Customers and banks obligated to behave responsibly

A Chinese traveler shows her credit card jointly issued by the Shanghai Pudong Development Bank and Citibank. [Photo/China Daily]

A credit card user in Guangdong province, South China, found the amount he unwillingly owed a bank had soared from 9 yuan ($1.3) in 2008 to 9,350 yuan now. Beijing Youth Daily commented on Wednesday:

The increase in the amount Li owed a bank over the last nine years is dramatic, but it pales into insignificance beside the amount he will owe in another nine years if he doesn't pay back any of what he now owes.

If he delays paying off the 9,350 yuan for another nine years, he will then have to pay back 9 million yuan.

Li claims that he didn't know the bank card he applied for several years ago was a credit card and he did not realize he had overspent on it by 9 yuan nine years ago. Later he lost the card and applied for a new one. However, he received no warning from the bank that he owed money on the card he had lost.

There are two points worth reflecting on. First, although as an adult, Li should be responsible for checking the status of any bank accounts and cards he might have, he should also have received reminders from the bank about his situation.

Second,whether or not the bank is entitled to charge Li this large a penalty is debatable. Banks were granted the right to charge longstanding interest on loans according to the law on bankcard management introduced in 1999.However, on Jan 1 this right will be canceled according to the most recent notice from the central bank.