Fortis unit fined for breaking credit card rules
Wednesday 23 September 2009
The financial services watchdog AFM has fined Fortis subsidiary International Card Services €73,000 for breaking new rules on credit card limits, the Financieele Dagblad reports on Wednesday.
ICS offers a variety of Visa credit cards, including the Panda Visa card, which supports the Worldwide Fund for Nature.
The AFM says ICS has given out cards with too-high credit limits, allowing customers to borrow so much they have less than 15% of their income left after expenses. The 15% rule was introduced in November last year.
In total, 73 ICS customers have been given credit cards with a too-high limit, the paper says.
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Wednesday: An overcast and misty start but sunny spells later. Max 7º on coast, 13º inland
Hands off ICS. Good people and good company. And how is 15% calculated? what they gave to schoolchildren cards? or 15% is if you repay in lumpsum?
By Ostap b | September 23, 2009 4:30 PM