I have had 3 different disputes with merchants paid through BofA's VISA card.
The first dispute was uncontested I the return credit on my card stayed. The other two credits were withdrawn and I was rebilled for the charges on my card - presumably because my disputes were challenged by the merchants who convinced BofA that I was wrong.
With both disputes, BofA requested a detailed explaination of my compaint.
On the last dispute, for example, I submitted a very detailed 2 page letter carefully itemizing the merchant's misrepresentations. I was confident that a merchant rebuttal could not hold up to my careful explanation.
To my surprise I was told that the merchant had successfully rebuted my dispute and the charge was put back on my card! I was angry enough this time to pursue the point and after several calls to BofA's resolution department I finally dug out the fact that the merchant was not presented with my complaint and had flled no response!
The dirty little secret is that when a charge is removed from a card all the merchant's bank has to do is either let the credit stand, or refuse to allow it.
If the credit is refused, BofA just charges the credit back to the card. No one read my letter, the merchant never had to respond to it, and both banks keep a happy paying merchant!
Over the centuries, banks and bankers have been one of the most hated of industries. Shouldn't congress or federal regulators investigate their operations and injustices. Don't hold your breath. The saying is: "they're too big to fail!" For proof, check out the big money bail out this week by the Fed of the financial giant Bear Stearns and its bargain sale to J.P. Morgan.
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