Economy in Turkey: Record fees for automatic bill payments

Interest rates for automatic bill payments by banks have increased exponentially. Interest rates vary depending on the bank, with the highest rate being 4.42% at Halkbank. According to a report by Şebnem Turhan from Ekonomim, those who set up automatic bill payments with credit cards paid record interest rates in February. Previously, banks charged 2-2.5 Turkish Liras in interest for automatic bill payments. This rate has now been raised to a range of 2.49-4.42%.

According to data from the Banking Regulation and Supervision Agency, banks’ commission income increased by 158% in the first month of the year compared to the same month last year.

Here are the interest rates at banks:

– At Ziraat Bank, there is no fee for automatic bill payments between 0-1000 Turkish Liras. For payments between 1001-4,999 Turkish Liras, the interest rate is 2.49%, and for payments above 5,000 Turkish Liras, the interest rate is 3.66%.

– At Halkbank, there is no distinction. A 4.42% interest is charged on the invoice amount for automatic bill payments.

– At Vakıfbank, there is a fee of 1.5 Turkish Liras for bills up to 100 Turkish Liras, and for bills over 100 Turkish Liras, a fee of 2.49% of the invoice amount is charged.

– At İş Bank, automatic bill collection fees are free for amounts between 0-500 Turkish Liras. For amounts over 500 Turkish Liras, the interest rate is 4.42%.