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Credit cards top bank complaints

COMPLAINTS about credit cards rose in the third quarter to become the biggest gripe about banking services, the Shanghai banking watchdog said today.

Complaints over credit card accounts rose by 8.6 percent quarterly to 367 in the third quarter in Shanghai, accounting for 28.2 percent of total banking complaints, the Shanghai bureau of the China Banking Regulatory Commission said today.

"Poor credit card services are still the biggest headache for banking services in Shanghai," the regulator said.

Cardholders complained about banks' misleading marketing campaigns, overcharges on overdrafts and lenders' means of settling unpaid bills.

In face of rising complaints, the watchdog said in late September that bankers will no longer be allowed to outsource signing up new cardholders.

The regulator also warned banks against incentives that reward salespeople only on the basis of how many new cardholders they bring in.

The regulator received 1,271 banking complaints in the third quarter in Shanghai, up 9.4 percent from the previous quarter.


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