When a Customer Challenges a Credit Card Transaction That Appears

question 25

Multiple Choice

When a customer challenges a credit card transaction that appears on their statement, who bears the onus of proof?

• A)The onus is on the merchant to prove that the transaction took place.
• B)The onus is on the customer to prove that the transaction did not take place.
• C)The onus is on the card issuer to prove that the transaction did not take place.
• D)The onus is on the bank to resolve any dispute.

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Definitions:

Compounded Annually

Describes interest on an investment or loan calculated once a year on both the initial principal and the accumulated interest from previous periods.

Present Value

The current worth of a future sum of money or stream of cash flows given a specified rate of return, reflecting the time value of money.

Cash Equivalent Price

The value of an asset that is readily convertible into a known amount of cash with negligible risk of changes in value.

Acquisition Date

The specific date on which an acquisition or takeover of one entity by another is officially completed.