$100 cap on lost cards
Cardholders protected from Nov 1 provided they are not negligent
BANKS have decided to change a long-standing policy which made credit card holders liable for all charges incurred on lost or stolen cards before they are reported missing.
From Nov 1, cardholders' liability will be capped at $100, provided they are not negligent or fraudulent and notify the banks as soon as they discover the loss.
In some cases, the banks may even waive the amount, according to an Association of Banks in Singapore (ABS) internal briefing note to banks obtained by The Straits Times.
ABS is expected to announce the cap today. Contacted yesterday, a spokesman for the association declined comment, but a check with some banks confirmed the change.
No reasons were given for what amounts to a change of heart among banks here.
Cardholders protected from Nov 1 provided they are not negligent
BANKS have decided to change a long-standing policy which made credit card holders liable for all charges incurred on lost or stolen cards before they are reported missing.
From Nov 1, cardholders' liability will be capped at $100, provided they are not negligent or fraudulent and notify the banks as soon as they discover the loss.
In some cases, the banks may even waive the amount, according to an Association of Banks in Singapore (ABS) internal briefing note to banks obtained by The Straits Times.
ABS is expected to announce the cap today. Contacted yesterday, a spokesman for the association declined comment, but a check with some banks confirmed the change.
No reasons were given for what amounts to a change of heart among banks here.
