I have emphasized that portion to demonstrate just how unreasonable banks can be; to limit your losses arising from the loss of your credit card to RM 250.00, you have to inform Citibank one hour before the unauthorized transaction takes place, which you would naturally know nothing about. Additionally, you have to prove good faith and demonstrate that you exercised reasonable care and diligence to prevent such a loss. How absurd is that! Even after you show all that that, it is still at Citibank’s discretion whether to “resolve the liability or not”. Is it any wonder the sensible man loathes banks despite yielding to them? They borrow your money, charge you a higher rate for borrowing back and offer you pittance for its use. But we shall leave this for another day.

Diana Chee rightly did not agree with the absurd reply and sued Citibank for several declarations the main ones being (i) that the BNM Guidelines issued pursuant to sections 25 and 70 the Payment Systems Act 2003 have the force of law and (ii) the term relied upon by Citibank to deduct the sum of RM 1,859.01 was illegal, void and contrary to public policy.

Justice Mohd Apandi Ali who heard the case at the outset opined that Citibank was an operator under the Payment Systems Act 2003 and therefore bound by the BNM Guidelines, which his Lordship very helpfully reproduces in its entirety for our benefit. I would strongly recommend those with credit cards to read and understand it. This would prevent credit card companies from taking advantage of your ignorance and fear of seeking legal advice. Clause 15.2 of the BNM Guidelines was referred to and is worth considering in full: