Member banks of the China Banking Association (CBA) have agreed to waive fees for inter-bank ATM inquiries, ending the disputed charges which have led to lawsuits since they came into effect in June last year. The association’s 39 member banks include China’s big four state-owned lenders and major commercial banks.

Though the charges on inter-bank ATM inquiry were not in conflict with China’s pricing laws or rules covering bank services, commercial banks agree to waive the fees because of the market response, said the association.

Major commercial banks allying with the China UnionPay started to charge such fees since June 2006, aiming to cut costs and to “avoid the waste of resources”. However, the charges led to widespread unsatisfaction and the disputes between cardholders and banks also went to count last year. ( Shanghai Daily )

• Bank fees raise concern, govt grapples for resolution
• Banks to Charge for ATM Enquiries
• DVP Settlement Provided in National Inter-bank Bond Market
• Yahoo-eBay War Rages in China
• HSBC Joins Hong Kong’s Euro Clearing System
• Longtop to Upgrade the Clearing Center Operation System for a Big Four Bank
• Banks Fight Over Credit Card Market
• UnionPay Adds 10 Million Credit Cards in 6-month