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English>>China Business

Call for cut in bank charges

By Chen Yang (Global Times)

08:25, August 28, 2012

Beijing Consumer Association called on government bodies Monday to cancel some unreasonable charges by commercial banks in order to protect consumers' interests.

The association wrote a letter to the National Development and Reform Commission, the China Banking Regulatory Commission (CBRC) and the central bank Monday, lobbying them to order commercial banks to cancel some unfair charges such as punitive interest rates on overdue credit card payments, management fees for small-sum personal banking accounts, as well as transaction fees for non-local withdrawal of pensions.

The suggestions are based on 373 feedback comments from consumers submitted between May 21 and July 1.

"It's the first time for a consumer association to publicly criticize unreasonable bank charges," Dong Zhengwei, a lawyer at Beijing Lianggao Law Firm, told the Global Times.

Dong said opaque and unfair charges have been a major source of public complaints regarding the country's banking sector for years, but there are only a few laws and regulations for the protection of consumer rights in the area of financial services.

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