Our investigation

We considered whether the bank acted in line with the card provider’s regulations for both the type of transaction and the required timeframes for seeking a chargeback.

At the time, Visa had limited grounds to chargeback a transaction based on misrepresentation. Lee’s claim didn’t fall within these limited grounds. Although Lee thought the time frame for disputing transactions should start from when he started to suspect it was a simulation, Visa told us it started from the expected date of the service, which was the time when Lee transferred funds to the trading account.

Outcome

At our request, the bank attempted a ‘good faith collection’ chargeback request on Lee’s behalf, however this was unsuccessful. We explained to Lee how the Visa rules applied to his case and he withdrew his complaint.