Credit Transaction. 15.1 A debit for a purchase and a subsequent credit for cancellation of goods / services are considered to be two separate transactions. You must pay for the purchase transaction as it appears in the Statement to avoid any additional charges being levied.
15.2 On cancellation, the refund will only be credited to the Card Account (less cancellation charges) as and when received by Bank. If the credit is not posted to the Card Account within a period of 30 days, you can notify the bank via the app or email or phone.
Credit Transaction. (a) Dealer/Contractor will receive the net amount owed to Dealer/Contractor from Bank for each credit transaction involving an account issued under the Program (an “Account”) by Automated Clearing House (“ACH”) direct deposit. The various promotional plans available to those individuals who open accounts under this Agreement (“Accountholders”) and the pricing related thereto is set forth in Schedule A attached hereto. Bank may amend the promotional plan schedule from time to time in Bank’s sole discretion, as set forth therein. Dealer/Contractor may not add or assess any portion of administrative fees, or any other agreement of additional fees or consideration, to an Accountholder who chooses to use an Account as tender for Goods and/or Services. The Program is a non-recourse program for Dealer/Contractor, meaning that, subject to Bank’s chargeback rights set forth herein, Bank will not seek repayment from Dealer/Contractor if the Accountholder fails to repay the credit extended to him/her by Bank. However, if the Goods and/or Services are not properly charged to an Accountholder’s Account, the Goods and/or Services are not performed in full or in part, or the Accountholder is given a refund for the Goods and/or Services after Bank has paid Dealer/Contractor, then upon the request of Bank or the Accountholder, Dealer/Contractor will return the amount of such Bank payment to Bank within ten (10) Business Days. In such instances, the amount to be refunded to Accountholder will be returned to Bank as a credit to the Accountholder’s Account.
(b) Each day (not just Business Days), Dealer/Contractor shall electronically transmit all Transaction Records evidencing transactions made under the Program to Bank via the Bank Portal on the same day in a format acceptable to Bank. Dealer/Contractor shall be responsible for properly designating, on the Transaction Records, the Dealer/Contractor location from which individual transactions originate. Subject to Section 2(c) below, Bank shall use commercially reasonable efforts to promptly verify and process such Transaction Records and, within three (3) Business Days thereafter, Bank will remit to Dealer/Contractor an amount equal to the net amount indicated by such Transaction Records for which such remittance is made. Bank will transfer funds via ACH to the Dealer/Contractor Deposit Account indicated in the Registration Agreement. For Transaction Records received by Bank’s processing center before 9 AM Eastern time on a ...
Credit Transaction. 15.1 A debit for a purchase and a subsequent credit for cancellation of goods / services are considered to be two separate transactions. You must pay for the purchase transaction as it appears in the Statement to avoid any additional charges being levied.
15.2 On cancellation, the refund will only be credited to the Card Account (less cancellation charges) as and when received by Bank. If the credit is not posted to the Card Account within a period of 30 days, you can notify the bank via the app or email or phone.
15.3 SBM Bank shall seek explicit consent of the cardholder to adjust credit amount beyond a cut-off, one percent of the credit limit or ₹5000, whichever is lower, arising out of refund/failed/reversed transactions or similar transactions against the credit limit for which payment has already been made by the cardholder. The customer will be notified through e- mail or SMS within seven days of the credit transaction. SBM Bank shall reverse the credit transaction to the cardholder’s bank account, if no consent/response is received from the cardholder. Notwithstanding the cut-off, if a cardholder makes a request to the bank for reversal of the credit amount outstanding in the card account into his/her bank account, the bank shall do it within three working days from the receipt of such request.
Credit Transaction. A debit for a purchase and a subsequent credit for cancellation of goods / services are two separate transactions. The Card Member must pay for the purchase transaction as it appears in the Statement to avoid any additional charges being levied. On cancellation the refund will only be credited to the Card Account (less cancellation charges) as and when received by IDBI Bank. However, on successful submission of credit charge slip by the Card Member, the credit shall be posted to the Card Account. If the credit is not posted to the Card Account within a reasonable time, the Card Member must notify IDBI Bank.
Credit Transaction. A Credit Transaction is the processing of a message from a terminal containing some or all of the data elements relating to a refund for a previous sale that cannot be voided.
