I learned today about a ‘provisional credit’. I didn’t know what it was, so I looked it up. Here’s what Visa says:
Get quick provisional credit for fraud losses
Visa’s Zero Liability policy requires all financial institutions issuing Visa products to extend provisional credit for losses from unauthorized card use within five business days of notification of the loss. However, many major financial institutions affiliated with Visa will issue provisional credit even earlier—within 24 to 48 hours after the loss is reported.
Interesting. Why was I looking this up? Well, I bought what I will call a “Fony GameSystem Tree” on a website on the internet (not eBay or any auction site). 5 days later, I was told it was shipped despite never receiving shipping data, and thus I could not get a refund. I learned over 2 weeks after the purchase of the item that it in fact had not shipped due to complications. I was still unable to get a refund, so I let my bank know of my pain. They requested me fax them some forms, so I did, and I got a provisional credit. I was distraught, I only wanted to open a dispute, which basically means “light a fire under their asses”.
Well, when I called them up to find out what the hell that means (I don’t want to spend ANY part of a loan that could be taken back at any time and turn into overdraft city!), I was told that if I don’t inform them that I received the item (I haven’t yet, and I probably never will), I basically get the item free. I was shocked that my bank would tell me this, and I said I don’t think I could do that (I feel as it would be theft, because, well, it is, isn’t it?). We came to the conclusion that if I get the item, I can call them and let them take the money. I was also told that if the company finds out I got the item, they MAY charge me again for it. I think that is mean, since I may get it before next payday (actually, next payday would signal a month had passed since I bought my GameSystem) and they would then send me into the negatives.
Goddamn. I am distraught. Either Visa rocks and I’m going to not go into overdraft city and be able to buy food and stuff, or I’m going to get screwed. We’ll see how it goes.