Bloomberg News

China Regulator Drafts Plan to Regulate Fees on Banking Services

February 13, 2012

Feb. 13 (Bloomberg) -- China’s government may require banks to get approval of changes to customer fees at least 30 days in advance as regulators seek to control charges on banking services.

Banks would also be required to notify the China Banking Regulatory Commission, the People’s Bank of China and the National Development & Reform Commission at least 15 days before introducing new fees, the three agencies said in a joint statement on Feb. 10. They are seeking public feedback on the draft by March 20.

Chinese bank customers, who face charges for services including using ATMs outside their home city and changing their Internet passwords, are becoming less loyal to their lenders, the Wall Street Journal reported today.

Banks should disclose fees at their branches and on websites, according to the statement.

--Editors: Nathaniel Espino, John Liu

To contact Bloomberg News staff on this story: Jun Luo in Shanghai at jluo6@bloomberg.net

To contact the editor responsible for this story: Chitra Somayaji at csomayaji@bloomberg.net


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