Date
20 October 2017

Banks charging unreasonable, excessive fees, website says

A majority of Chinese banks are charging excessive administrative fees and illegally collecting service payment, news website china.com.cn reported Wednesday, citing the National Development and Reform Commission. The revelations followed inspections on five state-owned banks, 12 joint equity commercial banks and 26 local commercial banks by the country’s top economic planner. It found that a majority of these banks are charging excessive fees on loans and on services that are part of their basic responsibilities. They are also charging for banned items such as management fees for small loans to micro enterprises, the report said. Meanwhile, 64 bank subsidiaries have been fined a combined 825 million yuan (US$135.807 million) for collecting unreasonable charges, it said.

– Contact HKEJ at [email protected]

EL/AC/RA

 

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