Since 2017, Chinese government has intensified policy on managing long-term unused bank cards, referring to those issued before December 31st, 2016 and have no transaction records in the first 3 quarters this year.
These Bank Cards Will Be Cancelled
Recently, banks in mainland China such as CMBC, SPDB give notice that the policy will be implemented since November this year.
Specifically, banks cards with no deposit or accrued interest will be cancellation. In other words, personal account information record of original cardholders will be removed from database of online banking, mobile banking, telephone banking and ATM.
Kindly Reminder
■ In case of extra annul charges and information embezzlement of long-term unused bank cards, cardholders should withdraw their balance and then cancel the account as soon as possible.
■ If holders intend to retain their accounts, it is suggested that they should go to perform a transaction at the bank or via ATM, online banking or mobile banking.
Account Ⅰ, Ⅱ, Ⅲ
According to People’s Bank of China, for individual, only one AccountⅠ is allowable at one bank. That means, if a man has already owned an AccountⅠ, he can only apply for Account Ⅱ and Ⅲ at the same bank.
Why Stricter Policy on Bank Cards?
01
Saving Resources
It is estimated that there are over 2.1 billion long-term unused bankcards for now. That is, each Chinese may own 5 bank cards, among which, there are 2 remaining unused.
02
Protecting Accounts
Such long-term unused bank cards are easy to be embezzled for the sake of money laundering or committing crimes, which will get the original cardholders into troubles. In these cases, the stricter policy is aim at safeguarding accounts.
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Source: Xinhua News Agency/Sina
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