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dispute transaction in credit card, stollen!! can i apply for adjusment
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roy918
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 Jun 10 2010, 11:12 PM
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QUOTE(staggerler @ Jun 10 2010, 10:28 PM) Sadly my credit card stolen and 3 illegal transaction done.. can i apply for adjusment to withdraw from the payment? any experience? i don't want to pay for what i'm not spending!!! Did you made police report and report to bank immediately after the credit card was stolen? You don't have to pay if you did the right thing. Else, you expecting bank will cover for you when you didn't report card lost when it was stolen? |
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roy918
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Jun 11 2010, 06:29 PM
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QUOTE(pmsoo @ Jun 11 2010, 01:44 PM) I purchased from many retail outlets in US with my credit card, the only shop that bothers to ask for identification is Gamestop. The rest couldn't care less. bank only protect you for RM250 only...thats mean if RM1k unauthorized transaction you need to pay 750 It works the other way than what you mentioned. Credit card holder maximum liability is RM250 ONLY IF a person inform bank as soon as reasonably practicable after card stolen. keyword - ONLY IF QUOTE(leongal @ Jun 11 2010, 01:14 PM) June 11th, 2009 - The Association of Banks in Malaysia (ABM) would like to affirm that in line with the objectives of protecting the interest of the consumers and fostering greater confidence in the banking sector, guidelines have long been in place to provide that the card holder’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 bank issuing the credit card, which shall not exceed RM250. This limit applies only in the event the cardholder has not acted fraudulently or has not failed to inform the bank as soon as reasonably practicable after having found out his or her credit card was lost or stolen.To the best of ABM’s knowledge, these guidelines have been adhered to and banks have acted reasonably and fairly (and will continue to do so) in all circumstances where it was established that the cardholder was an unfortunate victim and there was no contributory negligence on his or her part. In many instances, however, investigations have revealed that the cardholder had failed to take proper care or that the cardholder did not take prompt action after the loss or theft of the credit card was discovered. ABM will be happy to assist with any queries if any. Chuah Mei Lin Executive Director The Association of Banks in Malaysia |
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roy918
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Jun 12 2010, 10:20 AM
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QUOTE(aurora97 @ Jun 12 2010, 02:44 AM) If you report like 7 days later even though you BLATANTLY knew your card is lost or stolen... Than the bank's liability will be limited up to RM 250. There is no such thing in BNM's credit card guidelines released in 2003. Credit card issuer can cover ALL fraud transactions. Clause 13.2 of Bank Negara's Credit Card Guideline (can't get the source from BNM but it can be found somewhere and it was quoted by leongal before). Highlighted part can be an argument as BNM doesn't define it. "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." |
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roy918
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Jun 12 2010, 12:23 PM
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QUOTE(dr2k3 @ Jun 12 2010, 10:43 AM) it's stated in BNM...just the guideline damn hard to find...not sure if its consider official but i found in BNM website http://www.bnm.gov.my/files/publication/ar...box_banking.pdfhttp://docs.google.com/viewer?a=v&q=cache:...EMYjMTH3c8VekAwThat is the report from measurements implemented by BNM and not the Credit Card Guidelines  |
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