Have you ever invested in binary options trading over the internet? What if a deal doesn’t go your way?
The New Zealand Bankers’ Association (NZBA) has sent out a Media Release today supporting the Banking Ombudsman’s warning that you shouldn’t expect to be reimbursed for authorised credit card payments to risky binary options trading websites.
NZBA Chief Executive Karen Scott-Howman stated that “Once you’ve authorised an online payment with your credit card to a binary options trading website, you can’t expect to get a chargeback if the trade doesn’t go your way. The same applies to any credit card payments you make online that you have authorised.”
Binary options are a high-risk form of investment where you can gain or lose money by trying to determine whether the value of a share, commodity or currency will go up or down within a certain time.
In order to sign up to a binary options trading website you are required to enter your credit card details as payment.
NZBA stated that credit card payment reimbursements, or chargebacks, may be available in the case of disputed payments. Chargebacks may occur in cases where the payment was not authorised by the cardholder, or the goods were either not received or defective, or if the payment was incorrect or duplicated.
This serves as an important reminder to make sure you know what you’re signing up for before you start entering your credit card details into these types of websites. Remember that once you’ve confirmed the payment, and you receive the service that you’ve paid for, you can’t get your money back.
More information about credit and debit card chargebacks is available on the Banking Ombudsman’s website.