Interest on fraudulent transactions?

[sado_23a]

Sorry if this has been asked a hundred times before but if it has then I was obviously searching for the wrong keywords!

My experience over the last 30 years is that when a fraudulent transaction is reported to a credit card company the amount is usually removed from the account pending investigation so that no interest will accrue.

One of my credit cards is taking a more, shall we say, ‘lax’ approach in that a fraudulent transaction still appears on the account 3 weeks after I reported it and, presumably, if I don’t pay it off in the next few days will start charging me interest on it. I understand from the Banking Code that (10.3) “If we confirm a transaction is unauthorised, we will refund any interest charged”.

But does this mean that my card company is entitled to let the transaction sit there accruing interest while it takes its sweet time determining if the transaction was fraudulent in the eyes of its “experts”? I’m sure we have real experts in this Forum who can point me toward the relevant line in the right legal document that sets out the obligations of the card company.

George

[yourbank]

You are right, interest will be charged but will then have to be refunded.

	Are you letting your bank keep your money Are you giving away thousands of pounds?? Many people aren't claiming all of the money they are entitled to when they make their bank charges claims. You have been forced to pay unfair bank charges. Have you forgotten that your bank has charged you inteest on those charges? If you are overdrawn and the bank owes you charges - then your overdraft is made up of charges - money which you bank owes you. Yet you are paying interest to the bank - on your own money!!! Follow this link to see the discussions on this. You might even double th size of your claim.