Quote:
Originally posted by psyko514
#5 - Banks do not make money from a chargeback. Chargebacks cost an average of $25 to each bank involved in the dispute (the credit card issuer and the merchant's acquirer). Not only are there mandatory fees implemented by Visa Intl and Visa USA/Canada/Whoever, there are also paperwork costs and the cost of employees time. Also, the majority of banks will write-off charges less than $15-$25, which comes from their pocket. And sometimes, if the chargeback drags on for too long (ie errors on the acquirer's or issuer's part), they whole transaction is written off by the issuer.
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Is this true? Doesn't somebody make money when they are fining the shit out of someone?