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.
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