ONLINE PAYMENT PORTAL REFUND POLICY
dominica agricultural industrial and development bank (AID Bank)
online payment portal
refund policy
PURPOSE OF THIS REFUND POLICY
This Refund Policy explains when and how the AID Bank may issue a refund, reversal, credit, or adjustment for loan payments made by borrowers through the AID Bank’s Online Payment Portal (the “Payment Portal”).
Refunds are granted in limited circumstances and are treated differently from refunds granted for retail purchases.
By accessing or using the Payment Portal, you acknowledge that you have read, understood, and agreed to terms of this policy, the online payment portal, any applicable Loan Agreement provided by the AID Bank.
CORE PRINCIPLE
A loan payment, once authorized and successfully applied to the loan, is generally considered a final payment toward a valid debt obligation, unless:
· The payment was duplicated.
· The payment was unauthorized.
· The amount was incorrectly entered.
GENERAL NO-REFUND RULE
Except as expressly stated in this Refund Policy:
· Loan payments are non-refundable once processed.
· The AID Bank is not obligated to cancel or reverse any loan payment.
· Loan payment will not be refunded solely because the borrower in cases where the customer:
o Intended to pay at a later date,
o Misunderstood the due date,
o Intended to allocate funds differently,
o Made a voluntary prepayment,
o Paid more than the amount due (unless duplicated).
ELIGIBLE REFUND OR REVERSAL CIRCUMSTANCES
The AID Bank may, at its sole discretion or as required by law, issue a refund, reversal, or account credit (amount applied to the Loan Sundry Account) in the following circumstances:
· Duplicate Payment
If two or more substantially identical payments were submitted for the same loan within a short timeframe and the Bank determines that a duplicate payment has occurred.
· Unauthorized Payment
If the AID Bank determines after its investigation into the matter, that the payment method was used without authorization from the cardholder
· Payment Applied to Wrong Loan Due to Bank Error
A payment was posted to the wrong account due to an internal Bank or system processing error. This type of error would warrant an internal reversal.
· Overpayment Beyond Payoff Amount
If after a loan is fully paid off and excess funds remain on the borrower’s account.
TIME LIMITS TO SUBMIT REQUESTS FOR REFUND
To protect both the borrowers and the AID Bank, all requests for refunds must be submitted within the timeframe as specified below:
Duplicate claims: within 30 calendar days of the payment date
Unauthorized payment claims: within 10 business days of discovery
Wrong amount / wrong account claims: within 30 calendar days
Payoff overpayment claims: within 60 calendar days after final payoff statement or account closure review
AUTOMATED CLEARING HOUSE (ACH) RETURNS, NON-SUFFICIENT FUNDS (NSF), AND REJECTED PAYMENTS
Processing of a payment may fail for any of the following reasons:
the customer’s bank account has insufficient funds;
the customer’s bank account is closed or invalid;
the debit transaction is unauthorized or revoked;
the card issuing bank rejects the transaction;
network issues arise.
In such cases, the AID Bank may:
reverse the loan payment and reinstate the loan status to pre-payment status;
assess any returned payment fees;
report the account as past due if applicable;
restrict future payment methods, if applicable;
require certified funds for future payments, if applicable.
A confirmation screen or email does not guarantee final settlement.
CHARGEBACKS AND PAYMENT DISPUTES
1. Card Chargebacks - This is a forced reversal of a credit or debit card transaction by the card issuer, returning funds to the customer, usually due to disputes, fraud or billing errors.
If a borrower or cardholder initiates a chargeback:
The borrower or cardholder or customer acknowledges that where a chargeback is initiated the following terms and conditions apply:
the AID Bank may contest the chargeback with transaction evidence
the related loan payment may be reversed while the dispute is pending
the borrower remains responsible for the payment
fees, delinquency, interest accrual, and credit reporting consequences may continue, subject to law and contract.
2. ACH Disputes / Returns - This occurs when a customer, bank or merchant contests an ACH transaction’s authority or accuracy, often leading to a temporary fund hold and potential reversal.
If an ACH debit is returned or disputed:
the AID Bank will reverse the payment;
the loan shall be treated as unpaid;
the Bank will pursue collection of the outstanding amount;
repeated returns may result in loss of ACH payment privileges.
3. Abuse
The AID Bank shall deny Portal access or initiate legal action in circumstances where the AID Bank determines that a customer is abusing refund, chargeback, or dispute processes.
RIGHT OF OFFSET / SETOFF
The AID Bank shall apply some or all of the refund as a credit or setoff against all obligations owed to the Bank by the customer before issuing a refund.
COMMUNICATION OF REFUND DECISIONS
The AID Bank will notify you of the refund decision by either:
email;
postal mail or
account notice.
The notice will state either of the following:
approved
denied
partially approved
pending additional documentation
referred to processor/network review
NO WAIVER
If the AID Bank grants a refund or exception in one case, it does not create:
a precedent,
an obligation to grant future refunds,
a waiver of this Policy,
a waiver of the Bank’s contractual or legal rights.
CHANGES TO THIS REFUND POLICY
The AID Bank reserves the right to modify this Refund Policy at any time.
The updated version will be posted on the Payment Portal with a revised effective date. Continued use of the Payment Portal after the effective date constitutes acceptance of the Refund Policy to the extent permitted by law.
BORROWER ACKNOWLEDGMENT
By clicking “Pay Now,” I acknowledge and agree that:
I am authorized to use the selected payment method.
The payment may not post immediately
Loan payments are generally non-refundable once processed.
Returned, rejected, or disputed payments may result in reversal, delinquency, service/legal fees, or loss of Portal privileges.
My information will be handled in accordance with the AID Bank’s Privacy Policy.
The AID Bank may delay, reject, or reverse transactions for fraudulent, legal, compliance, or operational reasons.
If a refund is approved, it may be issued to the original payment method, as a cheque, or as a loan account credit.