You may find items you consider an error on your credit/debit card, bank statement during your lifetime. Sometimes the items make you scratch your head even freak you out. In a likely scenario you jump to the conclusion that your bank has cheated on you. Before you act on your finding or dispute the error to justify your suspicion, you may want to verify if the errors are indeed valid. Among the items that may show up on a bank statement many card holders find confusing is MTOT DISC.
What is MTOT anyway? According to definition-of.com, MTOT stands for ‘MERCHANT TOTAL’, the complete acronym for the term is ‘merchant account total batch’. The DICS itself is the abbreviation of “Discount”. You will find the MTOT DISC on your bank statement if you have a merchant account with the card issuers and accept payment with a credit card from your buyers. MTOT DISC means merchant account total batch discount fee and, the item often shows up on your statement as BANKCARD MTOT DISC CCD
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If you’re a merchant selling products/ services and allowing your seller to buy using their credit cards, you will also most likely get an MTOT DEP item on your bank statement. MTOT DEP stands for merchant account total batch deposit, in another word, the total payments you receive from all the transactions made into your bank account in a calendar month.
BTOT and MTOT are essentially the credit card processing fees your bank charges you for the total deposit and withdrawals from the transactions made by credit cards, or a fee for items purchased via your merchant account/business checking account.
Many mixes up the term MTOT DISC or BTOT for a company/bank, some even try to find the telephone number /customer service, while in fact, there is no such thing as MTOT/BTOT companies.
What to Do If You’re Mistakenly Charged For MTOT Disc
There are some instances where folks who don’t even have a merchant account or even don’t sell something get charged for the items. If you don’t have a merchant account and the item shows up on your bank statement then you need to dispute the charge with the bank to avoid getting ripped off !!. You need contact your bank representatives immediately and tell them you don’t have a merchant account and you don’t use their credit card processing services. You might want to visit the nearest bank to file the complaint so that you can remove the charge as quickly as possible.
How to Dispute the Error The Right Way
If it turns out the Bankcard MTOT Disc on your statement is indeed an error made by your bank you need to dispute it within sixty days after the false statement appears in your bank account report otherwise the bank will have no obligations to take actions to correct it. Be sure you dispute the item in writing not just call the bank representative. Bring with you the necessary supporting documents /information to back up the complaint. You might not get your issue resolved on the same day and need to follow it up after a couple of days before the 60-day period expires.