Banks to pay 5 million lira fine for unfair fees

ISTANBUL - Anadolu Agency

The government has toughened the stance against “undeserved fees” charged by banks on customers in the new Customer Rights Code, Customs and Trade Minister Hayati Yazıcı has said. The move is being seen as an attempt to avert criticism that the government has made changes in the draft benefiting banks.

The penalty charged on the banks that violate the article will be 5 million Turkish Liras.

“Under the new code, particularly in banking transactions, the customer can’t be asked to pay any additional fees unfairly,” Yazıcı said, explaining the new code.

The code that was passed into law at Parliament on July 7 strictly blocks banks from demanding fees under several different names such as “credit card membership fee,” “account maintenance fee,” The code also obliges all banks to offer a fee-free credit card that customers can use only for shopping.