Banks to cancel 34 service fees
By Zhang Fengming |
March 15, 2011, Tuesday
|
Print Edition
Print Edition
CHINA yesterday ordered banks to drop fees on 34 basic services including opening accounts and resetting passwords from July 1.
The People's Bank of China, the China Banking Regulatory Commission and the National Development and Reform Commission jointly issued a note yesterday, asking lenders to make 34 retail banking services free.
Banks said they will follow the request and clarify service charges.
Customers have long complained about lengthy wait times in branches and various service fees.
Services like changing bank card passwords, opening and closing accounts and bank book replacement will be free, the authorities said.
Banks will also drop charges on deposits, cash withdrawals and transfers within the bank card's issuing city, according to the note. Fees for credit cards would still be applicable, the note said.
Remittance to charity accounts for disaster relief will also be free of service charges.
Banks are required to clearly disclose charges. For example, banks are banned from charging fees for short-message services that notify clients of account information unless authorized by customers.
The public has forced changes to banking fees in the past. In April 2007, the fees were dropped on cross-bank inquiries at ATMs.
Service charges vary among banks. At most banks, if a client has a certain balance, fees for many services will be waived.
The People's Bank of China, the China Banking Regulatory Commission and the National Development and Reform Commission jointly issued a note yesterday, asking lenders to make 34 retail banking services free.
Banks said they will follow the request and clarify service charges.
Customers have long complained about lengthy wait times in branches and various service fees.
Services like changing bank card passwords, opening and closing accounts and bank book replacement will be free, the authorities said.
Banks will also drop charges on deposits, cash withdrawals and transfers within the bank card's issuing city, according to the note. Fees for credit cards would still be applicable, the note said.
Remittance to charity accounts for disaster relief will also be free of service charges.
Banks are required to clearly disclose charges. For example, banks are banned from charging fees for short-message services that notify clients of account information unless authorized by customers.
The public has forced changes to banking fees in the past. In April 2007, the fees were dropped on cross-bank inquiries at ATMs.
Service charges vary among banks. At most banks, if a client has a certain balance, fees for many services will be waived.
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