topic Re: Fraud - "Charge Off" in Credit Cards

Fraud - "Charge Off"

chrisw1968uk — Wed, 20 Oct 2021 12:45:47 GMT

I discovered a fraudulent charge on my US Bank creditcard yesterday, this card is SD'd but I stil check it every day.

There was a charge for $2 that I didn't make - I called Fraud Dept and tld them that I think that someone was "testing the waters" - they agreed and closed the account and refunded the $2 to the account.

I checked the account this morning and the $2 has been credited back - but then it says "Charge Off - $0.00"

Isn't a charge off a mega-negative thing if it reaches the credit file?

Thanks

Re: Fraud - "Charge Off"

SUPERSQUID — Wed, 20 Oct 2021 12:50:22 GMT

@chrisw1968uk wrote:
Hi
I discovered a fraudulent charge on my US Bank creditcard yesterday, this card is SD'd but I stil check it every day.
There was a charge for $2 that I didn't make - I called Fraud Dept and tld them that I think that someone was "testing the waters" - they agreed and closed the account and refunded the $2 to the account.
I checked the account this morning and the $2 has been credited back - but then it says "Charge Off - $0.00"

Isn't a charge off a mega-negative thing if it reaches the credit file?

Thanks

Wow, wouldnt a 2 buck charge off be some sort of record?

Re: Fraud - "Charge Off"

chrisw1968uk — Wed, 20 Oct 2021 12:52:58 GMT

Obviously the $2 is not an issue - but that was probably a test transaction before they opened the floodgates (where they could have hit it for $22k)

Re: Fraud - "Charge Off"

Remedios — Wed, 20 Oct 2021 13:02:50 GMT

@chrisw1968uk wrote:
Hi
I discovered a fraudulent charge on my US Bank creditcard yesterday, this card is SD'd but I stil check it every day.
There was a charge for $2 that I didn't make - I called Fraud Dept and tld them that I think that someone was "testing the waters" - they agreed and closed the account and refunded the $2 to the account.
I checked the account this morning and the $2 has been credited back - but then it says "Charge Off - $0.00"

Isn't a charge off a mega-negative thing if it reaches the credit file?

Thanks

I knew it was US Bank from the title lol

Nothing negative, that's just how they mark it. I had a stroke first time I saw it.

Everything is fine

Re: Fraud - "Charge Off"

chrisw1968uk — Wed, 20 Oct 2021 13:05:41 GMT

Perfect - Thank You (Heart Attack avoided lol)

Re: Fraud - "Charge Off"

Remedios — Wed, 20 Oct 2021 13:21:42 GMT

Yeah, it's not something that's reported.

We are used to hearing Charge Off in a context of default when debt is written off (but not forgiven) by the lender to avoid inflating accounts receivable.

In a context you describe, Charged Off is assigned to fraudulent transaction, meaning "we're not collecting this"

They should definitely pick softer, friendlier words, or just remove whole dang thing.

Re: Fraud - "Charge Off"

kr43002 — Wed, 20 Oct 2021 14:17:25 GMT

So did they close the account permanetly? or are they just transfering you to a new line?

Re: Fraud - "Charge Off"

Remedios — Wed, 20 Oct 2021 14:57:12 GMT

They will get a new card with new account number, account history is retained.

Re: Fraud - "Charge Off"

MrDisco99 — Wed, 20 Oct 2021 17:00:01 GMT

@SUPERSQUID wrote:
@chrisw1968uk wrote:
Hi
I discovered a fraudulent charge on my US Bank creditcard yesterday, this card is SD'd but I stil check it every day.
There was a charge for $2 that I didn't make - I called Fraud Dept and tld them that I think that someone was "testing the waters" - they agreed and closed the account and refunded the $2 to the account.
I checked the account this morning and the $2 has been credited back - but then it says "Charge Off - $0.00"

Isn't a charge off a mega-negative thing if it reaches the credit file?

Thanks
Wow, wouldnt a 2 buck charge off be some sort of record?

Re: Fraud - "Charge Off"

UncleB — Thu, 21 Oct 2021 00:21:41 GMT

@Remedios wrote:
Yeah, it's not something that's reported.

We are used to hearing Charge Off in a context of default when debt is written off (but not forgiven) by the lender to avoid inflating accounts receivable.

In a context you describe, Charged Off is assigned to fraudulent transaction, meaning "we're not collecting this"

They should definitely pick softer, friendlier words, or just remove whole dang thing.

This freaked me out as well, LOL. They really do need to change that verbiage.

Re: Fraud - "Charge Off"

FinStar — Thu, 21 Oct 2021 00:35:10 GMT

@UncleB wrote:
@Remedios wrote:
Yeah, it's not something that's reported.

We are used to hearing Charge Off in a context of default when debt is written off (but not forgiven) by the lender to avoid inflating accounts receivable.

In a context you describe, Charged Off is assigned to fraudulent transaction, meaning "we're not collecting this"

They should definitely pick softer, friendlier words, or just remove whole dang thing.

This freaked me out as well, LOL. They really do need to change that verbiage.

I suppose if I'd seen something similar I'd be like...say whaaaa?

Not sure why the only option (or code) to select by an agent or system is "Charge Off" instead of "SM BAL WRITEOFF" or "CRED ADJ" which is widely used by a variety of institutions.

Well, @Remedios is like this🤞with their CEO so maybe some technical modifications can be implemented by 2035 😁...with the way 🧦 Bank is with updating technology infrastructure.

Re: Fraud - "Charge Off"

Remedios — Thu, 21 Oct 2021 01:11:59 GMT

@FinStar wrote:
@UncleB wrote:
@Remedios wrote:
Yeah, it's not something that's reported.

We are used to hearing Charge Off in a context of default when debt is written off (but not forgiven) by the lender to avoid inflating accounts receivable.

In a context you describe, Charged Off is assigned to fraudulent transaction, meaning "we're not collecting this"

They should definitely pick softer, friendlier words, or just remove whole dang thing.

This freaked me out as well, LOL. They really do need to change that verbiage.
I suppose if I'd seen something similar I'd be like...say whaaaa?

Not sure why the only option (or code) to select by an agent or system is "Charge Off" instead of "SM BAL WRITEOFF" or "CRED ADJ" which is widely used by a variety of institutions.

Well, @Remedios is like this🤞with their CEO so maybe some technical modifications can be implemented by 2035 😁...with the way 🧦 Bank is with updating technology infrastructure.

2035?

Your optimism is unbearable.

If US Bank designed a toaster, it would consist of two rocks left outside in the sun and they wouldn't bother with solving bread problem.

I still ❤️ them, that much crazy is endearing to me.

Re: Fraud - "Charge Off"

UncleB — Thu, 21 Oct 2021 02:18:53 GMT

For those curious about what we're talking about, here's what it looks like:

Re: Fraud - "Charge Off"

UncleB — Thu, 21 Oct 2021 02:21:53 GMT

@Remedios wrote:
@FinStar wrote:
@UncleB wrote:
@Remedios wrote:
Yeah, it's not something that's reported.

We are used to hearing Charge Off in a context of default when debt is written off (but not forgiven) by the lender to avoid inflating accounts receivable.

In a context you describe, Charged Off is assigned to fraudulent transaction, meaning "we're not collecting this"

They should definitely pick softer, friendlier words, or just remove whole dang thing.

This freaked me out as well, LOL. They really do need to change that verbiage.
I suppose if I'd seen something similar I'd be like...say whaaaa?

Not sure why the only option (or code) to select by an agent or system is "Charge Off" instead of "SM BAL WRITEOFF" or "CRED ADJ" which is widely used by a variety of institutions.

Well, @Remedios is like this🤞with their CEO so maybe some technical modifications can be implemented by 2035 😁...with the way 🧦 Bank is with updating technology infrastructure.
2035?
Your optimism is unbearable.

If US Bank designed a toaster, it would consist of two rocks left outside in the sun and they wouldn't bother with solving bread problem.

I still ❤️ them, that much crazy is endearing to me.

Same here... I've grown to love their 'quirks'.

One thing that's not quirky is their fraud algorithm; for me it's been really good. I've hit them with all sorts of out-of-pattern stuff and they've never flinched, but the one time there was actual fraud they caught it and declined the charge.

Color me impressed.

Re: Fraud - "Charge Off"

Remedios — Thu, 21 Oct 2021 02:46:58 GMT

@UncleB wrote:
@Remedios wrote:
@FinStar wrote:
@UncleB wrote:
@Remedios wrote:
Yeah, it's not something that's reported.

We are used to hearing Charge Off in a context of default when debt is written off (but not forgiven) by the lender to avoid inflating accounts receivable.

In a context you describe, Charged Off is assigned to fraudulent transaction, meaning "we're not collecting this"

They should definitely pick softer, friendlier words, or just remove whole dang thing.

This freaked me out as well, LOL. They really do need to change that verbiage.
I suppose if I'd seen something similar I'd be like...say whaaaa?

Not sure why the only option (or code) to select by an agent or system is "Charge Off" instead of "SM BAL WRITEOFF" or "CRED ADJ" which is widely used by a variety of institutions.

Well, @Remedios is like this🤞with their CEO so maybe some technical modifications can be implemented by 2035 😁...with the way 🧦 Bank is with updating technology infrastructure.
2035?
Your optimism is unbearable.

If US Bank designed a toaster, it would consist of two rocks left outside in the sun and they wouldn't bother with solving bread problem.

I still ❤️ them, that much crazy is endearing to me.

Same here... I've grown to love their 'quirks'.

One thing that's not quirky is their fraud algorithm; for me it's been really good. I've hit them with all sorts of out-of-pattern stuff and they've never flinched, but the one time there was actual fraud they caught it and declined the charge.

Color me impressed.

Same. I think they rely heavily on your phone location in addition to secret stuff. If location is enabled, you won't hear a peep from them.

Meanwhile, Amex letting charge for pizza in Tokyo go through less than couple of hours after using physical card at convince store across the globe.

Or Chase having me pinky swear it's me every time I'd step inside Walmart (that stopped but it was annoying).

Or (double or at that!) I pay, they send fraud text. Yup love, it's me.

Five minutes later, same store, another payment, this time I have to call 🤷‍♀️

Re: Fraud - "Charge Off"

UncleB — Thu, 21 Oct 2021 02:58:54 GMT

@Remedios wrote:
Or Chase having me pinky swear it's me every time I'd step inside Walmart (that stopped but it was annoying).

Their algorighm thinks you're too up-scale for Walmart.

Chase has never blinked at my using any of their cards at various Walmart stores across two states.

Their algorithm is judging me, LOL.

Re: Fraud - "Charge Off"

Remedios — Thu, 21 Oct 2021 03:13:07 GMT

@UncleB wrote:
@Remedios wrote:
Or Chase having me pinky swear it's me every time I'd step inside Walmart (that stopped but it was annoying).
Their algorighm thinks you're too up-scale for Walmart.

Chase has never blinked at my using any of their cards at various Walmart stores across two states.

Their algorithm is judging me, LOL.

Not really.

Second one, with multiple texts was at a place one would consider upscale, and it was even worse there.

What's really funny, this was on CSP only, never happened with Freedom.

It stopped a couple of months after approval, but I also stopped using CSP for a while because I couldn't leave a store without checking in w/fraud.