Alvin Tan on credit card fees by banks
Fees charged by banks for their products and services are commercial decisions. The Monetary Authority of Singapore (MAS) does not interfere in these decisions but expects all banks to deal fairly with customers. Banks have to clearly and conspicuously disclose late payment fees and interest charges in credit card statements. Minister of State for Trade and Industry and Member of the MAS Board of Directors Alvin Tan said this in reply to an MP's question in Parliament on Friday (Feb 18).
Fees charged by banks for their products and services are commercial decisions. The Monetary Authority of Singapore (MAS) does not interfere in these decisions but expects all banks to deal fairly with customers. Banks have to clearly and conspicuously disclose late payment fees and interest charges in credit card statements. Minister of State for Trade and Industry and Member of the MAS Board of Directors Alvin Tan said this in reply to an MP's question in Parliament on Friday (Feb 18).
Popular Shows
