Account error/disputed transaction
Article 74
The term “account statement error/disputed transaction” shall represent any transaction posted to the Cardholder’s Credit or Charge Card account, resulting in an error in the overall balance. Account statement errors shall include the following:
a. An Unauthorized use transaction that is not made by the Cardholder or person authorized by the Cardholder.
b. A transaction on which the Cardholder requests additional clarification including documented evidence.
c. Failure by the Card Issuer to properly credit a payment or any other amount deposited in the Cardholder’s account.
d. Accounting error made by the Card Issuer, so that a charge would be lower or higher than it should be including the imposition of fees or term cost that are not in accordance with the terms and the agreement in force.
e. The Card Issuer’s failure to deliver a monthly account statement to the Cardholder’s address on record.
f. Any other errors relate to Cardholder transactions.
Article 75
The term “notice of account statement error/disputed transaction" means a notification given by a Cardholder to the Card Issuer, using the contact information as included within the said account statement or other information supplied by the Card Issuer, and it must meet the following requirements:
a. It must be received by the Card Issuer no later than 30 Calendar Days after the Cardholder had mailed or delivered the first account statement which contains the account statement error.
b. The notice shall enable the Card Issuer to identify the Cardholder’s name and account number, and indicate, to the extent possible, the Cardholder’s reasons for believing that an account statement error exists, the nature of such error, the transaction details including posting date and amount related to the error.
c. If the card holder is proven to having being engaged in any fraud behaviours relating to the disputed transactions, and if the card holder refuses to provide relevant necessary materials for the investigation of the disputed transaction, the Card Issuer shall have no liability for the disputed transactions.
d. If an unauthorised transaction or fraud occurs after the Cardholder has notified the Card Issuer by telephone of the loss or theft of the card, then the Card Issuer will bear the responsibility for the amount of the unauthorized transaction or fraud.
Article 76
The Cardholder’s liability for Unauthorized use of the Credit or Charge card shall be limited by the following:
1. In an Unauthorized use of the Credit or Charge card on account of its Loss or Theft, the maximum liability of the Cardholder prior to the Cardholder reporting the Loss or Theft to the Issuer shall not exceed the available credit limit or the amount of unauthorized transactions posted to their account, whichever is lower at the time of such Loss or Theft.
2. The Cardholder shall not bear any responsibility or cost unless the Card Issuer has provided adequate notice of the Cardholder’s maximum potential liability and of means by which the Card Issuer may be notified of loss or theft of the card (such as a telephone number, address,).
3. The Cardholder shall have no liability for any Unauthorized transactions made by the use of the card after reporting its Loss or Theft to the Card Issuer if the following conditions were met:
a) The Cardholder has immediately and without delay notified the card issuer by telephone of the loss or theft of the card.
b) The Cardholder shall also be not responsible if the Card Issuer has failed to receive the notification of loss or theft due to negligence or delay on its part,
c) The Cardholder has exercised vigilant care in safeguarding the card from risk of loss, theft or unauthorized use.
4. If any dispute is found to be a potential or genuine fraud (e.g. counterfeit, skimmed, etc.,) the full amount of the disputed transaction must be reversed on the card account.
Article 77
When informed of the Unauthorized charges by their Cardholders, Card Issuers should ensure appropriate investigations are carried out to determine responsibility and liability. Cardholder are required to provide the necessary information and documentation to assist in the investigations.
Article 78
In any action by a Card Issuer to enforce liability for the use of a Credit or Charge Card, the burden of proof is upon the Card Issuer to show that the use was authorized. If the use was unauthorized, then the burden of proof is upon the Card Issuer to show that the conditions of liability for the unauthorized use have been met.
Article 79
Where a Card Issuer is making refund to a Cardholder account, they must immediately communicate the decision to Cardholder by SMS and refund the due amount.
Article 80
In the case of a Cardholder disputing a transaction, Card issuers must freeze any accruing term cost and must not charge out any term cost on the disputed amount.
Article 81
Card Issuers are required to have systems in place to record and retain Cardholder calls for at least 180 days from the date of recording for verification if required.
Article 82
Card Issuers are required to provide Cardholders with a reference or transaction number at the time of the report of loss, theft or Unauthorized usage.
Article 83
A Cardholder can raise a chargeback claim by sending an Authenticated Communication to their Card Issuer challenging a debit on their card statement within 30 calendar days of the statement date, on which the debit first appears. Such claim include:
a. Charges the Cardholder did not authorize.
b. Charges for undelivered goods or services.
c. Charges for goods or services different from what was represented or of the wrong quantity.
- Upon receipt of the chargeback claim, the Card Issuer must initiate the chargeback claim within a maximum of one week.
Article 84
Where a Card Issuer discovers an internal error, or is informed of an error by a Cardholder making a complaint or a claim, then the Card Issuer should refund all other Cardholders who are affected by a similar error. The Card Issuer should issue a notice to all affected Cardholders, advising them of the error and the steps being taken for corrective action, including the amount of the refund to the Cardholders' accounts. This should be completed within 60 Calendar Days of the original error being identified.