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What is a chargeback fee?

April 26, 2017chargeback fee

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What is a chargeback fee?

2 Answers

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When you make a check deposit into your account, KeyBank will request the full amount of the check from the bank where the check is drawn. If the check is returned to us unpaid/NSF, the full amount of the check will be withdrawn from your account and you will be assessed a chargeback fee. The fee is assessed for the processing of the returned item and will post to your account on your statement cycle date.

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The chargeback fee is the “penalty” you pay when someone successfully disputes a charge you make. It’s a unfortunate cost of doing business and taking credit cards.