The limit of your liability for a lost or stolen credit card is RM250.00 under Rule 13.2 of the Bank Negara rules on credit card if it has been fraudulently used. Pl note this limit n ensure that your bank does not overcharge you should your card have been used illegally.
Most are unaware of RM250 limited liability - PLEASE READ AND BE INFORMED! 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 unauthorized 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.
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.
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.
cardholders whose cases clearly come under Clause 13.2.
S.M. MOHAMED IDRIS,
President,
Consumers Association of Penang .
President,
Consumers Association of Penang .
(Source: The Star Online)
1 comment:
i think the more important part is WHEN did you informed the bank about your lost card. Many a times, we do not remember our credit card banks hotline, thus, once you realised you lose your card, you have to search high low, panically for the numbers. It is seriously not easy to get these numbers in these bank website.
thus, after these experience, I work on a mobile directory site to contain all these emergency numbers. You can found most of the credit card / ATM report lost hotline.
This site is known as http://www.mobileyp.tel which I keep the design to the minimal for fastest mobile surfing and build in click2call function that allow you to immediate make that call from your mobile phone. No need to remember and call. Thus, please help to spread this site to your friends so that in future, they know where to search for critically important numbers.
Thank you. Please like in facebook so that more people are make aware of this community site i am building Thank you
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