09/02/2003
I have a debit card (MasterCard) customer that wants to dispute a transaction done more than 60 days from last statement date. It was authorized but he is not receiving the "service he wanted". Because it is past the 60 day time frame he has been instructed to contact the company. He then wants to know why his friends with credit cards are getting their money back from transactions from many months ago from this company. Is it true that credit cards fall under a different regulation? We are bound by the "60 days from last statement" part of the regulation.
04/07/2003
We are in the process of setting up the process that allows our customers to access their HELOCs via a Visa Card. The card is actually a debit card though - in that it first accesses the customer's DDA account. That particular DDA account is set up and used only for this process, and works in the following manner: The customer uses card that taps into a DDA account that has a zero balance. The account automatically advances the amount of the transaction into the DDA account. So the account is debited, shows a negative balance, which is then zeroed out by the auto transfer from the HELOC. My question is two fold: With this type of process is our card considered a 'credit card'? And if not, and it is considered an actual debit card, can we send cards to existing customers unsolicited?