Liability for stolen credit card capped at RM200

A good reminder ... don't get cheated by the banks!

The Malaysian Insider
Tuesday June 09 2009

Liability for stolen credit card capped at RM200, court rules
By Edward Cheah

KUALA LUMPUR, June 9 – The High Court ruled today that the maximum that can be charged to a credit cardholder who has lost his/her credit card is RM200.
Lawyer Datuk Vijaya Kumar told The Malaysian Insider that Diana Chee Vun Hsia discovered her credit cards missing a day after they were stolen. She then reported it to the issuing banks.
Citibank informed her that RM1,851 had been charged the day it was stolen and that, according to company policy, she was deemed liable for the full amount because she did not report the card stolen within one hour.

She took Citibank to court to challenge this policy late last year.

Today, the High Court found in her favour when it said that, according to Bank Negara guidelines, the maximum that can be charged to the cardholder by credit card companies after a card is stolen is RM200, regardless of any company policies regarding elapsed time or amount.

Justice Datuk Mohamed Apandi Ali said that the Bank Negara guidelines “have the force of law.” – Bernama