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New Rules for Chinese Bank Accounts

Time:2016-12-14

Attention!!! The new rules for Chinese bank accounts starts from Dec. 1st. A man avoided 28,000 lose thanks to the new rule. He transferred 28,000 to “his friend”(the swindler disguised as the victim's friend and asked him to transfer 28000 to his account), but the man found it may be a trap, so he revoked the payment and called the police.

 

Preventing and cracking down on telecom network fraud crime, the Central Bank issued the new rule which is the money transferred by the individual going through ATM to other account will received after 24 hours.

 

The new rule fully extended time for the victims for chasing back the lose. On one hand, transfer people can report the situation to money-out-bank timely, the bank can take emergency measures, such as stop the other side of the account under the situation verified. On the other hand, the victim may report to the police, the police requires bank to freeze the other account, even through the legal way to recover the money.

 

Any other new rules will apply?

From January 1st 2017, all peer to peer banking transfer will be exempt from fees. According to the relevant provisions of the Central Bank's new rules, peer bank’s remote access to peer and transfer business shall be issued for free. ICBC, and BC will implement the rule on January 1.

 


How does the new rule affect our daily life?

1.     Since the money will received after 24 hours, we strongly recommend you to arrange your rental payment at least one day ahead of the deadline.

2.     Pay attention with your credit payment if you need to transfer through ATM, while app and E-bank transfer will not be effected at all. But we will still recommend you to arrange the payment beforehand in case the money delayed by banking system.


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