Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

4-Traders Homepage  >  Equities  >  SINGAPORE EXCHANGE  >  Oversea-Chinese Banking Corp. Limited    OCBC   SG1S04926220

SummaryChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector news 
The feature you requested does not exist. However, we suggest the following feature:

Mastercard : Banks credit card scheme could help California Fitness clients get refunds

share with twitter share with LinkedIn share with facebook
share via e-mail
0
07/25/2016 | 06:05pm CEST

A little-known clause called the chargeback scheme may offer a recourse for some California Fitness customers seeking refunds following the fitness chains closure.

Offered by credit card companies like Visa, MasterCard and American Express, the scheme allows cardholders to claim money back if the goods and services they paid for do not arrive or are faulty or if the merchant has gone bust.

Three out of five banks contacted by TODAY said those who have used their credit cards to buy California Fitness packages are entitled to refunds, subject to varying caveats and administrative requirements.

Affected customers holding OCBC Bank credit cards will have to submit a credit card dispute declaration form along with a copy of their membership contract and credit card statement displaying the transaction with California Fitness.

OCBC Bank will then help them raise a dispute through Visa/MasterCard to the merchants bank under services not rendered, said a spokesperson.

While the chargeback amount is limited to the time frame of services not yet utilised, those with lifetime memberships are entitled to a full refund, he added, as it is not possible to gauge each customers lifetime accurately.

For Citibank cardholders, there is a 120-day limit on claims, starting from the day of transaction. Cardholders requesting chargeback must also satisfy requirements such as providing the bank with relevant documents, it said.

DBS said its cardholders are entitled to chargebacks in most cases, if less than 18 months have passed since the day they entered into a contract.

DBS customers who have taken up instalment plans, however, are to seek recourse with the Small Claims Tribunal.

In its latest advisory on the episode, the Consumers Association of Singapore (Case) urged affected customers to ask for chargebacks, but said this applied only to those with month-to-month membership packages.

Consumers who have purchased pre-paid or fixed-term membership should note that they may still be liable to make monthly repayments to the bank if the bank had already paid California Fitness in full, said Case.

There are currently no regulations here governing chargeback protection. The Association of Banks and the Monetary Authority of Singapore do not have guidelines for disputed credit card transactions.

Chargebacks are often internal arrangements administered to varying extents by different financial institutions, noted Dr Gary Low from the Singapore Management Universitys School of Law. It all boils down to the allocation of risk, he said.

While I believe consumers ought not to bear the risk of liquidation especially when not told to them, I also wonder whether it should instead fall on the shoulders of credit providers.

He pointed to foreign jurisdictions such as the United Kingdom, which has legislated that both the bank and the merchant are liable if things go south in consumer transactions.

Under the UKs Consumer Credit Act, the credit provider is jointly liable with the retailer for faulty or undelivered purchases, provided the product or service costs between 100 and 30,000.

Lawyer Daniel Chia from Morgan Lewis Stamford said chargebacks are a good idea because they pass risk on to parties best suited to bear the risk, such as financial institutions: Thats what regulators should be looking at to minimise public harm.

One customer, who wanted to be known only as Jeremy, hopes that more can be done to help customers left in the lurch,

To say caveat emptor isnt very fair because that depends on whether you have the information needed to assess the risk, he said.

Up to the point it closed down, California Fitness was still coming up with all sorts of promotional activities ... And you have banks coming in to offer plans that waive admin fees. That just induces people to sign up.

Banks have played a significant role in offering packages and facilitating California Fitness schemes, said the 28-year-old lawyer, who paid around S$4,000 for a year-long membership and physical training sessions at the Novena outlet about one month before it shut.

(Banks) cannot have their cake and eat it, where you just collect the fees without taking responsibility for the marketing activities, he said.

I hope the banks do something that is right and, going forward, that MAS steps in because quite clearly, this forms a significant part of unsecured credit, which it really needs to regulate.

(c) 2016 Cihan News Agency. All right reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on OVERSEA-CHINESE BANKING CO
07/25 MASTERCARD : Banks credit card scheme could help California Fitness clients get ..
07/15 OVERSEA CHINESE BANKING : Abbank signs distribution agreement with fwd in vietna..
07/14DJTrading Outage Deals Another Blow to Singapore Exchange's Reputation
07/01 OVERSEA CHINESE BANKING : Increase in Shareholding in Great Eastern Holdings Lim..
06/21 OVERSEA CHINESE BANKING : FWD acquires Vietnamese insurer
06/19 OVERSEA CHINESE BANKING : After engineering centre, dbs bank to start innovation..
06/08 OVERSEA CHINESE BANKING : Fwd group to enter vietnam
06/07 Singapore's life insurer Great Eastern exits Vietnam
06/07 OVERSEA CHINESE BANKING : FWD secures regulatory approval to acquire Great Easte..
06/02DJBank of East Asia Plans Layoffs, Closures
More news
Sector news : Banks - NEC
04:46pDJNew UniCredit CEO Shakes Up Bank's Top Ranks
04:38pDJUNICREDIT : New Unicredit Chief Shakes Up Bank's Top Ranks
04:20p HSBC : Swiss to pass information on HSBC accounts to U.S. tax agency
03:56pDJKEYCORP : Profit Falls on Merger-Related Expenses
02:47pDJUNICREDIT : Italy's UniCredit Unveils New Organizational Structure
More sector news : Banks - NEC
News from SeekingAlpha
2015 DBS Group Gives You What You Pay For
Advertisement
Financials ( SGD)
Sales 2016 8 736 M
EBIT 2016 4 759 M
Net income 2016 3 634 M
Debt 2016 -
Yield 2016 4,08%
P/E ratio 2016 10,14
P/E ratio 2017 9,83
Capi. / Sales 2016 4,25x
Capi. / Sales 2017 3,99x
Capitalization 37 115 M
More Financials
Chart OVERSEA-CHINESE BANKING CO
Duration : Period :
Oversea-Chinese Banking Co Technical Analysis Chart | OCBC | SG1S04926220 | 4-Traders
Full-screen chart
Technical analysis trends OVERSEA-CHINESE B...
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral
Technical analysis
Income Statement Evolution
More Financials
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 22
Average target price 9,17  SGD
Spread / Average Target 3,6%
Consensus details
EPS Revisions
More Estimates Revisions
Managers
NameTitle
Samuel Nag Tsien Group CEO & Non-Independent Executive Director
Sang Kuang Ooi Chairman
Wei Hong Ching Chief Operating Officer
Siew Peng Tan Chief Financial Officer & Executive Vice President
Khiang Tong Lim Head-Group Operations & Technology
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
OVERSEA-CHINESE BANKIN..0.00%27 339
WELLS FARGO & CO-11.48%244 308
JPMORGAN CHASE & CO.-3.27%233 551
INDUSTRIAL AND COML BA..-6.55%222 242
CHINA CONSTRUCTION BAN..-13.15%173 029
BANK OF AMERICA CORP-14.62%147 607
More Results