Banks Face Rules On Service Fee Calculation

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The Bank of Thailand will introduce guidelines on service fee calculation by all financial institutes in the third quarter this year, said central bank’s assistant governor Thanyanit Niyomkarn, adding that it will lead to fair and reasonable charges.

 

The guidelines will apply to all service fee types and cover all kinds of customers from major corporate customers to individual customers.

 

She said it might affect banks’ revenues but will create fair treatment of customers and set a standard for the financial industry.

 

Kiatnakin Bank President Philip Chen Chong Tan said the bank was ready to comply with the guidelines.

 

He added that the guidelines are unlikely to affect revenue as it is a small bank.

 

Siam Commercial Bank’s president Apiphan Charoenanusorn believes the guidelines will affect banks but not to the extent that it will lead to zero service fee revenue this year.

 

Naris Sathapholdeja, head of TMB Analytics, said that total service fees of commercial banks last year amounted to Bt191 billion, compared to interest income of Bt480 billion.

 

(Source: – The Nation)

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