Please note that that is not a credit arrangement. If your security (the money on deposit) exceeds the line of “credit” then it is not really credit. I would imagine that the terms of the agreement state that any monies held with the bank in your name can be applied against all and any outstanding debt owed to the bank.
What I think want to be talking about here is an unsecured credit card. The fact is, in the case of a credit card secured with a cash deposit, you are being charged interest to borrow your own money. Insane. Similarly, a credit card guaranteed by a Taiwanese guarantor enables the bank to make a return on a virtually risk-free investment (the only risk is the bankruptcy of the Taiwanese guarantor).
My wife signed up for the E-Sun bank credit card when our whole family signed up for a membership with Alexandra Health Club. After less than one year we were so dissatisfied with the service we cancelled our membership. We not only lost almost 30,000Nt deposit but continued to be billed through the E-Sun bank credit card after we cancelled our membership. We called the bank and tried to refuse the charges only to be told that because the bank had a special relationship the club, they would not let us refuse the charges. We then stopped payment on the Visa card and cancelled the Visa card only to have the bank issue another and make even new charges for the membership of Alexander Health Club. This is not only illegal it is also unethical. I asked some of my students if they heard about this and several of them told me about similiar experiences with both E-Sun bank and Alexander Health Club.
I want to put together a class action suit against both of these institutions, how do I do it? If you have some advice or a similiar experience please post it .
A.
You could start by having your wife report this to the Consumer Protection Foundation and be very insistent that they investigate and do something about it. Sometimes, the CPF are quite good at exposing scandalous practices like this in the media, and they could probably slap a big fine on the bank as well.
And I can understand why all this is happening to foreigners…
I had friends who left the country when they still have debts. Everybody is suffering from their actions. I had no idea how my friends got them in the first place, but because their visa expired, they had to leave the country. But a great way to get those Bose speakers you always wanted but couldn’t afford right?
I don’t understand all these comments about defaulting debtors being justification for not making loans. That is the bank’s business. There is no reward without risk. It is an absolute doddle to run up masses of credit in the UK and USA and then go bankrupt without paying back a penny, whilst maintaining a high standard of life (they don’t put you in jail anymore!) Are the banks in the USA and UK on the verge of collapse ? No. They’re thriving. Consumer credit is in its infancy in Taiwan, and by the looks of it Taiwanese banks havent got a clue.
Is there a single foreigner out there with a genuine credit arrangement i.e. credit extended without any form of security ? I wonder how many Taiwanese enjoy unsecured credit facilities ?
And when the banks go bankrupt because they’ve been lending money to gangsters and corrupt government officials, it is the government that bails them out with our (as taxpayers) money.
But I wonder how many people declare bankruptcy altogether? Thats alot of $$$ for the credit card companies to write off.
…so in return, they charge the suckers with credit cards with high % rates…and other fees they attach fancy names with and when people got the picture, its like what monkey said. Isn’t that whats happening with Japan?
I also have friends who had debts in the US while they were international students there and came back without paying the debts (US$5K-US$20K). Do you guys think they will get arrested if they ever go back even just as tourists? That would’ve found a loop hole if they could just go back and get a new social security number…a whole new identity!
You don’t get arrested for not paying your debts. It’s an entirely civil matter, nothing to do with the police. The last time I checked, personal bankruptcies in the States were a relatively common thing, and it’s getting more popular in the UK. Borrow a load of money, live it up, go bankrupt, and two years later you’re laughing. After six years your credit record will have expired.
I recently opened a new account with the Taiwan Cooperative bank. They are promoting their ‘Combo Card’ at the moment - which is a credit card, cash card and a card that allows you to wire funds at the ATM in one. I applied for the Master Card. They required no guarantor. It took a while for them to process it, however, I got my card without any trouble.
Well there is folks, the answer to all of our credit card problems, he said it, no guarantor! glaikit, what documentation did you have to provide the bank though and which country are you from?
And does anyone know anything about the Taiwan Cooperative Bank?
Yes, I think it would be useful to know (if you’re willing to post it) what industry you work in and how long your ARC was issued for and whether it’s based on marriage or employment. TIA
I am interested to know how one card can be a credit card and an ATM card. Could you explain ?
The documentation they asked for was simply my ARC and passport. I thought they’d ask for tax statements, but they didn’t. My ARC is just a normal one year deal - not married - from the UK. I only wanted the card for the convenience of paying for little things (like tickets etc…) online, so I made clear to them that all I wanted was the most basic card with the lowest spending limit - maybe that made them less wary of me. Hexuan, as far as the credit card working as a cash card - all you do is stick it in the machine, type in your code and out comes the money! (This card is quite good in that you can use it at the machines of any banks and they don’t charge you that little NT$7 service charge).
Can you use it abroad ? If it’s a MasterCard I would assume you can. It sounds ideal. All I would want a card for is buying stuff off the net, and guaranteeing the very occaisional hotel or flight booking. You can’t rent a car in most places without one either, although I suppose a UK card would do just as well, but then you have to write a UK cheque to pay it off and put funds in your UK account to cover the cheque. What a hassle. I used to do that and you got hit for transferring the money to the UK, then a forex charge on the card for the transaction, and then the hassle of having to post a cheque to the UK every month.
I’m curious to know if your billing address (the mailing address as appears on your credit card statements) is in Chinese or in English, and if it’s the former, have you ever successfully been able to purchase anything online with that credit card?
Usually, billing address verification is necessary for online purchases so, how would that work if your billing address is in Chinese characters?
Also, is your name on the card itself in English? (I assume that it is, but do locals also have an English name or a Chinese name on the card?)
Finally, are you (cardholders of Taiwan-issued credit cards) able to access your credit card account summary/history online?
My billing address is in Chinese. I use my Taiwan credit card for websites in Chinese, but my UK credit card for those that require an English address. I’ve had no problems buying things online this way. The name on my credit card is in English. My girlfriend tells me that as far as local people are concerned the name can be in Chinese or English. The bank told me I would be able to check my summary/history online but I haven’t been able to figure out how yet, anyway, it’s easy enough to do by phone.
[quote=“Christine”]I’m curious to know if your billing address (the mailing address as appears on your credit card statements) is in Chinese or in English, and if it’s the former, have you ever successfully been able to purchase anything online with that credit card?
Usually, billing address verification is necessary for online purchases so, how would that work if your billing address is in Chinese characters?
Also, is your name on the card itself in English? (I assume that it is, but do locals also have an English name or a Chinese name on the card?)
Finally, are you (cardholders of Taiwan-issued credit cards) able to access your credit card account summary/history online?[/quote]
My billing address is in Hanyu Pinyin, not English, i.e. Huqian Street, not “Lakefront” Street. It used to be written in Chinese characters, but when I moved, I gave them the romanized version for my new address . I never had difficulty using it to buy from Amazon in any case.
I am not able to access my credit card info online for either my Standard Chartered VISA, nor for my American Express Card. They do have a good customer servce hotline where I can ask about my balance and recent transactions, though.
