If unfortunately our debit or credit card has been stolen, either physically or the data necessary to make purchases online, we are exposed to the fact that our checking account can be emptied. If this happens, theoretically we are protected against these unauthorized charges, but there is a regulation in this regard that we should take into account.
Take note of the maximum terms you have to report and how the process works after notifying your bank of unauthorized charges on your card.
Maximum time to report an unauthorized charge
In the event that we see that our bank balance does not match the movements that we have made, it is time to investigate what may have happened. If we detect an unauthorized charge in the list of movements, it should be reported to your entity as soon as possible.
Your card may have been stolen, cloned or simply stolen the data you need to make purchases online. Whatever the case, you could lose your rights if you do not act quickly.
In brands such as VISA, one of the most widespread in the world in credit cards, their responsibility policy means that they will refund your money only if the report has been made within 5 days of making that charge. authorized.
“Visa’s ZERO liability policy is a measure by which, within five business days after a fraud notification, your bank could be returning the amount defrauded as a result of a transaction made with your credit or debit card when it is has not been authorized by you. However, your bank could make a provisional refund to investigate and verify the case of fraud. The return would be terminated in case of gross negligence on your part or delay in notification of unauthorized use.
How long does it take to return the money on the card?
That return within five business days of a report of unauthorized use doesn’t really do its part in running unauthorized charges. According to informs the Organization of Consumers and Users (OCU), «the regulations establish that, once the fact has been notified to the entity, the amount of the unauthorized operation must be returned immediately, no later than the end of the business day following the notification. Once the entity carries out all the procedures and checks it deems necessary, the user should be immediately returned the amounts that exceed 50 euros in the case of theft, loss or misappropriation of the card and the entire amount in the rest of cases”.
However, as it happens in the VISA conditions, they are aware that this does not usually happen. “In many cases this is not true: we have verified that it is almost impossible for a consumer to obtain the return of unauthorized payments the day after notifying it. Because? Among other things, because, although the law does not require it, entities usually require submitting a form to request a refund and provide at least a copy of the complaint filed with the police or civil guard. Then they do their checks, so the return of the money improperly collected is usually delayed.
