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Lenders must itemize extra fees, Bank of Thailand says.
Byline: Parista Yuthamanop
Nov. 5--The Bank of Thailand will direct commercial banks to separate fees and punitive interest rates in statements for retail customers in the interests of clarity.
Samart Buranawattanachoke, senior director at the central bank's risk supervision policy and analysis department, said other expenses, such as stamp fees and appraisal charges, also needed to be detailed separately rather than be combined as a single interest charge.
Financial institutions, however, will not have to separately declare items related to their own operations, such as expenses related to collecting on clients in default.
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Source: HighBeam Research, Lenders must itemize extra fees, Bank of Thailand says.