China's national economic planner is paying close attention to the recent increase in ATM withdrawal fees. The National Development and Reform Commission says a prudent approach is required.
Despite the fee hike being legal, the commission notes commercial banks should fully consider China's current situation. Public and clients' opinions should also be taken into account before price adjustments are set. The commission is drafting a guideline for commercial banks' pricing system.
Sources say service fees closely related to public usage may be canceled. The current service price management for commercial banks was released in 2003. It gives commercial banks the right to set service fees at their discretion.