Credit Card Holder Limited Liability

[astroboy]

Quote: http://www.thestar.com.my/news/story.asp?file=/2007/12/22/focus/19836271&sec=focusMost unaware of RM250 limited liabilityCARDHOLDERS need not pay more than RM250 whenever their lost or stolen credit cards are used by others. Yet, oftentimes, they end up paying much more. This is because Bank Negara has not informed cardholders that they do not have to pay more than RM250 for fraudulent transactions carried out using their lost or stolen cards, when they had not acted fraudulently and had informed the banks about the lost or stolen cards as soon as possible. This protection is given under Clause 13.2 of Bank Negara’s Credit Card Guideline (“The cardholder’s maximum liability for unauthorised transactions as a consequence of a lost or stolen credit card shall be confined to a limit specified by the issuer of credit cards, which shall not exceed RM250 provided the cardholder has not acted fraudulently or has not failed to inform the issuer of credit cards as soon as reasonably practicable after having found that his credit card is lost or stolen”). Banks know about Clause 13.2 but have chosen to ignore it. Instead they pursue cardholders for the fraudulent transactions. They will tell cardholders that a clause in the credit card contracts states that all transactions carried out before the loss of the cards are reported to the banks, are deemed to be carried out by the cardholders. Many cardholders then pay up because they are unaware of the RM250 limited liability. Bank Negara should rule that: ·THE RM250 maximum liability on fraudulent transactions is highlighted to cardholders in the card agreements as well as in the monthly card statements. ·BANKS are not allowed to insert any clause in the card agreement which is contrary to Clause 13.2. ·BANKS should refund all money in excess of the RM250 collected from cardholders whose cases clearly come under Clause 13.2. S.M. MOHAMED IDRIS,President,Consumers Association of Penang.

 

[soorian]

Quote: http://www.thestar.com.my/news/story.asp?file=/2007/12/22/focus/19836271&sec=focus


Most unaware of RM250 limited liability

CARDHOLDERS need not pay more than RM250 whenever their lost or stolen credit cards are used by others. Yet, oftentimes, they end up paying much more.

This is because Bank Negara has not informed cardholders that they do not have to pay more than RM250 for fraudulent transactions carried out using their lost or stolen cards, when they had not acted fraudulently and had informed the banks about the lost or stolen cards as soon as possible.

This protection is given under Clause 13.2 of Bank Negara’s Credit Card Guideline (“The cardholder’s maximum liability for unauthorised transactions as a consequence of a lost or stolen credit card shall be confined to a limit specified by the issuer of credit cards, which shall not exceed RM250 provided the cardholder has not acted fraudulently or has not failed to inform the issuer of credit cards as soon as reasonably practicable after having found that his credit card is lost or stolen”).

Banks know about Clause 13.2 but have chosen to ignore it. Instead they pursue cardholders for the fraudulent transactions.

They will tell cardholders that a clause in the credit card contracts states that all transactions carried out before the loss of the cards are reported to the banks, are deemed to be carried out by the cardholders.

Many cardholders then pay up because they are unaware of the RM250 limited liability.

Bank Negara should rule that:

·THE RM250 maximum liability on fraudulent transactions is highlighted to cardholders in the card agreements as well as in the monthly card statements.

·BANKS are not allowed to insert any clause in the card agreement which is contrary to Clause 13.2.

·BANKS should refund all money in excess of the RM250 collected from cardholders whose cases clearly come under Clause 13.2.

S.M. MOHAMED IDRIS,
President,
Consumers Association of Penang.

Very Good info

 

[astroboy]

My experience:

Card Ctr: Hi, we have detected a possible unauthorised usage of your supplementary card. Have u just swipe RM300 from Brothers Kelana?

Me: No way! But let me find out.

[After spoken to the my supplementary card holder, confirm card not with her so I contacted Card Ctr]

Me: Yes, she lost her card. What should I do now.

Card Ctr: It's alright, we will just block the card and send u a new one. You will be charge RM10.

Me: What do u mean send me a new one? what about those unauthorised usage?

Card Ctr: No problem. Once u receive the statement, just highlight the unauthorised transactions, fill in a form and return the form together with a copy of the statement to us.

[2 weeks has passed, I receive the statement, highlighted the RM6xx unauthorised transaction, fill in a form and return to the Card Ctr]

[Another 2 weeks after I submitted the form, I receive a phone call..]

Card Ctr: Sorry sir, ur appeal for the waiver of the unauthorised transactions is not successful. Please settle the outstanding before the due date.

Me: WHAT! Then u make me waited for more than a month and now u tell me its unsuccessful? What investigation have u done? Did u manage to get the culprit who use my card? Have this been reported to the police? Did u check the signature on the transaction slip to match the signature?

Card Ctr: Sir, now we are using chip-based card and therefore its impossible to clone. So card holder has to be responsible for safe keeping of their card and we have to honor the transaction despite the signature differs. And u were lucky we manage to detect it and alerted u before it get any worse.

**************************

True story..

So do I have a case now?

My advise is always check your card/s in your wallet. Make sure its your card because I've heard people can swap the card, mostly happen in gym, spa, health center.

Looks like the signature is not important now! And it does not serve any purpose too because who ever gets the card would learn to sign like u by mimic it from the back of the card.

 

[berserkdroid]

It's no secret that the banks here conduct unethical and predatory business practices against their customers. Incidences of double charging, mysterious hidden charges and so on are rampant.

I have made numerous complaints to Bank Negara regarding one such bank, but as usual nothing was done.

And now the bank tells me that I cannot terminate my account. Idiots.

 

[Alan Teh]

i have such an ugly experiances with CIMB. I used the credit card to pay for the zero% monthly installments.

For example 24 months payments period, i have settle for 14 months but in my statements stated i have settle for 10 months.

So i complained to the branches at my place and i have all the proof stated that i have settled it but they said that is not under their department and if i wan to complain i should call head office personally.

So i did called it up more than 20 TIMES and show the proof and they said they will differ the on coming statements.

I have waited for the new statements and to my surprise they still didnt amend anything on my statements.

This process have been keep going on months and months, looks like my complain falls on deaf ears !!!!!!!!!! EVENTHOUGH I HAVE THE PROOF !!!!! that said i have PAID UP !!!!!!!!!

CIMB F#@K BANK :thefinger: :thefinger: :thefinger: :thefinger: :thefinger: :thefinger: :thefinger: :thefinger: :thefinger:

 

[rogerrockmore]

hahaha that's a good one!!



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