Banks cancel charges for registering loss of password
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Shanghai Daily, July 7, 2011
China's major commercial banks issued an emergency notice yesterday, asking their branches around the country to stop charging clients for registering loss of password of bankbook and debit card, the Yangtze Evening News reported.
The cancellation order came after state authorities required China's commercial banks to abolish 34 service charges starting July 1, according to the report.
It has been a long tradition that domestic banks charge clients 10 yuan (US$1.55) if he or she lost password of bankbook or debit card and wanted to register with banks about the loss to ensure account safety.
Though banks have cancelled charges for resetting password of bankbook and debit card, many still required clients to pay for registration of password loss before resetting it, which was challenged by the public, the report said.
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