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Home >> Lending >> Credit Cards
Disputing Credit Card Charge Cites NACHA Rule
In Oct. 2008, I (a one man corporation) was informed of a PCI compliance fee that would be accessed on an annual basis by my credit card processing company. I wrote them a letter before the first debit date that I do not accept this fee. This was ignored and the debit went ahead. Numerous letters later and still no response of any kind from the credit card processing company. My financial institution informed me that I had waited too long (60+ days had gone by) to be able to reverse this fee.
Reluctantly, I had to accept this fact. Well, in May 2009, I was informed this fee would increase by 300% and it would be debited in June 2009, i.e., before its first anniversary. My financial institution this time informed me that this transaction falls under the NACHA CCD rule, which gives me 24 hours to dispute, not 60 days. If I have informed them I do not agree to a charge, are they, under NACHA rules, allowed to debit my account? I have been with the credit card processing company for 8-9 years and this is a new charge that not all processors charge.
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 If the transaction runs through the ACH system, you have a right to place a stop payment on the transaction if you get the stop to your bank in time for them to act on it. You are undoubtedly contractually bound to pay the fee if you will continue to accept plastic. If you fail to pay it, your card processor will have the right to terminate your service and may have other rights to assess penalties. Check your contract before making your decision.
Published on BankingQuestions.com 7/09/09
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