Consulting Agency

Banks are changing credit card terms starting from August


According to the draft, banks have specified certain cases in which they disclaim responsibility, including the lack of responsibility for any losses or damages incurred by the customer in connection with the bank's or any seller's or any other financial institution's refusal to authorize any card transaction, refusal to accept the card or PIN, or refusal to provide or enable cash withdrawals within the prescribed limit or at all.

The bank also disclaims responsibility for any dispute arising with a seller or any other financial institution, and any issues or disputes received by the bank after 30 days from the date of the relevant account statement will not be considered.

Customer Responsibility

Banks have highlighted a situation where the customer bears sole responsibility for any and all unauthorized transactions made using a lost or stolen credit card that occur prior to the bank being informed of the lost or stolen card information, and the customer will be solely responsible for the completion of such transactions with the bank.

It further stated that the customer is solely responsible for any and all unauthorized card operations resulting from the customer's disclosure of confidential information to third parties, and will be responsible for settling such transactions with the bank.

It confirmed that the bank will not be liable to the customer for any losses or damages, regardless of whether such losses or damages are caused by any breakdown, defect, or malfunction of any ATM, machine, or communication system, equipment, data processing system, transmission line, or any industrial defect, dispute, or other cause, whether or not they are within the bank's control or otherwise.

Data Disclosure

These banks have stated that, in accordance with the terms and conditions, the customer authorizes the bank and permits it to disclose and provide data it deems necessary regarding the customer or their affairs, including, among other things, data of the card account to the bank's partners or branches or to appoint agents or other organizations or individuals, including banks, financial institutions, regulatory bodies, and service providers that provide such services to banks.

Non-consideration of Problems or Disputes reaching the bank after 30 days from the date of the account statement.