Consumer Association of Penang exposed something that has been hidden by the banks all this while when it comes to credit cards. CARDHOLDERS need not pay more than RM250 whenever their lost or stolen credit cards are used by others.
Read Clause 13.2 where 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.
Read the whole news HERE.