The Industrial and Commercial Bank of China's volume of trading via the internet reached Yn1,000bn in the year to June 18, more than five times that of the same period of last year, Xinhua reported. The bank said that it had invested heavily in electronic financial systems and had upgraded its internet banking system four times. Over the first half of this year, the bank signed up more than 11,000 corporate clients for its online banking service, while the number of individual clients online grew by 580,000 to reach 1.9m.
Citibank ends deposit charge Citibank has abolished transaction fees charged to customers in China for US dollar cash deposits, South China Morning Post said. Previously, customers depositing more than US$3,000 in cash were charged 0.25 per cent per transaction. However, fees will still be charged for US dollar cash withdrawals. The new transaction charges are in line with those of other overseas banks in China. Neither HSBC nor Standard Chartered make any charge for cash deposits. Citibank would also continue to levy a monthly maintenance fee of Yn50 on customers with a deposit balance of less than US$5,000.
The bank regulators have said that, by law, domestic banks are not allowed to impose service charges on small account holders, but that the law did not apply to foreign banks operating in China.