Shanghai's consumer interest protection association yesterday challenged the city's traffic card company on the use of its millions yuan stash from card deposits, local media reported.
Shanghai Commission of Consumers' Rights and Interests Protection yesterday issued a public statement to urge the Shanghai Public Traffic Card Co Ltd to release the handling of about 345 million yuan (US$ 44 million) in deposits from the traffic cards.
The public traffic card company issues the city's 15 million public transport cards and charges 30 yuan as a deposit for each card. The card can be used on local Metro lines, taxis, ferries, some parking lots and almost every bus. Consumers can get the deposit back once they return the card to the company.
It's the responsibility of the company to explain how their using the deposits, according to China's Law of Consumer Rights and Interests, the commission said.
"The company is now holding at least 345 million yuan in deposits," said an official with local consumer rights protection committee. "Therefore, it receives an annual interest of 13.11 million yuan on a yearly bank interest rate of 3.8 percent."
The reports quoted an insider saying that the cost of each public transport card is seven yuan.
"The company should give its users a reason for the deposit charge and clearly list the use of this sum of money," Zhao Jiaoli, general secretary with the commission, said. "Otherwise, the 30 yuan charge should be reduced.
"We are all looking forward to the company's response," Zhao said.
By Gu Jia
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Director: Liu Chi