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

2. 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.

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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.

2. 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 

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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