vb.org Archive - I got ripped off - check your transactions.

Quote:

Originally Posted by Chris M

It should stop it if the information they have on record is the credit card number - I hardly think the bank are stupid enough to supply a replacement card with the exact same credit card number on it :p

Chris

Quote:

Originally Posted by filburt1

Ditto...how can they charge you again when your number changes? The only time it says the same from card to card is when it automatically renews itself. When I reported mine as stolen as a precaution, the last four digits changed.

Pretty interesting reading about how credit card numbers work if you get around to it. There's built-in error protection, country information, etc.

The only thing that the last four numbers on a card refer to is the issue number. The part that is essential for a transaction to complete is the first 12 numbers.

Three years working for a major high street bank in their busy call centres teach you these things.

It's a well known problem with people who use AOL internet. They cancel their internet, go to another provider, and as it is paid by a direct debit on their bank card (like the afore mentioned subscription) then they are powerless to stop the charges and it is up to the company to stop them, so it is a lot of hassle.

Most people think, like Chris and filbert, that cancelling the card and having a new one which has a different last 4 numbers stop these transactions as the card number is different, but they don't. So people who did this then rang back again the following month complaining that the charges had still been taken even though they had cancelled their card.

If it wasn't for the fact that I don't work there anymore, I'd copy the info from the customer service FAQ's and paste it here for you to see for yourselves.

Some further information from an assortment of websites. Note the second one from the British Bankers Association:

Coventry Building Society

Quote:

Debit cards also allow you to make recurring transactions. These are regular payments (not a Direct Debit or standing order) collected from your account by a retailer or other supplier in line with your instructions. They are not covered by the Direct Debit guarantee. If you wish to cancel a recurring transaction you must tell the originator. We recommend that you keep proof of cancellation in case a query arises. It may not be possible to cancel payments if you do not give enough notice.

British Bankers Association

Quote:

3.1.8 Recurring transaction authorities
There would appear to be a growing problem when customers use their credit cards to set up recurring transaction authorities - for example giving an authority to an internet provider to process monthly transactions for the service they provide. Unlike direct debit authorities, these arrangements are solely between the merchant and the customer. The card issuer is not involved in the same way as providers of current accounts are for direct debits. Problems can arise when the customer writes to the merchant to cancel the recurring transaction but the request is ignored. This is a particular problem where transactions fall below the merchants floor limit (often ?50 - ?100) as these do not require authorisation by the card issuer. Paragraph 9.5 of the Code already includes a commitment to tell consumers how to cancel recurring transactions and the APACS Code of Best Practice includes a requirement for merchants to ensure that instructions to cancel recurrent transaction authorities are carried out immediately. Despite this problems continue to arise and, as things stand, it is difficult for lenders to deal with them - even if the customer returns their card to the card issuer indicating that they wish to close the account and open a new one.

I therefore recommend that Code sponsors investigate ways of dealing with situations where merchants fail to act on requests to cancel recurring transactions. This should be completed by the time of the next Code review, at the latest. Code Guidance should include reference to the provisions on recurring transactions in the APACS Code of Best Practice on merchant responsibilities.

There is also clearly a need for consumer organisations to promote this advice to consumers.

This Is Money

Quote:

Permission to make recurring transactions on a credit card is different to allowing direct debits to come out of your bank account.
A direct debit is a contract between you and your bank to allow a third party to collect payments. If something goes amiss your bank must put it right and you can tell your bank to cancel the agreement at any time, preventing access to your money.
But a recurring transaction is a contract struck between you and the merchant, not your credit card company. You have to tell the merchant who holds your card details to stop it - and hope they do so.
'You do not have the same level of consumer protection and regulation as you do with a direct debit,' says Sandra Quinn at banking trade body Apacs.
'As your relationship is with the provider of the service and not your bank, your bank does not have to help you.'

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