Most at times ,we begin a transaction with good intentions but the end result might not taste good at all.

In this era of electronic and mobile banking ,one can run into several issues because of foreseen or unforeseen situations.

A transaction started with smiles ,and harmless intentions might end up being complex. in a situation where you sent money and the money is being disputed or over -taken by a subsequent event, how do you regain your money.

The process of regaining a money sent in such circumstances is called charge back.

Charge back begins with a complaint form being filled by a money sender, to his/her bank to reverse a particular sum to his/her account because its now been disputed or it was over taken by a subsequent event.

According to https://languages.oup.com/google-dictionary-en/

A charge back is a demand by a credit-card provider for a retailer to make good the loss on a fraudulent or disputed transaction.(in business use) an act or policy of allocating the cost of an organization’s centrally located resources to the individuals or departments which use them.

charge back is a return of money to a payer of some transaction, especially a credit card transaction source wikipedia.com

A charge back is the process of returning money sent by a credit card user through a financial institution to different account holder.

To initiate a charge back follow these procedures

a. Find the email address , contact number or customer care number of your bank

b. open a ticket online using their email address

c. fill in the details of your transaction, including receivers name and date of transaction

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d. Request for the refund of the amount sent.

e. follow up the process to ensure you regain your money.

The inception of technology has left us with a lot of desirable and undesirable outcome in business.

In USA The chargeback procedure exists primarily for consumer protection. if you are a Holder of credit cards issued in the United States, you are entitled to reversal rights by Regulation Z of the Truth in Lending Act. while in the United States of America ,debit card holders are entitled to reversal rights by Regulation E of the Electronic Fund Transfer Act.

it is worthy to note that Similar rights are excisable globally, pursuant to the rules established by the finance and banking policies and regulations.

In UK Charge backs is not particularly enshrined in their laws , but it is part of the banking policies.most banks rely on their policies to facilitate this for customer.

Charge back can apply if goods are damaged when delivered, if goods are not exactly as what was described, or the sender fails to deliver as promised.

charge back begins with the sender initiating a claim through the bank. it is apt in dealing with fraudulent or disputed transactions.

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