Customer right to question bank charges
A BEIJING-BASED NEWS ANCHOR recently sued a local branch of China Construction Bank, a year after the bank charged him 300 yuan ($43) 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.
