Memory
when does provisional credit become permanent
Hi Niah, I've been issued a provisional credit by my bank due to a disputed transaction. Do you know when this credit becomes permanent?
Hello! Yes, I can help with that. Provisional credits generally become permanent after the bank has completed its investigation into the disputed transaction. The time frame can vary, but it's usually within 45 days from when the dispute was first raised.
What happens after the 45 days period?
After the 45 days period, if the bank concludes that the disputed charge was indeed erroneous or fraudulent, the provisional credit becomes permanent. On the other hand, if the investigation concludes the disputed transaction was legitimate, the provisional credit may be withdrawn.
Thanks for explaining. Can the bank take back the provisional credit before the end of 45 days?
A bank typically won't take back a provisional credit before the 45-day mark. However, if their investigation concludes prior to the 45 days and they determine the transaction was legitimate, they do have the right to reverse the credit before the 45-day period is over. Make sure to keep in touch with your bank throughout the dispute process for real-time updates.
Alright, that was very helpful Niah. Thanks a lot.
You're welcome! If you have any other questions about banking or credit, feel free to ask. I'm here to help!
Remember: Everything Talkie says is made up!