Common use of Replacement Funds Clause in Contracts

Replacement Funds. Where applicable, Visa’s Zero Liability policy requires Bank to provisionally credit the Card Account for a transaction resulting from the unauthorized use of a Card or the Card Account. Replacement funds are provided on a provisional basis and may be withheld, delayed, limited, or rescinded by Bank based on Customer’s gross negligence or fraud, a delay in reporting unauthorized use, an investigation and verification of a claim, and account standing and history, or if it is otherwise determined that Visa’s Zero Liability policy is not applicable to the disputed transaction.