Published — November 10, 2021
The following post does not create a lawyer-client relationship between Alburo Alburo and Associates Law Offices (or any of its lawyers) and the reader. It is still best for you to engage the services of your own lawyer to address your legal concerns, if any.
Also, the matters contained in the following were written in accordance with the law, rules, and jurisprudence prevailing at the time of writing and posting, and do not include any future developments on the subject matter under discussion.
After reading Confidentiality of Information of The Credit Card Holder, read also Credit Card Issuers Charging Interest Arising From Non-Payment Of The Outstanding Balance
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Credit card issuers shall keep strictly confidential the data on the cardholder
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An information pertaining to the credit card holder may disclosed with his consent
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The recipients of information pertaining to the credit cardholder is likewise bound to preserve the confidentiality of cardholder data
Credit card issuer refers to a bank or a corporation that offers the use of its credit card. Bank, their directors, officers, employees and agents shall keep strictly confidential the data on the cardholder.
Is there an instance where confidential data of a cardholder may be disclosed?
The law says:
The confidential data of a cardholder may be disclosed under the following circumstances:
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When disclosure of information is with the consent of the cardholder, which shall be stipulate in the application forms, the credit card contract or agreement, or any manner allowed by applicable laws, rules and regulations;
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Upon orders of a court of competent jurisdiction or any government office or agency authorized by law, or under such conditions as may be prescribed by the Bangko Sentral Monetary Board;
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When the cardholder information is released, submitted or exchanged with credit information bureaus, industry associations, card associations or payment networks;
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When disclosure to third party service providers is necessary for the sole purpose of assisting or rendering services to the bank in enforcing its rights against the cardholder;
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When the disclosure to third parties such as insurance companies is necessary for the sole purpose of insuring bank cardholder default or other credit loss, and the cardholder from fraud or unauthorized charges; and
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When the disclosure to third parties is the purpose of investigating fraud or unauthorized activities or mitigating risk involving card issuance, use and acquiring.
Note that the recipients of the information described in letters “a” to “f” above shall likewise be bound to preserve the confidentiality of cardholder data. The disclosure of cardholder information by banks to third parties shall be subject to applicable laws, rules and regulations on data privacy.
May a cardholder cancel or terminate his or her credit card account with any bank anytime? A related article will be posted in a few days.
Alburo Alburo and Associates Law Offices specializes in business law and labor law consulting. For inquiries regarding illegal dismissal, you may reach us at info@alburolaw.com, or dial us at (02)7745-4391/0917-5772207.
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