BFCB on bank statement stands for “BetFred ChargeBack”. This is usually a transaction with a large amount of money being taken out from the account.
According to Betfred’s Terms and Conditions, gamblers “agree to fully pay any and all payments due to [BetFred.com] or any third party” in connection with their use of the site. Users also agree “not to make any charge-backs and/or renounce or cancel” any of their due payments.
Betfred is a UK-based bookmaker co-founded by Fred and Peter Done in 1967. Group founded by Done brothers now employs more than 10,000 people; their gross profit is almost £600million. Betfred’s turnover in 2014 for the preceding 18 month period was £13.3billion.
If you are not sure how the transaction code BFCB (BetFred ChargeBack) appeared on the bank statement, you may want to phone your bank or Betfred customer service: 0800 028 7747
Chargebacks are a common place with gambling. Research indicates that up to a quarter of players revert to chargebacks subsequent heavy losses. Over the years, players have cost internet casinos millions due by claiming chargebacks.
How does reclaiming of the chargebacks work? If it’s a fraudulent, there hardly is a way to get the money back. If it is legitimate, such as if someone was scammed out of their money by a rogue casino, the credit card company should cancel the transaction and the online casino will have to part with the money they won.
As a result of the amount of casino chargebacks like the BFCB claimed, many credit card institutions no longer permit chargebacks that involve internet gambling.