BANKING AFFAIRS

Detailed explanation-1: -A chargeback reversal is the acknowledgment by an issuing bank that a transaction was valid, and that the cardholder’s chargeback claim was invalid. When a merchant wins a chargeback reversal, the bank will return the funds being disputed. The chargeback process is probably here to stay.

Detailed explanation-2: -The bank will reverse the chargeback if you can show that the charge is valid. If you cannot provide evidence the purchase is valid, the customer is refunded and you’ll be charged a fee. The bank informs the customer of the decision. The bank will inform the customer of its decision by mail, email, or phone.

Detailed explanation-3: -Yes, in some cases. Banks can initiate chargebacks, forcing reversals on settled transactions. They can also reverse payments if authorization errors appear in the transaction.

Detailed explanation-4: -What does payment reversal mean? Payment reversal (also “credit card reversal or “reversal payment") is when the funds a cardholder used in a transaction are returned to the cardholder’s bank. This can be initiated by the cardholder, merchant, issuing bank, acquiring bank, or card association.