Debit and Credit Card Dispute Tracking for Regulation E Compliance

Banks are faced with increasing number of debit/credit card disputes. Manual handling of these disputes by banks is time consuming. FINBOA offers a proven software to automate the dispute tracking and resolution procedure which will not only reduce the effort (manpower) required by Bank but also improve customer satisfaction.

The Big Problem Banks are Facing

The trend to use debit/credit cards is on the rise, and as reported by the Wall Street Journal, debit/credit card fraud is also on the rise. The rising number of disputes is problematic, mostly because each dispute takes time to resolve.  The increasing time commitment needed to resolve each dispute comes from:

• Dealing with inconsistent or incomplete dispute submissions.
• Getting customers to sign-off and acknowledgement of the fraudulent charge.
• Manually calculating which transactions qualify for provisional credit and which do not
• Submitting a report to Visa for resolution.
• Notifying customers on resolution for each transaction that was disputed.

Banks also have to comply with regulations imposed by various authorities. These include internal bank rules, the VISA or MasterCard rules and the CFPB regulations.  These make the tracking process even more tedious.   Non-compliance results in drop in ratings, fines and customer credibility loss.

There’s no denying that disputes are very challenging for both banks and customers. Customers don’t want to wait long for a final resolution. Given the time intensive manual processes used by most banks, handling a larger volume of disputes has become a major challenge for most banks and increased customer frustration. Even with millions of dollars spent each year on fraud detection, fraud occurs and needs to be dealt with in a professional and timely manner.

Dispute Tracking Software Provides Bank with Much Needed Relief

FINBOA offers a regulation e debit card dispute tracking software designed to eliminate the hassle and reduce the time and to track disputes and ensure regulatory compliance.

The process is 100% digital and starts with the dispute submission acknowledged with an electronic signature.  The added benefit of a mobile friendly interface gives customers the flexibility of using the device of their choice.

The process continues by automating the provisional credit calculation and tracking the dispute while in research.  The process is completed by sending a final resolution notice to the customer.

Letter generation is a key component for the FINBOA dispute tracking.  Notifications to customers on the status of disputes is essential to minimize customer frustration.

For compliance, a rule based engine ensures all regulatory guidelines are monitored and users alerted as deadlines are approaching.  Rules can be configured to track guidelines by authority to ensure compliance.

In closing, debit card disputes are on the rise, but FINBOA dispute tracking system offers banks relief from the tedious tasks related to handling disputes.