` Banking Codes and Standards Change for Credit Cards in India ‘

#AceFinanceNews – MUMBAI – May 15 –  The Banking Codes and Standards Board of India (BCSI) have prescribed self-regulatory norms through which credit card issuers have to treat their customers. Next time you apply for a credit card do remember to have these norms in mind and extract the best service from the provider.

Information

The credit card provider is expected to give you complete details of the fees, interest charges, billing methodology, penalties, renewal and termination procedures by way of explaining and also providing you with a detailed service guide/booklet giving all the details. A copy of the `Most Important Terms and Conditions’ has to be given at the time of application itself to the customer.

Yes or No

 Once the customer has shown interest in applying or has already applied, it is the duty of the provider to clearly state what will be turnaround time for the application, meaning, in how many days will you know whether you application is accepted or rejected.

Online Alerts

The provider has to provide online alerts (which could also include mobile alerts) for any transaction above Rs 5000 where the transaction is a “Card not Present” transaction like net based purchases etc.

Credit Card/Pin dispatch

The customer can receive the card/PIN at the mailing address or alternate address or in case the customer wishes he has the option to physically collect the Card/PIN from the branch of the provider. Also for safety, the PIN will always be sent as a separate mail.

Activating card

In cases where the bank activates a card without consent from the customer and charges any bill/fees for it, the bank is liable to pay a penalty amount equivalent to twice the value of the charges.

Immediate information on Limit reduction

The bank is expected to immediately inform the customer by SMS/Mail in cases where the credit limit is decreased and simultaneously also send a written communication

Loans/Credit facility/Enhancement

Any increase in credit limit or extension of loan can only be done after getting a written consent from the customer.

Credit card Statements

The bank has to send a statement on a pre-determined date and free of cost to all the card holders. In case of non-receipt of statement and complaint by the customer regarding the same, the bank is expected to immediately send a copy of the statement, free of cost.

Notice Period for changes

Any changes in fees, charges and terms and conditions can only be effected after giving at least one month’s notice along with the monthly statement. Only in cases where there is a change in interest rates and regulatory changes the bank can implement them with effect from the date of announcement.

Evidence for transactions

The bank is bound to show original proof of any contentious transactions where they do not accept the customer’s contention. The customer has to be given all the details he or she asks for in cases where the customer feels that he does not recognize a particular transaction.

#AFN2014

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#bank, #card-not-present-transaction, #contractual-term, #credit-card, #credit-limit, #customer, #india, #personal-identification-number

` Co-Operative Bank Confirms Loss of £1.3 billion According to `CEO Booker ' Who Will Earn £2.9 Million as Pay Package '

#AceFinanceNews – BRITAIN – April 11 – (BBC) – The Co-operative Bank has confirmed it made a loss of £1.3bn for 2013.

The losses, in line with expectations, come after the bank’s failed bid to buy 632 branches from Lloyds Bank last year.

The deal collapsed after the discovery of a £1.5 Billion black hole in the Co-op Bank’s balance sheet.

Parent company the Co-operative Group lost control of the bank to a group of US hedge funds that launched a rescue deal in December.

The bank said it did not expect to make a profit in 2014 or 2015.

It also apologised to its 4.7 million customers.

Co-op Bank chief executive Niall Booker said: “We appreciate that customers and other stakeholders continue to feel angry about how past failings placed the future of the business so seriously at risk.

“I would like to apologise to them, to thank them for their continued loyalty and to thank colleagues for their commitment during such difficult times.”

The bank said it would not pay out £5 million to former executives who left the bank after its near collapse last year.

But Mr Booker will receive a £2.9 million pay package, which includes a basic salary of £1.2 million and up to £1.7 million in performance related bonuses.

Mr Booker could also receive a potential £1.2 million as part of a three year incentive plan based on the future performance of the business.

It said up to 40 of its high street branches will close this year, which is likely have an impact on jobs, although the bank has yet to put a figure on the number of posts under threat.

The results were published after two earlier delays.

Read More: http://www.bbc.co.uk/news/business-26967020

IBT reported that the Former HSBC banker Niall Booker has taken over as leader of Britain’s Co-operative Group, after ex-CEO Barry Tootell stepped down in the wake of suggestions by ratings agency Moody’s that the Co-op’s banking operation may need a government bailout.

Booker will take charge of the group’s finance arm Co-operative Bank, and become deputy chief executive of The Co-operative Group, on 10 June.

He was previously the head of HSBC’s North America business until stepping down in 2011, after 30 years with the bank.

Earlier this month, Moody’s slashed the bank’s debt rating to junk status, due to concerns that the Co-operative Bank has a £1.8bn (€2.1bn, $2.7bn) black hole in its balance sheet http://www.ibtimes.co.uk/co-op-barry-tootell-niall-booker-471772

#AFN2014

#bank, #britain, #co-op, #co-operative-bank, #co-operative-group, #hsbc

Money Laundering Control Act Is it As Good As It Seems

English: Logo of Group of working out of finan...

English: Logo of Group of working out of financial measures of struggle against money-laundering (FATF) Русский: Логотип Группы разработки финансовых мер борьбы с отмыванием денег (ФАТФ) (Photo credit: Wikipedia)

In 1986 the ” Money Laundering Control Act ” came into being and was passed as a criminal act for individuals to ” profit from their actions!

This practice in all banks has been going on for many years! The fact that monies paid into bank accountshas just become a simple computerised

English: Members of the Financial Action Task ...

English: Members of the Financial Action Task Force on Money Laundering map. Français : Carte des membres du Groupe d’action financière sur le blanchiment de capitaux. (Photo credit: Wikipedia)

exercise, of transfers being received from places such as Mexico and the like! It has led us to this situation of ” money laundering” and the eventually penalties we now see being imposed on the banks.

It was not until 1986 that ” The Money Laundering Control Act ” was passed and became a criminal act, but only covered transactions that prohibited individuals engaging in acts that would were classed as unlawful. In such as to profit from their actions! 

This act left open a door that still needs closing,in that it went onto say – Moreover, a “financial transaction” has been broadly defined, and need not involve a financial institution, or even a business.By this simple few words it left open this door to the type of breaches in how money is transacted and how easily banks have been able to circumvent the system and the law!

 

#bank, #carte-des-membres, #crime, #hsbc, #mexico, #money-laundering, #money-laundering-control-act, #occupy-wall-street, #research, #united-states

Eurozone Crisis: ECB’s ‘Back Door Quantitative Easing’ Lifts Markets

European Central Bank

European Central Bank (Photo credit: kumbarov)

With borrowing comes responsibi­lity or so the story goes because this story gets more like a pantomime everyday. You can make your own mind up to which one and who plays certain characters but now we have a benefactor good olde ECB and what have they offered this Christmast­ide well money of course, well they are a bank. But not just any bank but the bank of last resort and what does the one in [drag-hi] do but buy up all the debt of other countries.

Now we should all be saying well done but instead we are saying he`s behind you and his name is not Abanazar, but something much worse the ” Ghost of Christmas Of Yet To Come ” namely a huge ” Debt Mountain ” but in the meantime people will still dress up and act out the pantomime until the very last act.

The it will be CURTAIN`S
Read the Article at HuffingtonPost

#bank, #bloomberg, #christmas, #ecb, #european-central-bank, #european-sovereign-debt-crisis, #eurozone, #greece, #reuters, #spain, #wsj