Warning letter from the BRSA to banks regarding credit cards! Heavy penalties on the way for those who do...
The Banking Regulation and Supervision Agency (BRSA) has determined that banks are increasing credit card limits by inflating customer income in violation of regulations. It has been announced that administrative and monetary penalties will be imposed on banks that engage in such irregularities.
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In recent years, economic management has introduced various restrictions on credit card usage within the framework of tight monetary policies. However, some banks continue to increase their customers' credit card limits in violation of regulations to bypass these restrictions. According to the legal regulations set by the BRSA, credit card limits should not exceed four times the customer's monthly income. Transactions above this limit are prohibited.
It has been determined that banks are increasing credit card limits by inflating monthly income without the customers' knowledge. Many customers noticed that when they logged into their banks' mobile applications, their income information had been increased without them being asked. This situation leads to an increase in credit card limits.
As reported by Sözcü, the BRSA sent a warning letter to banks following these irregularities. The letter reminded banks that administrative and monetary penalties would be imposed due to fraudulent increases made to customers' income information.