Banks raised fees on February 1: EFT, FAST, and credit card annual fees increased

Banks have updated prices for many transaction items. There have been notable increases in services such as EFT, FAST, credit card annual fees, cash advances, and automatic bill payment commissions. While banks charge certain rates for the services they provide, it is known that these costs increase annually in line with consumer inflation (CPI).

FAST FEES HAVE CHANGED

According to the report in Ekonomim, the daily transfer limit for the FAST system, which provides 24/7 money transfers, has been increased to 100,000 TL. However, the pricing for this service has also changed:

The FAST fee has become 6.39 TL including taxes. (Previous fee: 4.66 TL)

While 12.80 TL is charged for a 20,000 TL FAST transaction made via mobile banking, 44.68 TL is charged when made via an ATM, and 64 TL is charged when made at a branch.

MOBILE, ATM, AND BRANCH TRANSACTION FEES

There are large differences in bank charges depending on the platform used for the transaction.

FAST Fees (Mobile/Internet Banking)

Between 1 - 6,300 TL: 6.39 TL

Between 6,300 - 304,800 TL: 12.80 TL

EFT Fees (Mobile/Internet Banking)

304,801 TL and above: 159.97 TL

EFT TRANSFERS VIA ATM

Between 1 - 6,300 TL: 22.33 TL

Between 6,300 - 304,800 TL: 44.68 TL

304,801 TL and above: 319.95 TL

Transfers via Branch and Call Center

Between 1 - 6,300 TL: 31.98 TL

Between 6,300 - 304,800 TL: 63.99 TL

304,801 TL and above: 639.90 TL

CREDIT CARD ANNUAL FEES

Credit card annual fees are among the banking charges that users complain about the most. Fees for standard credit cards start at 600 TL and can exceed 1,200 TL. Annual fees between 250 - 300 TL are charged for supplementary cards. While no fee is charged for the first two card renewals due to loss or theft, a fee between 80 - 150 TL is deducted starting from the third renewal. The bank card renewal fee has been set at approximately 50 TL. It is stated that these fees are kept lower at public banks. You can request a "free credit card" from banks to avoid paying an annual card fee.

CASH ADVANCE INTEREST RATES INCREASED

Although the Central Bank has gone for interest rate cuts, this change has not been reflected in credit card interest rates.

Current cash advance interest rates are as follows:

Cash advance interest: 5 percent

Total cost with BSMV and KKDF taxes: Over 6%

Late interest: 5.30 percent (6.4 percent with taxes)

Other costs to consider when withdrawing a cash advance:

If you withdraw a cash advance from your own bank's ATM, 1% of the transaction amount is deducted as a commission. If you withdraw a cash advance from other banks' ATMs, you pay a commission of up to 0.55 TL + 3.87 percent. When an EFT is made from a card, 5 percent interest is applied until the payment due date.

HIDDEN INTEREST ON AUTOMATIC BILL PAYMENTS

Attention to those who give automatic bill payment instructions with a credit card! When bills such as water, electricity, and internet are paid with a credit card, cash advance interest is applied until the statement's due date. This rate exceeds 6 percent, including taxes.

For premium payments made to institutions such as the SGK (Social Security Institution), an additional fee of up to 3 percent is deducted.

Similar costs arise for automatic payments made via "Plus Money" or "Advance Account".

OTHER DETAILS ON BANK FEES

SHARED ATM FEES

Balance inquiry: 0.27 TL

Withdrawing money from another bank's ATM: 1.04 TL + 1.15 percent of the withdrawn amount

Depositing money into a shared ATM: 1.04 TL + 1.15 percent of the deposited amount

OTHER FEES

MKK account opening fee: 10 TL

Monthly account statement by mail: 29 TL

Maximum cost for account statements older than 1 year: 95 TL

Withdrawing money above the limit from an ATM: 285 TL (minimum 9.5 TL, maximum rate 2.65 percent)

News Source: 12punto