3 ms·
Credit card, debit card, and ACH transactions (i.e. checks) can be reversed up to a certain amount of time. Chargebacks are part of the hidden costs of running
by yardie 9y ago
Credit card, debit card, and ACH transactions (i.e. checks) can be reversed up to a certain amount of time. Chargebacks are part of the hidden costs of running a business. Nobody likes them but it’s part and parcel of almost every merchant agreement.
If you’ve been overpaid and have direct deposit your employer can reverse the entire or partial payment. It’s been that way for years.
- lotsofpulp 9y agoThose are erroneous transactions, different from what was being discussed. I'm referring to party A transacting with party B, and B doesn't know A is using illegitimately obtained funds, why should B be penalized? Obviously this is different in the case of things such as vehicles and houses, which have titles and legal checks that can be done to make sure they are legitimate, but even then as long as the buyer has done due diligence, they shouldn't be penalized otherwise trust in the market will erode.
- alex_hitchins 9y agoIANAL, the law I was looking for I can't find - can just locate this which isn't directly related[0]. Perhaps I need to look more at the proceeds of crime. Interesting point you raise. I know the police can confiscate the proceeds of crime, and if I buy a car that is stolen it's not legally mine, however as to whether if the money used to purchase the item was stolen, well. Would it be fraud then? If so, I'd still think obtaining goods by deception would cover the car being reclaimed if possible. [0] https://www.legislation.gov.uk/ukpga/1968/60/crossheading/offences-relating-to-goods-stolen-etc https://www.legislation.gov.uk/ukpga/1968/60/crossheading/of...