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Chargeback Guide

courtesy of AskTraders


If you have had a problem with a broker or have been a victim of an investment scam your first thought is more than likely ‘how can I get my money back?’. The good news is if you deposited using a credit or debit card there is a possible route you can take that doesn’t involve expensive lawyers. There is a method your card issuer can use to recover your deposits called a chargeback. A chargeback is a process banks and card issuers use to cover credit and debit card deposits. You may find that some of the bank’s frontline staff don’t know what a chargeback is, but they should as a chargeback is a standard process that all card issuers deal with so if they’re not being helpful ask to speak to their supervisor or visit a branch. Please be nice to them though as they don’t have an easy job (trust me, I’ve been there!)

WHAT IS A CHARGEBACK?

A chargeback is when a payment made with a credit or debit card is reversed and the funds are returned to the customer. You typically have 120 days from when the deposit was made to start the chargeback process. Also chargebacks can only be used to reverse the deposits you made to the broker, you can’t recover any profits this way.The typical chargeback process goes like this:

Read the full article at AskTraders

 

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