before, due to the lack of clear legal basis, the bank card industry could only impose soft penalties on cashing merchants, such as taking back POS machines and stopping transactions, and it has always lacked effective means to effectively curb the spread of cashing behavior from the source.
The state judicial organs have also taken some measures to cash out credit cards:
If the circumstances are serious, they should be convicted and punished for the crime of illegal business according to the provisions of Article 225 of the Criminal Law.
If the amount of the acts mentioned in the preceding paragraph is more than 1 million yuan, or if the funds of financial institutions are overdue for more than 2, yuan, or if the economic losses of financial institutions are more than 1, yuan. If the amount is more than 5 million yuan, or if the funds of financial institutions are overdue for more than 1 million yuan, or if the economic losses of financial institutions are more than 5, yuan, it shall be deemed as "the circumstances are particularly serious" as stipulated in Article 225 of the Criminal Law.
if the cardholder maliciously overdraws in the above way for the purpose of illegal possession and should be investigated for criminal responsibility, he shall be convicted and punished for the crime of credit card fraud in accordance with the provisions of Article 196 of the Criminal Law.