In the wake of the Satyam scam, the U.S banks and insurance companies have hit the panic button and have cancelled the credit card of almost all U.S.  based Satyam employees.

Last week, employees in the US received a letter from Northwest Federal Credit Union that their credit card accounts had been terminated. In its communication, a copy of which is with ET, the financial co-operative said, “This decision is based upon our reinvestigation and reevaluation of your (employees’) credit information as it pertains to employment.”

A Satyam spokeswoman, however, denied that employees in the US have been asked to return their credit cards. “As a matter of routine, banks re-verify funds and payment arrangements. That is underway now. Requests to return cards has not occurred,” she said in an e-mail statement.

Article Courtesy : Economic times

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