BEIJING, Nov. 28 -- The consumers' rights watchdog in Shanghai yesterday urged banks to lower fees for trans-bank deposits and withdrawals.

Consumers have been complaining about the charges since the business started last week, said the Shanghai Commission of Consumers' Rights and Interests Protection.

At present, trans-bank deposits or withdrawals cost one percent of the total sum or a minimum of 10 yuan (1.3 U.S. dollars) and a maximum of 200 yuan - no more than 20,000 yuan can be involved in each transaction.

The banks' response to complaints was that the fee was composed of three parts: paying the central banks for using the trans-bank pay system; the bank's own system maintenance; and the loss of clients.

The commission said the usage fee of trans-bank pay system should not be passed on to customers, while the agent fee among commercial banks should be assumed by banks themselves.

"We believe the universal deposit and withdrawal is a good policy, but the high procedure fee has left it flawed, and not in line with the policy's original intention," said Lu Xueqin, an official with the commission.

(Source: Shanghai Daily)

Central bank unveils trans-bank system

BEIJING, Nov. 20 -- The People's Bank of China launched a trans-bank system for small-amount payment on Monday. The first batch of 14 banks in Beijing will apply this system in succession, according to the Beijing Morning Post.

After signing contracts with account banks in advance, with a 12-digit payment bank code, clients can deposit, withdraw or transfer small sums of money amongst outlets of banks participating in this program.

Clients also need to pay certain fees for small-amount transactions. However, the charge varies among banks. Full story