Many Banks in China Set Limits on Fund Transfers | China Truths

Welcome to China Truths. In this episode, we will bring you the following story. Many banks in China set limits on fund transfers. Now, let's dive into the details. It's all covered in today's China Truths. Many banks in China set limits on fund transfers. In recent years, China's economy has been on a downward trend, and the banking industry has been severely impacted by the real estate crisis. Recently, many bank branches in China have faced issues with withdrawals, causing dissatisfaction among account holders. Many users believe that the reduction in bank card transfer limits is a deliberate attempt by banks to restrict funds from flowing out. According to a report by BIC Finance from the Beijing News, several bank card users have reported that their cards were limited without their knowledge. Many of these users tried to raise their transfer limits by visiting bank branches, but some simply gave up using the card altogether. Since the second half of this year, many banks have announced adjustments to the transfer limits for non-counter transactions on personal current accounts. These users mention banks like Bank of China, China Construction Bank, Agricultural Bank of China, and Jiangxi Bank among the institutions having done so. Regarding the reduction in bank card transfer limits, many users believe this is an intentional attempt by the banks to prevent funds from leaving their system. However, bank personnel have explained that this measure is mainly aimed at preventing telegraphic transfer fraud. Nevertheless, bank card users have expressed frustration, saying they were unaware of the limit changes. The bank did not send an SMS notification, has been a common complaint. One user, Li Yun, a pseudonym used for her security and safety, said she was shocked when her bank account for receiving salaries suddenly had a transfer limit imposed. In July of this year, she planned to withdraw a reimbursement amount of about several thousand yuan from Bank of China, but she was unable to either transfer the money or withdraw it from an ATM, as it exceeded the daily transfer limit. What surprised Li Yun even more was that another account she used to pay her mortgage, a Jiangxi Bank Class 1 card, was also limited in July and August. She had used both cards for many years for small purchases, and neither card had ever had withdrawal or transfer limits set. Both banks unilaterally adjusted the mobile transfer limits on her cards to a daily cap of 2,000 yuan or 276 US dollars, without notifying her. Li Yun explained, Bank of China staff originally told me I could go to any branch with my ID card to adjust the limit, but when I arrived at a nearby branch, I was told I needed to go to the branch where the account was opened. She faced further complications as the account opening branch was closed that day, and it took a month for her to successfully raise the limit. According to a report by Shanghai Broadcasting Television Station on November 14, some bank card users have said their transfer limits were reduced without their knowledge, with some even unable to transfer as little as 1,000 yuan or about 138 US dollars. These customers believe that the banks are limiting non-counter transactions to prevent money from flowing out. In January of this year, Jiupai News reported that a woman in Pingdingshan, Hunan Province, had difficulty withdrawing money from a bank when her sister tried to transfer 5,000 yuan to her as a New Year gift. The staff initially suggested downloading an anti-fraud app, which seemed responsible, but later began asking inappropriate questions about her sister's workplace, previous jobs, and even demanded proof that they were sisters. Eventually, only after about two hours and police intervention, she was able to withdraw the money. In a similar incident, according to Poster News, a woman in Jiangxi Province posted on a social platform, saying that when she went to the bank to deposit 100,000 yuan into a timed deposit, the staff asked where the money had come from. She was surprised, saying, why does it matter where the money came from? Just process it as I said. She felt as though they were treating her as if the money had been stolen. The staff explained that it was the bank's policy. In response to these issues, some netizens commented, the banking system really needs to be properly reformed. The service attitude is extremely inconsistent. When you deposit money, you're treated like a VIP, but when you withdraw, you're treated like a beggar. The leakage of personal information can't be said to have nothing to do with them, because the information we leave with the bank is quite accurate, and the moral standards of employees should really be better assessed.