Online Fund Transfer Dispute CHARGEBACK FROM SBI

ChargeBack From SBI Online :

From the beginning of 21st century, the major breakthrough in the world is seen because of excessive use of internet services and IT revolution. The current pandemic situation can be considered as a boon for all the online services like virtual meeting apps, online edu-tech companies, online fund transfer and many more. It’s like an icing on the cake for them.

Dispute Transactions for chargeback from SBI Online

Recently we have seen a massive increase in the online money transaction through various sources like internet banking, UPI, Credit cards, debit cards etc, and so many problems also arise like multiple debits (when you were billed more than on time), fraud or unauthorized transactions, failed or cancelled transaction and others. The term chargeback is introduced for solving the issues of such disputed transactions.

A chargeback is a return of money to the customer’s account by the bank if the card is either wrongly debited or involved in any fraud, failed transactions. If money gets debited from your account but doesn’t reach to the merchant account or the person you were transferring the money, then amount gets credited back to your account in a specific time but if you doesn’t received the money, then you can raise the request of chargeback from the Bank.

You have to follow certain steps to get the money back-

  1. Report the issue to SBI card within time; you should call the customer care helpline and ask them to block your card in case of any fraudulent transaction.
  2. You need to a fill a transactional dispute form which is available online or in any branch of SBI and submit it to the SBI. SBI will start process to resolve the issue. The dispute form should have all required details and you need to attach the required documents for the verification of the issue.
  3. When SBI receives the return request, you will get informed by SBI that the claim dispute has been taken up.
  4. After this bank communicate with the merchant bank and take all details from them. If the merchant bank responds with any clarification, SBI will revert back to you the same.
  5. Based on all the evidences, documentation and verification by the other bank, SBI will resolve the whole dispute and this process takes 45 to 60 days.
  6. If the claim made by the customer is proved to be correct as per all the verification, the bank will credit the amount to your card and if it is proved to be wrong the make you liable for the loss and will charge penalty as per the norms.

In today time fraudulent cases are increasing at a very rapid pace. To avoid all these circumstances be aware of all your transactions and inform the bank as soon as possible in case of any mishappening.

Leave a Comment