Quote:
Originally posted by psyko514
Policy varies from bank to bank. For example, the policy at my bank is to dispute the charge without cancelling the card. Unless there's more than two unrecognized charges. But there are exceptions. If the unrecognized transaction is more than $500, the card will be cancelled. Or if it's at a company that has a large chargeback ratio or a shady computer that only requires cc#+expdt to do a transaction, the card will be cancelled right away.
If you really wanted, you probably could have got them to not cancel your account. However, by doing that, you'd lose all chargebacks rights for unrecognized charges, meaning you'd be responsible for all fraudulent charges on your account.
Keep in mind these things: Your bank is the one who ultimately suffers in fraud cases as they are the ones who pay for the fraudulent charges. So it's in their best interest to do whatever is possible to minimize said losses. Also, a credit card is a privilege and a convienience, not a right. If you look on the back of your credit card, it clearly states that the card is the bank's property.
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How does the bank "suffer in fraud cases"? Last time I checked, the merchant is the one who pays. Not only is the money taken from the merchant and given back to the customer but the merchant pays pretty steep processing fees for each charge back and risks losing their merchant account. I don't see how that effects the customer's bank in any way.