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ICBC raises charges on 20 banking services

THE Industrial and Commercial Bank of China will raise its charges on 20 personal financial services, including trans-regional savings, withdrawal and foreign currency remittance services.

The country's biggest bank said on its Website that fees on trans-regional deposits or cash withdrawal will go up from 50 yuan to 100 yuan (US$14.64) per service. It didn't say when the new charge will take effect. The Shanghai branch of the bank said yesterday it is awaiting the notice from its Beijing headquarters on the schedule of the new charges.

Opening an account in Shanghai and depositing money in Beijing is one example of trans-regional activities.

"The purpose of the fees adjustment is to control costs and improve services," the bank said on its Website.

ICBC raised charges on 20 services and cut fees on three services, such as self-service transactions. The fee for reporting a lost foreign exchange remittance and charges on deposits and loan certificates were raised from 20 yuan to 50 yuan.

Customers using online banking services such as fund transfers between accounts will get a 10 percent fee cut as the bank wants to discourage visits to the counters.


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