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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
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