Banks need to improve delinquent card handling
Print Edition
Commercial banks need to improve their handling of delinquent credit card customers, the Shanghai office of China’s banking regulator said yesterday, as this segment has drawn the most complaints.
Some banks didn’t carry out the obligation to inform customers of their corresponding liability if they failed to pay their credit card debt on time, the China Banking Regulatory Commission Shanghai Office said in a statement on its website.
The regulator emphasized that the banks should also remind card holders that making repayments for past-due bills may exempt them from criminal liability. Also, the banks should try and minimize any negative impact on the users and their families.
Most of the complaints against the banks in Shanghai were related to credit card services, which is one of the most important services that banks provide to retail customers, according to the local regulator’s latest report.
About 27 percent of over 1,000 complaints during the first half of 2013 were related to credit cards.
The regulator also said the banks’ practice of keeping evidence and records for the payment collection process was low, according to the statement on the website.
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