In recent times, the Chinese economy has been sluggish, with real estate companies collapsing one after another and the banking sector facing impacts. Some local banks have even restricted depositors from withdrawing cash, requiring approval from the local police station to process bank card applications, which has sparked dissatisfaction among depositors.
A resident in Changchun expressed to reporters, “I work in a government department. In the past, various banks would bring gifts to our unit to help us open bank accounts for their missions. Now, obtaining a bank card requires approval from the local police station.”
Last December, the same resident went to the Industrial Bank to remit money abroad for their child studying overseas upon hearing about the zero handling fee for overseas remittances using debit cards. However, they were informed that they needed to visit the local police station where the account was registered to process the transaction and obtain approval before the bank would proceed.
“This is a ridiculous regulation. I can’t handle it at any branch, and I have to waste time and effort traveling to the bank near the police station of the registered account holder. Even though I have lived in Changchun all my life, I can’t do it. In frustration, I gave up and went to China CITIC Bank to open an account,” the resident said. China CITIC Bank also offers fee-free overseas remittance services, and there is no need to report to the police station for card issuance. However, each transfer cannot exceed 20,000 yuan, which is insufficient for remitting tuition fees that exceed that amount.
“For higher limits, I need to provide proof of real estate ownership in Changchun, proof of paying medical insurance for over three years in Changchun, and other documents. Only then can the transfer limit be increased to 50,000 yuan. Even though I have been a high-quality customer of China CITIC Bank for over ten years, owning property and vehicles, receiving decent government salary and benefits, I still need to provide the aforementioned proofs,” he added.
Another Changchun resident shared with reporters that they had purchased gold bars from the Construction Bank and needed cash recently. When they went to the bank to redeem the gold for cash, they were required to open a bank card to transfer the money before they could withdraw it. The process of applying for a Construction Bank card involved reporting personal information such as their ID to the local police station under the bank’s jurisdiction. After over four hours of police approval, they were able to obtain a debit card, all in the name of preventing telecommunications fraud. They believe it’s the government’s way of preventing capital outflow by ensuring people don’t withdraw all their money.
On June 11th, a netizen reported that at a Jilin Bank in Changchun, they were informed that approval from the local police station was required to withdraw money.
A lawyer stated that the freedom to withdraw money is a fundamental right of depositors, and banks, police stations, or any other institution have no right to impose barriers beyond legal procedures.
Translation by: translationassistant497