Posts Tagged ‘dues’

Default On Even One?? Face Blocking of All Your Credit Cards :)

Banks to block all credit cards for default on one

Banks to block all credit cards for default on one

Due to severe measures being adopted by the banks, the comfort of using either of the multiple credit cards owned by the customer in case they default on making payments for even one will now not be allowed as the banks have now amended their credit card terms and conditions.

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Additionally, ICICI Bank already informed its customers about the change, coming into effect from October 5.

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Moreover, according to the new terms, if a customer holds two or more cards and fails to pay in one of the card accounts, the bank can block the credit limit as made available to the card member under all other ICICI Bank’s card accounts.

Also they will pull out such privileges/ benefits as made available under all such card accounts, till such time the defaulting card account is regularized by the card member.

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In addition, banks also authorized themselves with a tool that allows them to ask employers to subtract the outstanding amount from the salary while employees who may have defaulted on payment cannot object to this deduction of dues at source.

On the other hand, such deductions will be submitted to the bank and continued till the entire dues are recovered.

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Moreover the revised terms and conditions state no law or contract governing either the card holder or employers stops the bank from seeking such deduction and subsequent payment by the employer to the bank.

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The country’s largest private sector lender, ICICI Bank, has already informed its customers about the change, coming into effect from October 5, while other banks will soon follow the suit.