Banking services top list of complaints
By Zhang Fengming |
May 13, 2011, Friday
|
Print Edition
Print Edition
COMPLAINTS about banking services jumped in the first quarter because more customers expressed their dissatisfaction over individual mortgages which became harder to get due to the central government's tighter monetary policy, the Shanghai banking regulator said yesterday.
The Shanghai Bureau of the China Banking Regulatory Commission received 1,342 complaints in the first three months, a 25 percent increase from a quarter ago.
Customers also complained about credit cards, bancassurance, and banking services charges. One of the main complaints was the long waiting time for individual mortgages to be approved. Another beef for customers was banks' cancellation of mortgage rate discount.
China tightened its monetary policy this year by shifting from moderately easing to prudent.
The government launched its toughest measures to curb speculation in the home market in January by raising the down payment on second homes from 50 percent to 60 percent. Banks are also banned from offering mortgages to buyers of third or more homes.
Also yesterday, the People's Bank of China data showed that mortgages in Shanghai dropped in April as result of the double whammy of housing controls and higher interest rates.
Banks extended 2.1 billion yuan (US$323 million) of housing loans in April, down 2.6 billion yuan from March. They tumbled by 6.3 billion yuan from a year ago.
China has raised its interest rates four times since last October. Loans of more than five years now carry a benchmark rate of 6.8 percent.
The Shanghai Bureau of the China Banking Regulatory Commission received 1,342 complaints in the first three months, a 25 percent increase from a quarter ago.
Customers also complained about credit cards, bancassurance, and banking services charges. One of the main complaints was the long waiting time for individual mortgages to be approved. Another beef for customers was banks' cancellation of mortgage rate discount.
China tightened its monetary policy this year by shifting from moderately easing to prudent.
The government launched its toughest measures to curb speculation in the home market in January by raising the down payment on second homes from 50 percent to 60 percent. Banks are also banned from offering mortgages to buyers of third or more homes.
Also yesterday, the People's Bank of China data showed that mortgages in Shanghai dropped in April as result of the double whammy of housing controls and higher interest rates.
Banks extended 2.1 billion yuan (US$323 million) of housing loans in April, down 2.6 billion yuan from March. They tumbled by 6.3 billion yuan from a year ago.
China has raised its interest rates four times since last October. Loans of more than five years now carry a benchmark rate of 6.8 percent.
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