TODAY’S – Updated banking regulations likely to be quashed

Updated banking regulations likely to be quashedA recent Banking Regulation and Supervision Agency (BDDK) regulation that updates banking transaction fees is exploiting consumer dependency and some parts of the regulation are bound to be canceled by the Council of State, according to Consumers Association (TD) President AydIn AIaoIlu.The BDDK released the new regulation on Thursday.

Issuing a list that shows which operations are to be charged and which are not, the agency specified the fees. However, it turned into an issue when it became clear that banks would be able to charge for the most basic operations.

AIaoIlu stated in his remarks that the current draft should not be accepted as it is since there are numerous loopholes in it. He also mentioned that some illegal transaction fees, which banks had been charging customers before, had now been legalized.

According to the BDDKand#39s new regulation, 20 specific operations are counted as chargeable and 26 as not chargeable. While the petition for granting no debt letters and virtual credit cards have been announced to be free-of-charge transactions, operating fees for credit cards are, officially, chargeable by banks hereupon.

SOURCE: Today’s Zaman