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Chinese banks expected to charge fees for ATM account inquiries

September 6, 2006

China Knowledge: Chinese banks are expected to start charging bankcard holders for account inquiries made at ATMs not owned by the card-issuing bank. The fees are expected to start June 1. According to the report, commercial banks with an alliance set up with China Union Pay, will charge RMB .30 (U.S. 4 cents) for each trans-bank ATM inquiry. China Union Pay said that the bankcard system operator and banks have agreed to charge fees for the service of inter-bank account inquiry in order to cut costs.

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