The Communiqué No. 2020/4 on the Procedures and Principles Regarding Fees Banks Can Charge Corporate Clients published on the Official Gazette No. 31035 dated February 10, 2020 (“Communiqué“) was amended via the Official Gazette No. 31351 dated December 31, 2020. The amendment reflects the fees that banks can charge for banking transactions made via a new fund transfer system named Instant and Continuous Transfer System of Funds (Fonların Anlık ve Sürekli Transferi Sistemi) (“FAST“), which was introduced by the Central Bank of Turkey in November. FAST allows customers to instantly transfer money 24/7 between their bank accounts at different banks.
According to the amendments, FAST fees will be subject to the same rules as transactions executed through the electronic fund transfer system (“EFT“).
Accordingly, for transactions made via FAST in an amount equal to or lower than TRY 1,000, the maximum fees applicable are:
For transactions made via FAST in an amount between TRY 1,000 and TRY 50,000, the maximum fees applicable are:
Lastly, for transactions made via FAST for amounts higher than TRY 50,000, the maximum fees applicable are:
If these transactions are executed as “late transactions”, which shall be defined under the agreement between the bank and the customer in accordance with the Communiqué, banks can increase the abovementioned fees by 50%. In addition, if FAST transactions are executed outside of the official working hours of the EFT payment system, banks can also increase the abovementioned maximum amounts by 50%.
The amendment also regulates that the maximum fees applicable to (i) transactions executed through EFT and FAST and (ii) documentation and information services can be annually increased at maximum by the yearly consumer price index increase rate published by the Turkey Statistical Institute for the previous year. Banks will announce these fees on their websites.
The amendments to the Communiqué aim to establish a legal infrastructure for the use of FAST and expand fast banking.