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Savings |
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Personal Deposit Special Services
 | Foreign Currency Exchange: |
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| 1. Brief Introduction |
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1. Foreign Currency Exchange refers to the business in which the designated banks or related institutions change the foreign cash into home currency or into another foreign cash, as requested by the holder, according to the Forex price of the day and under the policies of the state.
2. Customer can change foreign cash into RMB at one of our bank’s branch offices eligible for Forex Deposits and Withdrawals, as long as the office starts exchange business for specified foreign currencies;
3. This product makes the daily cash payments more convenient for people going abroad and foreigners coming to China, meanwhile earns income from the rate differences.
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| 2. Procedure |
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1. Distinguish the real note from the counterfeit while counting the foreign cashes.
2. Abide by the regulations by the Foreign Exchange Administration of China. |
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| 3. Who it’s for |
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1. Hotels and travel agencies registered in China and frequented by foreigners;
2. Foreign staffs from embassies and consulates in China, international organizations and institutions in China;
3. Foreign friends.
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| | Wholesale Deposit / Withdrawal: |
| | 1. Financial institutions eligible for Personal Deposit and Withdrawal when dealing with a single Personal Fixed or Current Deposit exceeding RMB200,000 (including RMB200,000) or deposits exceeding RMB1,000,000 (including RMB1,000,000) by the same depositor must report to the Provincial Branch of CMBC for the record before the 10th of the month, and the Provincial Branch of CMBC should report to the Provincial Branch of the People’s Bank of China for the record before the 15th of the month; the financial institutions without a provincial level must report to the local branch of the People’s Bank of China, and the local branch should report to the Provincial Branch of the People’s Bank of China;
2. Financial institutions eligible for Personal Deposit and Withdrawal when dealing with cash withdrawal exceeding RMB50,000 (excluding RMB50,000) from the Savings Account in one time must demand the withdrawer to present an effective identification to bank clerk and make the payment upon verification by the supervisor of the bank; For cash withdrawal exceeding RMB200,000 (including RMB200,000) at one time, the depository institution should ask the withdrawer to make an appointment by telephone at least at 1 day in advance for preparing the demanded amount of cash;
3. Financial institutions eligible for Personal Deposit and Withdrawal when dealing with cash withdrawal exceeding RMB50,000 (excluding RMB50,000) from the Savings Account in one time or in multi-times in one day must report to the Provincial Branch of CMBC for record, meanwhile the Provincial Branch of CMBC should report to the Provincial Branch of the People’s Bank of China; Financial institutions without a provincial level must report to the local branch of the People’s Bank of China, and the local branch should report to the Provincial Branch of the People’s Bank of China.
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| | Personal Check: |
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| 1. Brief Introduction |
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1. Personal Check is the personally issued bill of assigning Party A to pay the confirmed amount of money to the payee or the holder unconditionally;
2. Personal Check with “CASH” printed on is called Personal Cash Check, which is used for cash withdrawals only;
3. Personal Check with “TRANSFER” printed on is called Personal Transfer Check, which is used for money transfers only;
4. CMBC Shanghai has permitted seven of its sub-branches to offer Personal Check services. They are Waitan, Pudong, Western City, Northern City, Wujiaochang, Xujiahui, Huangpu. |
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| 2. Opening |
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1. The applicant must be 18 years old or above with civil liability;
2. The applicant must be able to present an effective personal identification in accordance with the law and administrative regulations and can only open an account by the name on the same identification;
3. The applicant opening a Personal Check should deposit capital for a minimum amount of RMB100,000;
4. The applicant should sign a “Personal Check Deposit Account Opening Agreement” with the opening bank after examination by the bank. |
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| 3. Use |
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1. Signing a Check
（1）Checks must be signed by the holder with black ink, unless otherwise specified by the People’s Bank of China;
（2）The seal and signature left on the bank’s documents should be from the same check holder and that the signature, seal or both of the check holder should be the same as the one left at the bank;
（3）The amount in words/figures, the date of enforcement and the name of the payee can not be altered. The personal check altered will be deemed as voided check;
（4）The term of Presentation for Payment of the Personal Check is within 10 days starting from the next day after the check is signed. Any payment exceeding the term will not be accepted by the bank;
（5）The checkholder can not sign any check for amount exceeding the real amount deposited. Dishonored checks are prohibited;
（6）The bank will reject cheques believed to be dishonored or one with signature not matching the one as left at the bank, or in situation when wrong passcode is used. The bank may punish the wrongdoer according to “Implementation Measures on Negotiable Instruments” and “Payment and Settlement Methods”. The penalty will be 5 percent of the amount issued, with the minimum of RMB1,000. The bank reserves the right prohibiting issuance of check if it is repeatedly dishonored;
（7）The depositor of Personal Check Deposit Account can not lend or transfer his or her account to others, otherwise he or she will be subject to punishment by People’s bank of China according to relevant regulations.
2. Use
（1）The Personal Check can be used within the same bill exchange district in Beijing; The Personal Checks can not be used outside of the bill exchange district. Private enterprise can not use the Personal Check in the business dealings;
（2）The depositor of Personal Cheque Deposit Account can deposit cash directly or transfer his/her salary, bonus, petty cash for service as well as other transferable deposit permitted by the People’s Bank of China. Production and business funds can not be transferred into this account. The public fund can not be deposited into individual account. Cashing-out for his/her work unit is prohibited;
（3）The amount of the Personal Check and the name of the payee can be left for amendment, and the Endorsement Transfer and Presentation Payment can only be fulfilled after the amendment;
（4）Personal Cheques can be transferred in the same city, and the endorsement of the Endorsement Transfer must be in a continuous order. The Personal Cash Check can not be transferred with endorsement. (Bill Endorsement is an action of recording relevant items and having signature on the back of the bill or the adhering sheet. This bill transfer method is for transferring the right of the bills. The items for recording include: the signature of the endorser, the name of the endorsee, and the date of endorsement, etc.)
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| 4. Loss & Theft Reporting |
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| If the Personal Check is lost or stolen, the checkholder can report to the bank about the loss and stop payment according to the regulations of “Payment and Settlement Methods”. |
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| | Succession and Account Transfer: |
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1. The depository institution will go through the account transfer or payment procedure for the legal successor of the dead depositor with the required Certificate of the Right of Succession which is issued by the Notary Public Office (if not, by the County / City People’s Court) in the place of the depository institution. If there is any dispute about the right of succession of the deposit, the People’s Court will make a judgment. The depository institution will go through the account transfer or payment procedure according to the court verdict, award or mediation of the People’s Court;
2. If the holder of the Deposit Certificate withdraws the deposit of the dead depositor without stating the succession procedure or presenting the judgment issued by the local court, the depository institution will consider it as normal withdrawal or deposit transfer and will not bear any responsibility for any disputes of deposit succession;
3. For the deposit belonging to the Chinese people living abroad or in Hong Kong, Macao or Taiwan and kept in China’s depository institution or under the custody by a Chinese bank, upon the depositor’s death, the legal successor living in China should apply to the Notary Public Office in the place of the depository institution for the Certificate of the Right of Succession, with the depositor’s death certificate. The depository institution will go through the of account transfer or payment procedure;
4. For the deposit belonging to the foreign citizens (including those without nationalities) living in China and kept in China’s depository institution, the deposit transfer or withdraw procedure will be the same as those of Chinese citizens. For the foreigners living in China, with which his/her country has signed the bilateral Consulate Agreement with China, the procedure will be carried out according to the relevant regulations;
5. Special circumstances:
(1) The depository institution will go through the deposit transfer or payment procedure for the successor living abroad with the presentation of the Certificate of the Right of Succession, which is issued by Chinese notaries after the examination of the depositor’s Death Certificate and the relative’s proof testified by the Chinese Embassy and Consulate in the country;
(2) The depository institution will go through the deposit transfer or payment procedure for the successor living in a country to which the foreign currency exchange is prohibited, with the presentation of the Certificate of the Right of Succession issued by Chinese notaries after the examination of the certificate which is provided by the local league of Chinese people, compatriotic overseas Chinese people, or foreign friends and testified by the Chinese Embassy and Consulate in that country;
(3) For the case that the successor is living in a country which has no diplomatic relations with China, the depository institution should take special measures. Whether or not the deposit kept in Chinese depository institutions can be remitted to overseas will be judged according to the relevant regulations in “Foreign Exchange Control of the People’s Republic of China”;
6. For the cases of there being no legal successor or testament after the depositor’s death, which is to be testified by the local notaries, the deposit will be treated differently according to the regulations of the Financial Departments of China. The deposit will be collected to the exchequer if the depositor works in an enterprise or institution owned by the whole people, government or non-government organizations; or collected to the collective if the depositor works in a collective. For the deposit collected to the exchequer or the collective, the interest will be neglected. |
| | Nationwide Deposit and Withdrawal: |
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| 1. Brief Introduction |
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| Nationwide Deposit and Withdrawal means that any client holding a Home & Foreign Currency Deposit Certificate with a Withdrawal passcode can deposit or withdraw, open or cancel an account in any Service Department of CMBC in China. |
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| 2. Scope of Nationwide Deposit and Withdrawal |
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| CMBC Card, Current All-in-One Passbook, Fixed All-in-One Passbook, Normal Passbook. |
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| 3. Deposit types applicable for Nationwide Deposit |
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| 1. Opening and deposit renewal of Home & Foreign Currency Current Savings;
2. Opening of Home & Foreign Currency Lump-sum Deposit and Lump-sum Withdrawal Fixed Savings;
3. Opening and deposit renewal of RMB Small Deposits and Lump-sum Withdrawal and Education Savings;
4. Opening and deposit renewal of Time / Demand Optional Deposits;
5. Opening of Notice Deposits. |
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| 4. Deposit types applicable for Nationwide Withdrawal / Account Cancellation |
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| 1. Withdrawal and account cancellation of Home / Foreign Current Savings;
2. Partial withdrawal ahead of time and account cancellation of RMB Lump-sum Deposits and Lump-sum Withdrawal Fixed Savings;
3. Account cancellation of Foreign Currency Lump-sum Deposit and Lump-sum Withdrawal Current Savings;
4. Account canceling of RMB Small Deposits and Lump-sum Withdrawal and account canceling of Education Savings;
5. Account cancellation of Time / Demand Optional Deposits;
6. Withdrawal and account cancellation of Notice Deposits. |
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