Needless to say, not everyone pays with a credit card or debit card. Some consumers actually don’t have them. Or if they do have them their credit limit has been reached. Or even if it hasn’t been reached, the amount they have to pay will exceed it.
In such cases, payment can be made through a bank wire transfer, which routes the money directly from your bank account into the merchant’s.
There is another reason for wire transfers that is not dependent on your payment needs, however. The merchant might require it. And one of the most common reasons a merchant may refuse to accept credit cards is if he has no intention of allowing you to ever get your money back, regardless of whether he provides you with the goods or services you contracted. This is because far fewer consumer protections exist for bank wire payments as compared with credit cards or debit cards.
The one major drawback for the consumer who chooses a bank wire over a credit card or debit card to affect payment is that there is no wire transfer chargeback. Chargebacks are a right provided by the credit card networks to their cardholders, and they are limited to the transactions made using their own credit cards and debit cards. Therefore, even if you do have a credit card or debit card, chargeback rights are not transferrable to any other form of payment.
So, in the case of bank wires, absent a wire transfer chargeback, an entirely different procedure is required in order to recover your funds. There is no question that it is more complex and time consuming than a chargeback, to the extent that there is a commonly held mistaken belief that wire transfers can never be reversed. Luckily for our clients, MyChargeBack offers wire transfer recalls.
Bank wire transfers are, of course, subject to national banking and consumer protection laws. These differ from jurisdiction to jurisdiction. International banking agreements and treaties may also be highly relevant. MyChargeBack’s team of experts, which brings to the table decades of banking, legal and regulatory experience, will investigate your case to determine if and how the transaction may have been inconsistent with the relevant laws and regulations applicable in your country.
Bank wire recalls are a complex process and one that requires an intensive, coordinated effort by our investigative and recovery teams. It involves multiple steps that can extend from three to six months. At times, the transfers end up with overseas banks. In such instances, the process to recall international wire transfers can be even more complex and take longer than when both banks are in the same country.
MyChargeBack will first analyze your case to ensure that it meets the minimum standards for requesting a bank wire recall. These standards are considerably higher than for submitting a chargeback, since you are not governed by the same consumer protection guidelines. Once your case has been accepted by our team, we will work with you to prepare all of the supporting documentation and evidence that your bank will need to process your claim. We will guide you through this process until the bank makes its final decision.
The wire transfer recall process is very nuanced, and we provide the shoulder, knowledge and experience that is required. You have consumer protection rights, but the merchant will fight for his rights as well. Merchants work with professional companies to assist them with claims. Isn’t it time for individuals to have access to the same level of expertise too?
MyChargeBack has cooperated with over 800 banks internationally on behalf of its clients. Our strategically-crafted arguments are presented in the language bankers understand. Our promise to you is this: We will invest 100% of our effort in your case and fight for you throughout the entire process.
While the ultimate disposition of a wire recall case is made by the bank, MyChargeBack only accepts wire recall cases that meet all the necessary criteria to justify a reversal of funds
We bring our expertise in complex payment disputes to the consumer’s side.