In recent days, a depositors’ demand for deposits incident occurred at a branch of China Postal Savings Bank in Qingzhen City, Guiyang, Guizhou. Years ago, depositors who had fixed-term deposits were misled by bank staff into purchasing insurance products when depositing money. The bank promised that depositors would receive 58,000 yuan when they deposited 10,000 yuan annually for 5 years. However, when the deposits matured, the depositors were unable to withdraw their principal. This phenomenon is quite common in mainland China.
On social media platforms in mainland China, several videos have surfaced claiming that on June 10, the fixed-term deposits at the Weicheng branch of China Postal Savings Bank in Qingzhen City had a “fund explosion”. A blogger stated that the bank promised villagers that if they deposited 10,000 yuan annually for 1 year, they would receive 58,000 yuan when the 5-year term ended. Yet, now that the deposits have matured, the principal cannot be withdrawn.
The videos show depositors demanding their deposits from the bank, but the staff rebuked them, preventing them from recording videos and calling other staff for assistance.
Mainland media outlet “Da Feng News” reported on the incident, and Tencent News also republished related content, but the report has since been deleted.
According to the report, a depositor revealed to the reporter, “The bank promised that if we deposited 10,000 yuan annually, after 5 years, we would receive 58,000 yuan along with our principal and interest.”
The depositor stated that even though the 5-year term had expired, they could not withdraw the funds, claiming that they were told in the morning that they would lose 7,800 yuan but were informed in the afternoon that they couldn’t even retrieve the principal. The depositor posted a video on June 10 showing that they had reported the incident to the police, who were on-site inquiring about the situation.
The media also interviewed staff from the Qingzhen City branch, who stated that both branches are on the same level and parallel, with no superior-subordinate relationship between them. When asked whether the customer had conducted a deposit or wealth management business, the staff responded, “I asked my colleague earlier, and we don’t have this service.” An employee at the Guiyang Branch of Postal Savings Bank said, “Our acceptance of media interviews involves reporting up layer by layer.”
Phone calls to the Weicheng branch and Qingzhen City branch were unanswered.
Such incidents often involve depositors’ funds being converted into insurance or other wealth management products. Prominent lawyer Tan Mintao, in an interview with mainland media, analyzed that with an annualized return rate of 6.96%, which is much higher than regular fixed-term deposit rates, it may be difficult to guarantee both principal and interest. He believes it may involve wealth management or insurance products.
The incident has sparked heated discussions on the internet, with many netizens claiming they have also experienced similar deceptions.
A netizen from Shanghai said, “Even the postal service in our hometown deceives the elderly.”
Another netizen from Shaanxi mentioned, “Now at Zhenba Post Office in Hanzhong City, Shaanxi, they say they are accepting deposits, but they actually prioritize insurance. When you go there, they make you record audio, and only then you realize it’s insurance, not a deposit. They tell you to deposit 10,000 yuan per year for 5 years. They don’t mention it when you deposit; you find out during the recording. Even these official institutions are deceiving people.”
…