Chargeback results in ..... of merchants account for which ..... ask supporting documents from merchant & after successful re-presentment get back the disputed amount.

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

Chargeback results in ____ of merchant’s account for which ____ ask supporting documents from merchant & after successful re-presentment get back the disputed amount.

A	Credit, Acquirer Bank (BOB)
B	Debit, Acquirer Bank (BOB)
C	Debit, Issuer Bank (BOB)
D	Credit, Issuer Bank (BOB)

Explanation:

Detailed explanation-1: -A chargeback is a transaction where funds are transferred by an issuing bank from the merchant’s account to the customer’s account. A chargeback is initiated when a customer escalates a dispute against the merchant.

Detailed explanation-2: -When merchants win, the customer must pay the disputed charge. The time and money lost can be a burden on the customer who filed the objection. The credit card company also may charge the customer for interest lost on the disputed amount, if it was returned to the customer during the dispute.

Detailed explanation-3: -If the customer’s chargeback is denied, the merchant will get the transaction amount refunded to their account. If the chargeback is approved, the customer gets the purchase amount refunded to them.

Detailed explanation-4: -Each time a consumer files a chargeback, the merchant is hit with a fee ranging from $20 to $100 per transaction. Even if the chargeback is later canceled, the merchant will still have to pay fees and administrative costs.

There is 1 question to complete.