Did you pay with a credit card or debit card? Bank wire? Cryptocurrency?
Let’s get your money back!
The Basis for the Dispute
Sometimes, despite the best intentions of all parties, lines of communication can break down. When this occurs, a neutral third party can be critical in settling the dispute. This is especially the case with chargebacks, which involve a nuanced financial process in which expert professionals play a vital role in achieving a successful outcome.
That’s precisely what this case demonstrates. Our client was at an impasse until MyChargeBack took the initiative and appealed the case to a governmental agency that resolves financial complaints ‒ the Financial Ombudsman Service.
S.A. is a British gentleman who chose to invest via an online trading platform. Unfortunately, he neglected to fully vet the platform before doing so. As a result, within a few weeks, he had deposited nearly £9,000 with an unethical and unregulated online investment scheme.
Multiple withdrawal requests earned him a paltry 5% of his money that was refunded. All further requests were summarily rejected by the merchant.
Strategies and Tactics
Perceiving a relatively straightforward chargeback case, MyChargeBack proceeded with standard protocols and advised our client with his payment dispute with his issuing bank. Unfortunately, the bank’s dispute department went with first impressions rather than a deep examination. In other words, since the disputed transactions were ostensibly for investment purposes, and losses due to legitimate investments are not eligible for chargebacks, the claim was denied. But these losses were not due to a legitimate investment. They were due to a scam.
S.A. was understandably frustrated and concerned about the chances of seeing his money again. MyChargeBack however, was far from finished. Our experience prepared us for this possibility, and we were prepared to leverage our expertise to map out a series of next steps that would maximize our chances of success.
The MyChargeBack Difference
Recognizing the potential for meaningful dialogue with his bank shut for the time being, we prepared the necessary paperwork for S.A. to file a bank complaint with the Financial Ombudsman Service (FOS). The FOS is the British agency responsible for mediating consumer complaints with businesses that offer financial services, including banks.
We remained in close contact with S.A. as the ombudsman complaint proceeded, even as it extended into months. In the end, the FOS sent its final judgment to our client and his bank.
The verdict? That the bank had been remiss in not raising a chargeback. Since the deadline was now long past, the FOS recommended that using its own funds the bank refund our client the entire amount of the disputed transactions, minus the small amount the merchant had already refunded, plus 8% interest from the date of the original chargeback request, plus an additional £100 for S.A.’s “trouble.” The bank wisely accepted the verdict and promptly refunded our client. The final outcome was complete victory, and ultimate vindication of MyChargeBack’s professional services. Without MyChargeBack’s expertise the case would likely have had a much different outcome.
S.A.’s Impressions
“I just wanted to say thank you for all your assistance in resolving my case. It has taken some time but ultimately worth it. A big Thank You to MyChargeBack once again.”
At a Glance
Did you pay with a credit card or debit card? Bank wire? Cryptocurrency?
MyChargeBack regards phishing and spoofing attempts against our clients very seriously. We advise you to verify that the email you receive from MyChargeBack is indeed sent from mychargeback.com. If you are sent any type of communication carrying our name that looks suspicious, please forward a copy to us at [email protected].
Disclaimer: MyChargeBack provides free consultations. Chargeback and other fund recovery programs contracted thereafter are subject to retainers, fees and/or commissions depending on the individual case history and the type of service selected. MyChargeBack does not offer any financial investments or advice.