More About Consequences of Cash Withdrawal

Jakarta, 11/08 - Credit cards currently have taken part in social lifestyle, especially in financial transaction management. Credit cards become a favor for its practicality in shopping to ease the card owner for not bringing cash money. Even when their balance is insufficient, they are still able to buy what they want by using the installment method. 

But the card owner is not permitted to withdraw the balance of the credit card in cash, unless they use the cash advance feature on the ATM machine. But somehow, many customers are still eager to do a fake transaction with the merchant, as if they buy something while actually they did that only to withdraw the cash. It was widely known as cash withdrawal (gesek tunai/gestun). 

This method seems very practical and safe to do. But there are many consequences that may be lurking. Here are the risks of cash withdrawal or gestun:

1. Data Breach
Merchants will be able to access customers' private data which is contained in credit cards without approval of card holders. Some information may be stolen such as account information and credit card information.

2. Money Laundry Crime
Cash withdrawal is not the product served by the banks, so any activity that is conducted repeatedly can be categorized as illegal and part of money laundering.

3. Violate Banking Regulations
Cash withdrawal or gestun clearly prohibited since it was categorized as a false transaction and not in line with the regulations. Several regulations that prohibit the activity are Banking Law, Customers Protection Law, and Bank Indonesia Regulation.

4. Trigger The Non-Performing Loan
Increasing credit while not inline with income, customers are at high risk of being unable to repay their credit. Meanwhile, banks are at risk in having the non-performing loan. The customers will have an impact on their credit score, while the bank will be harmed because of their decreased credibility. 

By understanding the risk of cash withdrawal, we already understand our responsibility on each of our transactions. To be remembered that cash withdrawal is not a banking service so every risk that may happen, the bank will not take any responsibilities. Moreover, banks also refuse to assist if there is any loss as the consequences of the invalid transaction. 

Yokke as a payment service provider brings an EDC machine that supports the credit card transaction. All the Yokke’s services are also certified by PCI DSS and PCI PIN to ensure transaction safety. For more information, call our 24/7 HiYokke team at 14021, WhatsApp 0811 40 14021, or email hiyokke@yokke.co.id