国际英语新闻：After outcry, banks stop charging to count customers' small change

BEIJING, June 7 -- China's bank regulator should improve rules designed to prevent commercial banks from levying charges they are not authorized to make, financial experts said Sunday, after controversy broke out regarding bank charges for counting coins and low-value notes.

The National Development and Reform Commission (NDRC) and the China Banking Regulatory Commission (CBRC) had asked the banks to suspend the charges, according to a statement the CBRC posted Friday on its website.

"The banks will be more careful and take public opinions into account for making charges related to the public interest, and are dedicated to improving their financial services," the CBRC said.

"It is the regulator's fault if its regulations allow the banks to make charges discriminating against customers, most of whom are middle- and low-income people," said Chen Xinhua, a professor of finance at the Shanghai University of Finance and Economics.

"Since the banks charged extra for counting money, should they charge for accounting services, too?" Chen asked.

Agricultural Bank of China (ABC) charged a customer 6 yuan ($0.88) after she deposited 300 1-yuan ($0.15) coins in her account, the Beijing Times reported May 24. Many other reports later revealed the same practice at commercial banks in other cities, which drew widespread attention and public criticism.

ABC customer service said that the bank started the charge on April 1, in compliance with the CBRC's regulations.

The CBRC's regulation on service pricing at commercial banks, issued in 2003, stipulated that the charge for counting small change was not subject to the government's guidance, but rather was a decision to be made by banks themselves, based on market acceptance.

Most of the major banks confirmed Sunday that all their branches and outlets had stopped charging fees for counting small change, in compliance with the CBRC's order.

Customer service representatives with Industrial and Commercial Bank of China, Bank of China, China Construction Bank and Bank of Communications all told the Global Times that the counting service charge was canceled for individual customers but remained for corporate customers at various rates.