|
Seoul YWCA
Bank charges vary greatly, increasing consumers’ burden
Consumer Information Center, Seoul YWCA (Chair Kim Suk-hui) surveyed the bank charges which have risen lately, to compare them among the banks. Consumer discontent continues to rise as the bank interest continues to decline, meanwhile, their burden continues rising as the banks increase their charges.
Furthermore, the service fees vary from one bank to another. They further vary within a bank, depending on transactions between its own branches, with other banks, before or after the bank hours, or their methods - either by CD/ARMR, Internet or tele-banking. Therefore, it is very difficult for the consumers to compare the fees for inter-bank account transfers or deposit withdrawals from one to another bank.
Thus, the consumers need to make efforts to carefully compare the fee systems when they use various bank services. The current survey intends to present means to improve or address problem areas by checking the current fee rates charged by the banks. This survery also intends to provide the consumers with bank fee information, by calculating the fees for transfers and withdrawals for increments of 100,000 won, so that the consumers may select a bank after checking the service fees first.
ㅁSurvey Period: 1 ~ 15 October 2004
ㅁBanks surveyed:
17 banks across the nation (Kyongnam, Kwangju, Kookmin, Kiup, Nonghyup, Daegu, Pusan, Suhyup, Shinhan, KEB, Woori, Jeonbuk, SC first bank, Jeju, CHB, Hana and Hanmi)
ㅁSurvey details:
Survey fees for bank services the general consumers use most often for increments of 100,000 won
① Teller online remittance fee – Remittance to same bank or other bank accounts
② CD/ATM use fees – Cash withdrawal; Remittance to same bank or other bank accounts
③ Tele-banking remittance fees
④ Internet-banking remittance fees
ㅁSurvey outcome
The fees vary greatly depending on transactions between a bank’s own branches, with other banks, before or after the bank hours, or their methods - either by CD/ARMR, Internet or tele-banking. It was revealed that the bank fees for same service vary up to twice as high between banks.
▶ Information: Secretary Choi Eun-ju, Consumer Environment Department (Phone 3705-6065)
| 
