Reg E
Regulation E outlines rules and procedures for electronic funds transfer and provide guidelines for issuers of what?
Debit Card and transaction's associated with the checking account.
or
Debit Card, ACH Transactions.
What is the first step and considered the fastest way to resolve a Merchant Dispute?
Contact the Merchant
> SECRET <
SECRET
SECRET
SECRET
"Top secret"
An individual or organization that receives Social Security and/or Supplemental Security Income (SSI) payment for a beneficiary who cannot manage or direct the management of his or her money is also known as...
Representative Payee
Representative
Regulation Z covers governs, most if not all, loans and transactions on what type of account?
Credit Card
Credit Card Account
Regulation E requires the merchant to respond to the chargeback request / dispute claim to the merchant within 45 days?
Merchant will take full responsibility and issues a credit.
Dispute Claim will be won by the bank by default and Merchant will issue a credit.
TRUE or FALSE: All Non-Fraud Claims are considered Merchant Disputes.
False
C O N T R O L
THING THING THING THING
"Everything's under control."
or
"Everything is under control."
We used this tool/system to perform HRA or High Risk Authentication when the process requires for it.
Lexis Nexis
In layman's term what are the two types of Credit Card dispute as defined by Regulation Z?
Credit Card Fraud
Credit Card Non-Fraud
Regulation E requires the bank to submit a chargeback/dispute promptly. What's the turn around time for submitting a dispute?
10 Business Days
TRUE or FALSE . The customer purchased a White Kelvinator Fridge and received an Off-White Kelvinator Fridge of the same model. The customer received the right order as the color may slightly vary when received.
FALSE
MANY
DRINK
MANY
"One drink too many."
The common authentication markdowns of an Account Security and Claims Teammate are to fully authenticate by doing these last two steps. What are these steps.
Reviewing the account's CIF comments in the past 12 months and caller's Ownership Status
True or False: Regulation Z and Regulation E requires the issuer / bank to submit a chargeback request or dispute claim for all types of Credit Card transactions including Pending and Posted Credit Card Transaction.
False
If a chargeback request/dispute claim goes to Arbitration, the merchant and the bank (on the customer's behalf) will present their case to the Card Processor who will act as the arbiter and will make the final decision. Who is Truist's 2 (two) topmost Card Processor.
Visa and Mastercard
True or False: All Merchants Dispute can be considered as Non-Fraud Claims.
True
S T A N D S
_____________
0_23456789
"No one understands."
If the customer fail our Authentication procedure, what do we advise the customer to do?
We advise the customer to take advantage of the online self-service, call back or visit a Truist Branch.
True or False: Established as part of the Consumer Credit Protection Act of 1968, Regulation Z protects consumers from misleading practices by the credit industry and provides them with reliable information about the costs of credit. As Account Security and Claims Team Mate, our scope of support includes Credit Card Transactions and Line of Credit Accounts.
True
What are the stages of the dispute process per Regulation E and Truist procedures.
1. Chargeback / Dispute
2. Re-Presentment
3. Arbitration
TRUE or FALSE: Customer received the right product for the right amount. The customer wants to dispute it because the customer just changed his/her mind. Is this a valid Merchant Dispute?
True
Though it's not a guarantee, transactions where the customer's reason for dispute is basically, "they just changed their mind" or "they no longer need it." can be disputed as "Buyer's Remorse"
LIFALLNE
"Fall in line."
True or False: Primary, Secondary and Authorized Users all has equal rights on the account must be serviced and given access to the entire account.
FALSE
When the customer requests for a chargeback for a non-fraud claim and the Merchant pushes back/ refuses to issue credit, we can also push back and resubmit the dispute to the merchant for the second time. What do we call this process?
Representment