Uniform Maximum Fee Tariff for EFT/FAST Transactions
The Central Bank of the Republic of Turkey (CBRT) has made amendments to the Communiqué on the Procedures and Principles Concerning the Fees to be Collected from Financial Consumers and the Communiqué Concerning the Procedures and Principles Concerning the Fees to be Collected from Commercial Customers by Banks. These amendments have been published in the Official Gazette.
One of the key changes is related to EFT/FAST transactions carried out after 16.00 on weekdays and on weekends. Previously, banks were allowed to charge 50 percent more than the maximum EFT/FAST tariffs for these transactions. However, with the new regulations coming into force on December 1, 2023, the maximum fee tariff will be applied to all EFT/FAST transactions regardless of the time or day they are carried out.
This means that financial consumers and commercial customers can expect more transparency and consistency in the fees charged for their EFT/FAST transactions. The amendments aim to provide better protection for consumers and promote fair practices within the banking sector. It is important for individuals and businesses to familiarize themselves with these changes to ensure they are not caught off guard by any unexpected fees in the future.
