Bank clarifies account ruling
( 2003-08-29 09:06) (China Daily)
The People's Bank of China, the central bank, yesterday clarified the reasons
it was introducing a new bank account regulation to separate clearing functions
from personal savings accounts.
The Administrative Rules on Renminbi Bank Clearing Accounts will take effect
on Sunday. They stipulate that individuals need to open separate clearing
accounts for settlement and checking purposes. The measure is aimed at keeping
abreast with the changing payment needs of the Chinese people and will help
banks improve their competitiveness, an unnamed bank spokesman said.
Opening personal clearing accounts, which also allow for savings account
functions such as deposits and cash withdrawals, will not mean extra costs for
depositors, he stressed.
The regulation was announced earlier this year and prompted worries among
ordinary bank customers about possible additional legwork and expenditure.
On their first visit to their bank after the regulation comes into effect,
individual customers can decide either to open a new clearing account or
designate an existing account. Their bank card accounts and savings accounts
with settlement functions will start to be treated as clearing accounts but they
will need to confirm this in person when they visit the bank.
The new regulation also establishes tighter controls over cross-account
transfers of funds, largely by making a distinction between personal clearing
accounts and corporate clearing accounts. The spokesman said this would, to some
extent, prevent money laundering, financial fraud and other illegal transfers of
funds.
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