Han Ximin

SHENZHEN residents are now able to deposit and withdraw money from banks they don’t have an account with, after some city banks started offering trans-bank services yesterday.

The Shenzhen-based China Merchants Bank confirmed that all its branches in China had begun to offer the services yesterday. The Shenzhen branches of banks such as Minsheng and Huaxia are also offering the services.

The Shenzhen branches of large State banks such as the Industrial and Commercial Bank of China said they would soon open trans-bank services for small sums, but did not specify when.

Residents can use the services after notifying the bank or banks with which they have accounts. They will be charged commissions, which vary among banks.

Customers availing of the trans-bank services will be able to deposit, withdraw or transfer small sums of money — up to 20,000 yuan (US$2,695) — at any outlet of the banks offering the services.

According to a circular from the People’s Bank of China, trans-bank services will facilitate automatic money transfers as well as nationwide deposits and withdrawals at different banks.

Banks have been allowed to charge their own fees for trans-bank services.

China Merchants Bank charges 0.1 percent of the total transaction amount for transactions in the same city, with a minimum of 3 yuan and maximum of 50 yuan. For transactions between cities, the bank charges 0.5 percent of the total transaction amount, with a minimum of 10 yuan.

Other banks charge higher commission amounts. For example, Bank of China charges 1 percent of the transaction amount.

“The cross-bank deposits and withdrawals is not only more convenient for clients, it also benefits banks and lifts the overall reputation of financial institutions,” Li Xiaohong, a manager with China Merchants Bank, said yesterday.

Some residents interviewed yesterday said the bank charges were too high, except China Merchants Bank.

“If I go to Bank of China to withdraw 10,000 yuan with an account book of other banks, the bank will charge me 100 yuan,” said a resident surnamed Zhang. “I would rather open a new accout in the bank or going to the opening bank than give 100 yuan to the bank.”

But some residents said the service would divert customers from larger banks to smaller ones, which are less crowded.