Customer right to question bank charges

Updated 2017-04-07 10:30:41 China Daily

A Beijing-based news anchor recently sued a local branch of China Construction Bank, a year after the bank charged him 300 yuan () simply because he forgot to pay the 69-yuan repayment. Beijing Youth Daily commented on Thursday:

The news anchor found it shocking that he was charged such high interest. Yet the bank argues that the interest charge was based on the total sum of his debt in that month, not the just the repayment part.

Many banks still adopt such a controversial, questionable approach, which should have been abolished a long time ago. Imposing extra interest charges on credit card users is beyond common knowledge and transactional customs. Generally, a debtor pays interest on the principal, or the original amount of a loan, and is rarely required to pay interest on the full amount.

In most cases, credit card applicants are informed about the benefits they can receive by using the card, which range from a flexible transaction limit to low-interest repayment installments. Often they are not fully aware of the charges that accompany an overdue payment, and the bank staff will not bother to inform them.

Card holders are supposed to pay their debts on time and accept the penalties should they fail to do so. But they have every right to question any charge that is not in the terms and conditions set out by the card providers. Banks are right to hold unruly debtors to account. But there are better ways of dealing with those who don't make their repayments.

The authorities should work out binding regulations so that dishonest borrowers face the legal consequences.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58March 18 2018 02:31:45

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16March 18 2018 02:31:45

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18March 18 2018 02:31:45

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

Most Watched

China World Business Sports Showbiz Audio
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
China World Fun Travel Entertainment Sports
Beijing Shanghai Guangzhou
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords