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An incorrect charge on a credit card statement can be disputed in writing. To protect their rights, the cardholder must send notice within 60 days after the first statement was sent showing the error.
That is according to the Consumer Financial Protection Bureau. During the investigation, the cardholder may withhold the disputed amount, but must pay the correct charges on time.
How to submit the dispute in writing
The guide recommends contacting customer service or opening a dispute online and, in addition, sending a written notice to protect legal rights.
The statement includes the instructions and the correct address, which may be different from the one used for payments. The letter must include the name, address, account number, and a clear explanation of the error. The agency recommends keeping a copy.
What payments are put on hold during the investigation, and what must the bank do
While the claim is being reviewed, it is not required to pay the disputed charge or any related finance charges or other amounts. This protection does not extend to the rest of the statement.
If the amount still appears, it should be accompanied by a note stating that it does not have to be paid until the investigation is over.
While it investigates, the issuer cannot demand payment of the disputed charge or charge interest on that amount. Nor can it report a late payment to a credit reporting company if the cardholder paid the undisputed amounts on time.
What the card issuer must tell you
The guide sets a 30-day deadline to confirm receipt of the letter.
If the issuer concludes that all or part of the charge is valid, it must explain why, say how much is owed, and indicate when it must be paid to avoid finance charges or other additional fees.