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WorksheetsVocabulary Quiz
Total questions: 36
Worksheet time: 27mins
Name
Class
Date
1.
A chargeback is:
a)
new information has been reviewed by the customer, and the customer disagrees with the merchant and still wants to continue the dispute process in efforts to receive their money back.
b)
case is reviewed at Visa/MasterCard and a decision is made for the merchant or the cardholder
c)
the return of funds to a consumer due to an issue with the customer’s transaction or product
2.
A representment is:
a)
After contacting the merchant, the merchant’s bank decides that the chargeback is not accurate, and that the charge is valid therefore they feel that the customer is not due funds.
b)
step in which the case is reviewed by a board at Visa/MasterCard and a decision is made for the merchant or the cardholder.
c)
used when we feel that the merchant has violated a compliance right
3.
Pre-Arbitration is:
a)
A final step in which the case is reviewed by a board at Visa/MasterCard and a decision is made for the merchant or the cardholder.
b)
completed after the new information has been reviewed by the customer, and the customer disagrees with the merchant and still wants to continue the dispute process in efforts to receive their money back.
c)
used when we feel that the merchant has violated a compliance right
4.
Arbitration is:
a)
A final step in which the case is reviewed by a board at Visa/MasterCard and a decision is made for the merchant or the cardholder.
b)
completed after the new information has been reviewed by the customer, and the customer disagrees with the merchant and still wants to continue the dispute process in efforts to receive their money back.
c)
the return of funds to a consumer due to an issue with the customer’s transaction or product
5.
A pre-compliance is:
a)
used when we feel that the merchant has violated a compliance right
b)
When we determine that we have no dispute rights over a transaction and the merchant has not violated a compliance regulation.
c)
the return of funds to a consumer due to an issue with the customer’s transaction or product.
6.
No Recourse means:
a)
used when we feel that the merchant has violated a compliance right
b)
We have no dispute rights over a transaction and the merchant has not violated a compliance regulation.
c)
A final step in which the case is reviewed by a board at Visa/MasterCard and a decision is made for the merchant or the cardholder.
7.
GFE:
a)
an acronym meaning Good Faith Effort
b)
an acronym meaning Good Foxes Eat
8.
ATR:
a)
Attempt To Resolve
b)
Another Tracked Resolve
9.
Small Balance Write Off:
a)
Writing off all transactions under $15 if you do not have immediate chargeback rights or a clear no recourse.
b)
Writing off all transactions under $25 if you do not have immediate chargeback rights or a clear no recourse.
c)
Writing off all transactions under $10 if you do not have immediate chargeback rights or a clear no recourse.
10.
Other Loss:
a)
Due to the cost of labor, the bank recommends writing off all transaction under a certain limit if you do not have immediate chargeback rights or a clear no recourse.
b)
a case in which we no longer have dispute rights over- charges may be past time, unauthorized charges, past time cases due to a rep error, missed timeframe etc.
11.
Reage is:
a)
process that is used to back date a customer’s account to correct for interest changes, penalty charges as well as credit information which was caused by an error/dispute on the customer’s account.
b)
When First National Bank acquires a new account from another bank.
c)
Any transaction that is within 3 days from the Visa/MasterCard date.
12.
Conversion accounts are:
a)
A third party that will forward our additional information request to the customer through fax or email.
b)
When a credit posts to the old card and it needs to be moved to the newest card.
c)
When First National Bank acquires a new account from another bank
13.
Merchant Pending Reversal:
a)
Action to remove the funds from the customer’s account and cancel the dispute once a chargeback is submitted, but no Representment has been received and the customer decides to accept the charge
b)
The merchant’s bank decides that the chargeback is not accurate, and that the charge is valid therefore they feel that the customer is not due funds.
c)
When we feel that the merchant has violated a compliance right.
14.
Must Go:
a)
When a credit posts to the old card and it needs to be moved to the newest card.
b)
Submitted when the 119th day is within 7 days
15.
Old/ New Balance Transfer:
a)
When a credit posts to the old card and it needs to be moved to the newest card.
b)
During this process the bank has to convert the customer’s previous billing information and card information into the First National systems in order to work the dispute.
16.
Prestige:
a)
When First National Bank acquires a new account from another bank.
b)
Works as a third party that will forward our additional information request to the customer through fax or email.
17.
Retrieval Request/Draft Request:
a)
Requesting a copy of the original transaction receipt from the merchant that includes the signature slip
b)
An itemized receipt
c)
A copy of the merchant's terms and conditions
18.
Improper Disclosure means:
a)
The terms and conditions were readily available for the cardholder to read prior to authorizing the transaction.
b)
The terms and conditions were unavailable for the cardholder to read prior to authorizing the transaction.
19.
Good faith means:
a)
Efforts were made to obtain a credit from the merchant. This process is done when a charge is
past the dispute timeframes or we do not have any pre comp options
b)
When
the issuing bank contacts the customer to ask probing questions to see if they
remember the charge or authorized the charge.
20.
Issuer Certification:
a)
When the bank can confirm that terms and conditions were not properly disclosed
b)
When the bank verifies that the charge was valid before the charge posts to the account.
c)
When the bank can vouch for the customer or certify that the transaction is
unauthorized and continue the chargeback without the affidavit.
21.
Verified by Visa:
a)
When Visa states that the merchant is worth doing business with.
b)
A more secured payment process in which they request the 3 digit code
on the back of the card, the customer’s billing address, and the name as it
appears on the card.
22.
MasterCard Secure:
a)
A more secured payment process in which they request the 3 digit code on the back of the card, the customer’s billing address, and the name as it appears on the card.
b)
When the cardholder keeps their MasterCard in a secure place.
23.
UCAF
a)
Body parts
b)
Field in MasterCard that help to determine if true fraud took place or the charge was completed on a MasterCard Secure website.
c)
Abbreviations that I will never remember
24.
Ecom, Entry Mode and CAVV:
a)
Fields in Visa that help in determining if true fraud took place or that the charge was completed on a Verified by Visa website
b)
Codes that determine what the cardholder purchased
25.
Debit:
a)
The
process of adding funds to a customer’s account.
b)
The
process of removing funds from a customer’s account.
26.
High Dollar:
a)
Any transaction that is $5,000 or more are considered high dollar cases
b)
Any transaction that is $1,500 or more are considered high dollar cases
c)
Any transaction that is $1,000 or more are considered high dollar cases
27.
Issuer:
a)
Visa/ MasterCard
b)
The bank that issued the card
c)
The merchant's bank
28.
Acquirer:
a)
Visa/ MasterCard
b)
The bank that issued the card
c)
The merchant’s bank
29.
SIC code (MCC or Merchant Category Code):
a)
A four digit code that is assigned to a merchant to help aid
in determining what type of products that specific merchant sells.
b)
A four digit code that is assigned to a merchant to determine how well their business does
c)
A four digit code that is assigned to a merchant to determine how many disputes are filed against them.
30.
Regulations are:
a)
What
govern our dispute rights
b)
Only set by Visa/ MasterCard
c)
Only set by the government
31.
Family Fraud:
a)
When an unknown third party pretends to be a member of the cardholder's family.
b)
When a member of the customer’s family or personal friend uses the customer’s card without the customer’s authorization or after the customer revoked the person’s use of the card.
32.
BERD:
a)
Acronym
which means Billing Error Resolution Date, this is the final date in which the
case must be resolve for Billing Error (BE) cases.
b)
Acronym
which means Birds Everywhere Ruin Days
33.
Safe Report/ TC-40:
a)
MasterCard/ Visa fraud reporting tool required on all fraud chargebacks.
b)
These reports ensure that the customer is safe from fraud
34.
Exception File
a)
MasterCard fraud reporting tool, required for chargebacks submitted for reason code 4837
b)
Visa fraud reporting tool, required for chargebacks submitted for reason code 10.3/10.4
35.
No-show Transaction
a)
Transaction resulting from a cardholder's failure to cancel or claim a guaranteed reservation.
b)
A transaction resulting from a cardholder completing a stay at a hotel.
36.
Recurring Transaction
a)
A one-time charge on a cardholder's credit card from a merchant.
b)
A transaction in a series of transactions that use a stored credential and are processed at fixed, regular intervals.
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