Money

Banks asked to be 'self-disciplined' in charging fees

(Xinhua)
Updated: 2010-12-16 10:11

BEIJING - The China Banking Association (CBA) Wednesday asked the country's banks to be self-disciplined in charging for services to customers amid public concerns over various bank service fees.

According to the CBA non-binding guidelines on bank service fees, banks should take their social responsibilities seriously and offer basic bank services to the public, particularly to the poor and disadvantaged groups, at the minimum cost to customers or free of charge.

Banks should give preferential treatment in charging fees for services through their automatic teller machines (ATMs) and e-banking systems, according to the CBA.

The CBA also decided to establish a mechanism to handle complaints from the public about bank service fees.

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According to the guidelines, banks should reduce or suspend annual fees, account management fees for small passbook accounts used for pensions, minimal living allowances to the poorest members of the public, medical insurance, unemployment insurance and housing funds.

In August 2010, the China Banking Regulatory Commission said that it is considering revising the bank service pricing regulation so bank customers might enjoy better services.

China's banking industry has frequently been under the spotlight following public outcries over a series of fee hikes, including charging for counting small banknotes or for registering lost deposit books.

Several Chinese commercial banks, including China's four largest state-owned lenders, also drew criticism from the country's vast bankcard holders after they simultaneously raised their cross-bank same-city ATM withdrawal fees in July this year.