the customer's share of liability or share the loss and treat it like a credit card loss.

29 posted on 02/06/2017 2:54:45 PM PST by PAR35
[ Post Reply | Private Reply | To 15 | View Replies ]


To: PAR35
No, the CREDIT card customers are immune from any responsibilities.

I never said they weren't. There are four parts of a credit card transaction with a company like VISA: (1) VISA, (2) the financial institution issuing the VISA credit card, (3) the merchant, and (4) the consumer. VISA has literally ZERO responsibilities in any fraud case. The consumer rarely gets stuck with any liability. It generally falls to the card issuer and the merchant. Despite the rules, you would be surprised how many times the card issuer gets stuck with the "bill" behind the scenes.

32 posted on 02/06/2017 3:00:46 PM PST by CatOwner
[ Post Reply | Private Reply | To 29 | View Replies ]

Free Republic
Browse · Search
News/Activism
Topics · Post Article


FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson