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Explanation to the Issue, Whether A Bank’s Issuance of a Student ID Card, with the Stored-value Function, Is an Item Restricted by the Order of the Financial Supervisory Commission, Jin-Kuan-Yin-(3)-Zi-0938011932 Dated on November 23, 2004
Issuing Agency: Financial Supervisory Commission, Executive Yuan
Date of Issue: June 15, 2007
Ref. No.: Jin-Kuan-Yin-(4)-Zi-09600169280
Subject: The explanation set out below is the response with respect to the enquiry on the case, whether a bank’s issuance of a student ID card, with the stored-value function, is an item restricted by the order of the Financial Supervisory Commission, Jin-Kuan-Yin-(3)-Zi-0938011932 dated on November 23, 2004. Kindly acknowledge receipt of this letter.
Explanation:
1. This letter is a response to your letters, Tai-Shin-Tsung-Jin-Liu-Tzu No. 09500003841 dated on November 3, 2006, 09500004350 on December 21, 2006, and 09600000172 on January 22, 2007.
2. A bank’s issuance of a student ID card, with the stored-value function, shall not be restricted by the abovementioned order stipulated by the Commission. Banks shall not only handle issuance of student ID card, with the stored-value function, pursuant to related provision such as the “Consumers Protection Act”, the “Computer Processed Data Protection Act”, “The Banking Act of The Republic of China” and the “Regulations Governing Approval of the Issuance of Stored Value Cards by Banks”, but they shall also comply with the following provisions:
(1) The type of the co-issuer with banks shall be restricted to colleges and universities.
(2) Banks shall respect students’ will and allow them to decide whether they want to apply for student ID cards, with the stored-value function (a student under the age of 20 shall still obtain the consent of a legal representative or guardian).
(3) Banks shall not sell other financial products such as credit cards, cash cards or credit loans to students or adopt cross-selling of the said financial products on students, even if they obtain the student information due to the issuance of stored-value cards.
To (The Original): Taishin International Bank Co., Ltd.
To (Copy): Consumer Protection Commission, Executive Yuan (Taiwan); Ministry of Education; the Bankers Association of the Republic of China the National Federation of Credit Cooperatives R.O.C.; Banking Bureau, Financial Supervisory Commission, Executive Yuan, R.O.C. |