Corporate Card Ownership
Suspension/Cancellation of Cards
If payment in full has not been received in 2 billing cycles (60 days), the card provider will suspend corporate card charge privileges from further use. Once payment in full has posted to your corporate card account the bank’s system will recognize the current status and the suspension will automatically be lifted.
If payment in full has not been received in 3 billing cycles (90 days), card provider will revoke use of the corporate card.
If payment in full has not been received in 4 billing cycles (120 days), card provider will revoke use of the corporate card. The card provider’s Internal Collections Department will then send out written notification to the card program administrator as a reminder that the account needs to be paid in full immediately.
As our corporate card has joint liability between the card holder and WHOI, the card holders personal credit history is not affected by card suspension or revocation, unless the Institution request it. If an account is revoked and an unpaid balance remains, the institution will pay the remaining balance and begin internal collection proceedings to recover the funds.
Suspension of charge privileges 3 times during a calendar year will result in the card being revoked without the possibility of reinstatement.
NOTE: Suspension and revocation of cards is controlled by the banking industry standards. WHOI has little or no control over these matters. The Accounts Payable Office will do everything in its power to assist the cardholder in avoiding suspension including, E-Mailing reminders to the cardholders and acting as an intermediary in disputes. However, ultimate responsibility for managing the card must reside with the cardholder as he/she is the only one fully knowledgeable of the transactions against the card.
If a repeat offender (60 days lapse without payment), WHOI will initiate closure of card by notifying the department administrator of pending closure.
Reporting a Lost or Stolen Corporate Card
The cardholder must notify the bank immediately if your Corporate Card is lost or stolen by calling (800) 270-7760. The bank will immediately cancel your Corporate Card and issue a new card. The new card will be sent directly to the card program administrator.
Note: It is imperative that you contact the bank immediately as the Institution is responsible for all charges made on the card until it has been canceled by the bank!
JPMC Fraud Department: (866)-300-4911
When a cardholder leaves the Institution the credit card must be returned to Human Resources or Accounts Payable at time of check out.
Last updated: August 31, 2015