New decision regarding EFT and FAST transactions published in the Official Gazette

Many users who carry out money transfers through banks use the EFT and FAST systems for transfers made after 4:00 PM and on weekends. With EFT and FAST transactions, 24/7 money transfers can be made between accounts.

However, an additional 50 percent fee was being charged for EFT and FAST transactions made on weekends and after 4:00 PM on business days.

With the new regulation, the practice of charging an additional fee of 50 percent above the maximum tariffs has now ended.

EXTRA FEE FOR EFT AND FAST ABOLISHED

The amendment made to the Central Bank's Communiqué on Procedures and Principles Regarding Fees to be Charged to Financial Consumers has been published in the Official Gazette and has entered into force.

According to a report by Milliyet, under normal circumstances, an additional 50 percent fee was charged for transactions made on weekends and after 4:00 PM on business days. With the new regulation, the practice of charging an additional fee of 50 percent above the maximum tariffs has now ended.

'NORMAL TARIFF WILL APPLY'

Certified Public Accountant and Economist Muhammet Bayram stated the following:

“With the new regulation, the extra fee deductions that were previously taken for EFT and FAST transactions made after 4:00 PM during the day have been abolished. For any EFT or FAST transaction you make on a weekday or weekend at any time, the costs will now be determined based on the normal tariff.

ADDITIONAL FEE ABOLISHED

The main reason for the abolition of the additional fee tariff is to prevent the informal economy within the scope of payments made via IBAN for purchases and commercial transactions. Since payments made by card and through banks have increased in a high-inflation environment, and because those who do not issue or receive invoices or receipts may face separately increased penalties, this regulation was made to allow citizens to carry out EFT transactions more easily, and costs have been brought down to normal levels. I believe this is a positive regulation for reducing the informal economy.

IS IT POSSIBLE TO NOT PAY FOR MONEY TRANSFERS?

Currently, there are proportional and quantitative limits based on transactions made at banks. Some banks no longer charge any EFT or wire transfer fees. From now on, it will be ensured that no fees are charged for transactions made on weekdays and weekends.

In particular, some banks waive such costs and commissions for their good customers, or even if they haven't waived them, a customer can apply to their bank to have these costs waived. As is known, credit card annual fees and life insurance on some loans could be canceled upon a citizen's application to the court.

The bank already generates income by using the customer's money. Charging costs and deductions for money transfers is not appropriate and causes banks to make exorbitant profits.”