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Local banks to charge fees for debit cards
16/5/2005 16:35

Rachel Hou/Shanghai Daily news

The local branches of two state-owned banks, the Industrial and Commercial Bank of China (ICBC) and the China Construction Bank (CCB), announced yesterday that they would charge a yearly service fee of 10 yuan (US$1.2) as of July 1 for each debit card, today's Labor Daily reported. Highly-placed sources said more banks would follow suit and the era of free debit cards as a way of promotion is ending.
The new policy will apply to both new applicants and current card holders. As a favorable treatment for existing clients, Industrial and Commercial Bank of China will reward current holders a year-long free service on the condition that all the payments made by the card are more than 1000 yuan (US$120) by June 25.