Credit Card loss and your RM250 liability. Also, why is Bank Negara failing to act?

Kehilangan kad kredit dan tanggungan anda setakat RM250 sahaja. Mengapakah Bank Negara gagal ambil tindakan yang sepatutnya?

????????RM250??????????????

I would like to congratulate the learned Justice YA Datuk Mohamed Apandi Ali for holding that Bank Negara Guidelines on Credit Cards issued to all such companies in Malaysia “had the force of law.” He also held that the guidelines limit the liability of the cardholder to only RM250 when loss is reported promptly.

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The following I quote from Malay Mail Online here.

Apandi held that “the bank’s attempt to modify these guidelines and to remove this protection was contrary to law and public policy”.

The decision of the High Court also declared the bank to be in contravention of the Payments Systems Act that could subject the organisation

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