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Regulator fines top banks for illegal charges
By Feng Jianmin |
August 18, 2011, Thursday
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Online Edition
Online Edition
THREE major commercial banks in China were fined millions of yuan for illegally charging customers on registering lost passwords, China's top price authority said today
CITIC Bank and the Industrial Bank were fined 2 million yuan while the Postal Savings Bank of China was fined 1.8 million yuan for charging clients fees for registering the loss of their bank record booklets and debit card passwords as late as July 13.
These service fees were cancelled on July 6, when China's major commercial banks issued an emergency notice asking their branches around the country to stop charging clients for registering lost passwords.
The cancellation order came after state authorities required China's commercial banks to abolish a total of 34 service charges starting on July 1. But many branches still required clients to pay, sparking a public backlash, media reports said.
CITIC Bank and the Industrial Bank were fined 2 million yuan while the Postal Savings Bank of China was fined 1.8 million yuan for charging clients fees for registering the loss of their bank record booklets and debit card passwords as late as July 13.
These service fees were cancelled on July 6, when China's major commercial banks issued an emergency notice asking their branches around the country to stop charging clients for registering lost passwords.
The cancellation order came after state authorities required China's commercial banks to abolish a total of 34 service charges starting on July 1. But many branches still required clients to pay, sparking a public backlash, media reports said.
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