Bad news for those who pay their bills through banks

Recently, there has been a noticeable increase in interest rates applied by banks to automatic bill payment instructions. Previously, the service fee was 2 TL, but with the new regulations, it has risen to 2.5 TL. This increase, which varies between banks, ranges from 2.49% to 4.42%.

Citizens were informed of this hike through notifications sent to their mobile phones. Those who continue to use automatic payment instructions will be affected by these new rates, further increasing their financial burden amidst already high bills.

According to data published by the BDDK, banks' commission revenues saw a significant increase of 158% in the first month of this year compared to the same period last year. Banks informed citizens about the new changes through SMS and announcements on their websites.

Sharp Increase in Additional Fees for Bills!

For example, for a bill of 1000 TL, the additional fee, excluding taxes, ranges from 24.9 TL to 44.2 TL. Including taxes, the processing fee for a 953 TL bill is calculated as 42.31 TL, while for a 118 TL bill, it amounts to 5.23 TL.

If all household bills are paid via automatic payment instructions, monthly interest fees can potentially reach between 400 and 500 TL.

Banking Sector: Increased Revenues Despite Decreasing Profits

According to BDDK data, the profits of the Turkish banking sector increased by 66.4% annually in January 2024. However, due to high provisions set aside for credit losses, net profit decreased by 18.6%, marking the first annual decline since May 2021.

During the same period, banks' fee and commission revenues grew by 158.1%, but the 83% increase in operating expenses failed to offset this revenue. The 11.7 billion TL commercial loss recorded in January placed significant pressure on banks' profitability.

In the same period last year, banks achieved 10.7 billion TL in commercial profits. However, this year, profits in state deposit banks declined by 68.2%, while private deposit banks saw a 50.4% decrease. Foreign deposit banks, on the other hand, reported a 14.4% increase in profits.