Chinese banks are among the most profitable in the world - shrugging off the global economic slump to achieve profit growth of 40 to 50 percent last year. Most of that came from rate margins, but there was another source, which has Chinese customers up in arms. Service fees now cover thousands of items, and the government is taking notice too.
China’s major banking and economic regulatory bodies are collecting feedback from the public on a controversial topic - bank service fees, which many say have run wild over the last decade.
From 2003 to 2012, service charges at Chinese banks have been increased 10 times. Those fees now cover 3 thousand items, from just 300 items less than a decade ago. They include charges for getting a debit card, and a 1 percent withdraw fee for your own bank’s ATMs in other provinces. While it’s proved lucrative for Chinese banks, residents are not pleased.
Tianjin resident said: "Whenever I go back to my home town in another province, the banks charge me withdrawal fees. Every year I pay several hundred yuan in these fees."
Last year government has ordered banks to cut back on 34 service fees, but banks made up for them by creating other fees.
Tianjin resident said: "I had a card that had less than 100 yuan in it, but I didn’t use it for several years. The bank charged me fees without notifying me, and my balance now is 0."
But banks say it doesn’t matter whether customers use their cards or not -- they still have to pay fees.
ICBC staff in Beijing said: "Yes, as long as you opened an account, you have to pay 10 yuan in annual fees. And even if you never use it, fees would still be deducted."
China Merchants Bank staff in Shanghai said: "Every city has different account management fees. In some cities, if your card doesn’t have a minimum 10 thousand yuan inflow every month, they charge a 5 yuan management fee each month."
Chinese banks are among the most profitable in the world. In the first three quarters of 2011, Chinese banks earned 80 percent of their income through interest rate spreads - an amount that analysts say is more than enough to keep business running. Yet, the controversial fees have not been eliminated.
vivi笔记：
economic slump：经济不景气
rate margins：利润率
service fees：服务费
regulatory bodies：监管机构
run wild：失控；暴涨
service charges：服务费
debit card：借记卡
withdrawal fees：取款手续费
annual fees：年费
China Merchants Bank：招商银行
management fees：管理费
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