DAY 2 - TRAINING

BANKING 101 FINANCE - related to money

SERVICES:

• banking
• advisory
• wealth management
• mutual funds
• insurance

GLOSSARY

*CREADIT BUREAU - a collection agency that gathers account info. *CREDIT STANDING - reputation for paying loans. *FINANCIAL INSTITUTION - are corporations which provide services as intermediates of financial markets. *CIP- customer identification program *CARD NETWORKS - a financial services organization which processes the transaction carried out on debit/credit card operated by a range of banks. *DEBIT - withdrawal funds from an account. *AVAILABLE BALANCE - balance in account *LEDGER BALANCE - balance of a customer blank account that displays on a blank statement. *OVERDRAFT - EXTENSION of credit from a lending institution when an account reaches zero.

• overlimit *INTEREST - charge for the privilege of borrowing money
• typically annual rate. *BANK FEES - nominial fees for a variety of account set up and maintenance. *CHECKING ACCOUNT - account at a bank against check can be drawn by the acc depositor. *SAVINGS ACC - earns interest *PRE AUTHORIZATION - verifying electronic transaction intiated w/ a debit /crdit card and holding this balance as unavailable until either merchant clears the transaction or until the holds off depending on the banking policy. *PENDING - awaiting decision or settlement. *POSTED/SETTLED - when the merchant collects a transaction or when the transaction get paid.

OBTAINING FUNDS

1. SALARY

• cash, paper checks, direct deposit, payroll card

1. TAX REFUND

• taxes are withheld, co

MODES OF PAYMENT: customer - POS - merchant

REG E - claims are eligible for provisional credits

NON REG E - claims are not eligible for provisional credits

provisional credits - temporary credit for the card holder - for us have time to do investigation - we can reverse but depend on the result of investigation DISPUTE TYPES

GENERAL PURPOSE RELOADABLE (GPR)

• can be used to make payments and purchase in store or online

USAGE: purchasing, loading, activating,usage

OTHER: *DEBIT TXN - pin purchase/deducted from the bank *CREDIT TXN - signature purchase

Transaction types:

1. CARD PRESENT - physical card are present or used during txn.
2. CARD NOT PRESENT - types of txn usually mails, internet or telephones orders.

DISPUTE

• a txn posted to his acc is not accurate
• a disagreement, argument, debate

reason:

• did not a receive a product or service
• didnt recognize the charges or business name on their statement

REGULATION E (Reg E)

• electronic fund transfer act (EFTA) / enacted 1978 to protect consumers

classification reg e

• atm cash not dispensed/partially dispensed
• unauthorized transaction
• cancellation claim
• double charged
• paid by other means (pbom)
• incorrect transaction amount
• credit not posted
• ACH DEBIT (transaction thru phone that inserted)

classification of non reg e

• good or services not received
• merchandise damage or defective
• merchandise returned
• merchandise not as described

+merchandise dispute are not covered by reg e.

TYPES OF DISPUTE:

1. Service or Error Allegation

• a card holder is allowed a merchant to charge his card but there was a discrepancy.

1. Unauthorized Transaction

• cardholder did not allow or participate in the transaction.

Transaction Types:

• ACH DEBIT
• card purchase
• cash advance
• ATM withdrawal
• card to card transfers
• bill payments

REG E CLAIMS

• eligible for provisional/temporary credit if reported on time and the member sends dispute form w/in 10 bd of filing.

NON REG E CLAIMS

• claims that are investigated

TIME FRAME

THE REG E CLOCK<

• any verbal or written notification of error made by the customer
• once we are notified

REG E & ONE'S REQUIREMENTS:

• cannot require a police report or require the customer to send in docs
• cannot delay investing a claim
• the customer just has to notify us of an errors by telling merchant name

DISPUTE TERMS

Provisional Credit

• we will issue members a temp card if it requires more time to complete a dispute investigation and members can use this through out
• must be a reg e claim
• must be a reported on time
• member must send in written dispute

Initial Customer Contact (ICC)

• alternatively called verbal/report date is the date the customer has reported the dispute through either voice or non-voice channels

/ transaction identifying info has been provided / mention if dispute reason

SAVANA

• reverse credit

MARQETA

• using chargeback