ISLAMABAD: Concerns have been raised in the Senate Standing Committee on Finance over charges being collected from bank customers for SMS alerts, with lawmakers questioning the practice of charging users for messages they may not require.
During a committee meeting chaired by Senator Saleem Mandviwalla, the issue of banking charges, including SMS alerts and foreign currency fees on ATM and Visa card transactions, was discussed.
Senator Abdul Qadir informed the committee that banks were charging customers between 30 paisa and Rs2.50 for each SMS alert. He claimed that the total amount collected through SMS charges by banks reached approximately Rs200 billion annually.
Committee Chairman Saleem Mandviwalla said that some customers who did not need SMS alert services were also being sent messages and charged unnecessarily.
The State Bank of Pakistan governor told the committee that SMS charges were not collected by banks themselves but were linked to telecom companies.
Senator Abdul Qadir argued that the actual cost of a single SMS was around 35 paisa, while additional charges were being recovered from customers through bundled service arrangements.
The committee directed that SMS alerts should only be sent to customers who require the service and that unnecessary messages should not be used as a basis for collecting additional charges.
The committee members emphasized the need for greater transparency in banking fees and stronger consumer protection measures.
