‘ABUSING’ CUSTOMERS:Wellington Koo said that the FSC would investigate the reason 15 banks had raised their fees for credit card statements to between NT$50 and NT$100

Taipei Times
Date: Oct 11, 2018
By: Kao Shih-ching  /  Staff reporter

A lawmaker on Monday criticized seven banks’ wire transfer fee increases that they said were needed to offset the costs of heightened money laundering controls, increases that ranged from 25 to 36 percent.

At a meeting of the Legislative Yuan’s Finance Committee, New Power Party Legislator Hsu Yung-ming (徐永明) said that First Commercial Bank (第一銀行) and Taiwan Cooperative Bank (合庫銀行) in June raised their fees for foreign currency remittance services to NT$300, while Chang Hwa Commercial Bank (彰化銀行) and Taiwan Business Bank (台企銀) followed suit in August and this month respectively.

Hua Nan Commercial Bank (華南銀行) announced a fee hike to be implemented next month, while Mega International Commercial Bank (兆豐銀行) and Bank of Taiwan (台灣銀行) this month raised their fees for outward remittances to NT$120, Hsu added.

The seven state-run banks have been abusing their customers with excessive fee hikes, Hsu said, adding that the public should not bear the cost, even if the banks spent money upgrading their money laundering control protocols.    [FULL  STORY]