[251] ACH Chargebacks in the US (for Money Transfer Operators)

Chargebacks are something every money transfer operator has to live with. There are many reasons why chargebacks occur. Nefarious minded customers, genuine fraudulent use of one’s banking credentials, spousal/partner error (one person does the transaction, the other was doesn’t recognize the charge and files a chargeback), etc.

This short video address why the 120 Days for Credit Card and 90 Days for ACH chargebacks periods cannot be eliminated.

ABOUT FAISAL KHAN
Faisal Khan is a banking/payments consultant specializing in cross-border payments and is a digital money evangelist. He is the co-host of Around the Coin, a weekly podcast on Payments & Fintech with over 22,000+ listeners. Mr. Khan is a talent scout for Series A & B financing for various fintech VCs/funds. He is also a frequent contributor to popular Q&A site Quora where he has been a Top Writer 6 consecutive years.

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[Leksus]

Also NSF (not sufficient funds) ACH debit can kick in a day or two. This makes fund recipients to hold deposits from 3 to 5 days, which slows down settlements even more. The leading payment provider for crypto, Wyre, now has stopped offering ACH services for ALL their crypto customers. Reason - Massive ACH chargeback fraud.