Regulatory Alerts2012-03-22
Correction and Cancellation of Entries by Credit Card Companies
The Supervisor of Banks issued this regulation to specify the procedures credit card companies must follow when correcting erroneous entries or unauthorized debits in customer accounts. The document mandates that corrections include applicable interest rates, such as Prime or Libor, depending on whether the account is in local or foreign currency. Additionally, it requires companies to notify customers of corrections via statement or direct notice and preserves the customer's right to seek further recourse for financial losses.
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