Posts tagged Credit Cards

In their constant pursuit of recovering dues from credit card customers, banks are empowering themselves with a tool that allows them to ask employers to deduct the outstanding amount from the salary. Employees who may have defaulted on payment, however, cannot object to this deduction of dues at source, according to the new clause introduced in the ‘terms and conditions’ by the country’s largest private sector lender ICICI Bank and expected to be adopted by others as well. Such deductions will be remitted to the bank and will continue till the entire dues are recovered. The deductions shall be of such amounts, and to such extent, as ICICI Bank may communicate to (and instruct) the card holder’s/card member’s employers,” says the revised terms and conditions of the bank.