If a customer reports a payment to Chase Merchant Banking as fraudulent or that they do not recognize it, Chase will refund the payment to the customer.

This will not be reflected in bond.  Therefore you could be left with a policy, where the new premium has not been collected and you are now owed money, and the refund does not show in bond.

 

If you are confident that this policy needs to be cancelled because you cannot get hold of the customer and they are not replying to any contact that you have made, proceed with cancelling the policy.

You do not want to provide the refund to the customer, as Chase have already done this, so here is what to do:

 

• Cancel the policy in bond.
• When cancelled go straight to the payments and mark the payment (the refund) as Manually paid. (You may not have the permission to do this, if you do not then seek assistance from your digital champion).
• You need to do this on the same day as cancellation (immediately when you cancel) otherwise the payment processor will run the refund overnight. 

 

 

Here is what those screens will look like:

 

 

 

 

This process will mean that your bond reflects a refund.

The customer has been refunded by Chase.

Your accounts will show that a refund has occurred and accounts payable or receivable are accurate.

Reports in insights will reflect the cancellation and the corrected data.