Money removed from debit, credit card? How chargeback request can help you get refund

Chargeback requests are placed by debit or credit card holders at their bank for wrongly debited money from their account. A customer can claim his or her chargeback request on online payment failure where the money is debited from one's account but it doesn't reach to the merchant's account. For example, you purchase something from an e-commerce platform, the money got debited from your debit or credit card but didn't reach the merchant's account. Similar incident can take place while booking an online ticket where transaction fails but the amount is deducted. There are many other cases where a card holder can place a chargeback request.

How to put a chargeback request?

For putting a chargeback request to the bank, one needs to claim within 120 days of the incident. Some banks have fewer number of days but overall the time limit to raise request is within 45 days to 120 days. Quicker the claim is, quicker and better would be the case settlement. To raise the chargeback request, one has to fill a form and submit it to the issuing bank. While submitting the form for chargeback request, full details of the transaction have to be mentioned.

Once the form is submitted, the issuing bank will look into the matter by tracing the trail by raising the request to the bank through which the transaction was done. The other bank or acquiring bank would raise the trail and investigate the payment transaction either on the merchant's side or on the payment facilitator or aggregator side. Then the acquiring bank would raise the chargeback from the merchant or payment facilitator.

Here, the merchant can either accept or contest the claim request of the bank customer. If the merchant accepts the claim, the acquiring bank would deduct the claim amount from the merchant's bank and send it back to the issuing bank and finally, the money would reach to the claimant's bank account. However, it the merchant contests the claim, then he or she will have to produce the delivery of the service or goods with proper proofs. If the customer still denies having received the services or goods, then the matter will go to the arbitration and the whole transaction would be thoroughly investigated by the payment service providers and the found guilty will not only pay the claim amount but have to face the penalty levied by the arbitration court as well.