$100 Liability Cap for Lost Credit Cards

a lop-sided world

Basically, in my humble opinion, the Banks who HAD placed unlimited liabilities for lost credit cards on credit cardmembers, were just taking the easy way out on the weak individual.

When I first started work in the Bank many years ago, there was the $100 liability cap.

I wasn't even aware the Banks had removed that limit cap and instead placed unlimited liability on individual credit cardmembers. The banks quietly amended the terms and conditions.

From Nov 1, 2009, the limit cap of $100 will be back in place.

Between merchants who are contributing to the Banks' bottomline and thousands of individual cardmembers, the Banks had chosen not to pick their fight with the merchants.

The cashiers of these merchants should and could have verified the identity and signature of the person using the cards. But on many occassions, these cashiers hardly pay attention to what you are scribbling on the vouchers. The Banks had chosen NOT to fault the merchants in fraudulent transactions but instead placed the blame on you for not reporting early enough. You, like Ms Tan Shock Ling must be responsible for the full amount charged until proven otherwise. In her case, $17,000 bill!!!!!

Luckily for all honest credit cardmembers, some good people in Association of Banks or MAS may have the guts to change!! Bravo to you!!!!