Chase Quickpay Reversal Question

[viking02]

I received chase quickpay from someone for some of my funds.  The thing is this person is very reputable on a forum so I'm not worried about it as i read chase quickpay and paypal are reversible.  So obviously if i traded with someone else for their Chase QP or paypal, well that is not good.



I do however want to know how long is chase quickpay and paypal reversible for?  I assume 6 months?  What about paypal?

[cooldgamer]

There have been horror stories of people getting Paypal reversed a year later.  here is an example of one.

I'm unfamiliar with the exact policy that Quickpay uses, but I'd treat it the same as a credit card.  The chargeback limit on those maxes out at 120 days as seen here.  That said, Chase would still probably flag your account anyway with a good excuse from the buyer like 'just finding' a fraudulent charge

[Quickseller]

There is apparently a class action lawsuit that is in settlement talks currently regarding PayPal placing holds on accounts, when they "should not" have. This may or may not have to do with PayPal reversals.

You are generally going to be a risk for at least 180 days for a PayPal payment to get reversed. However if a transaction is going to get reversed, it will most likely get reversed sooner rather then later.

Chase QuickPay is going to be similar in that if a transaction is going to get reversed at all, then it will most likely get reversed sooner rather then later. Under Reg E, consumers are not liable (after certain limits) if an unauthorized transaction is reported within 60 days of receiving a periodic statement, and the bank will have up to 45 days to investigate/resolve any error (unauthorized transaction). If an unauthorized transaction took place at the beginning of a 30 day statement period, then from the time that a transaction occurred to the time when the bank must take action by is roughly 4.5 months, and a 90 day statement period would up that to roughly 6.5 months.

If a consumer does not report an unauthorized transaction to the bank within the above timeframes, then they are liable (to the bank) for the entire amount of the unauthorized transaction(s). This however would not preclude the consumer from pursuing legal action against the person who received funds via an unauthorized transaction, so a QuickPay transaction is theoretically reversible (via the court system) up until the statute of limitations has run out to pursue civil action for theft, although this would be highly unlikely if the amount in question is not very large, and would be expensive for the person whose money was stolen.