Twelve Chinese banks say they will stop charging fees for electronic interbank transfers

Twelve national joint-equity commercial banks announced on Thursday they will stop charging their clients service fees for interbank money transfers via electronic channels, such as Internet and mobile banking.

They formed an Internet Banking Union on that day and said members of the union will recognize the accounts opened at the counters of one another and provide payment settlement services at lower costs.

The member banks will also share their resources in terms of information, products, capital and risk management to allow their clients to better enjoy the services of each of the 12 banks.