ICBC Launches Cross-bank Online Personal Account Opening
OREANDA-NEWS. ICBC has recently launched cross-bank verification of personal settlement account and online account opening service, which facilitates connectivity and sharing of bank account information and provides more open, safer and more convenient bank account services for customers.
With or without ICBC debit cards or bankbooks, customers can bind their debit card accounts (Type I account) with ICBC, ABC, BOC, CCB and BOCOM under the same name by logging in to "ICBC" APP or "ICBC Direct Banking" APP to open Type II accounts of ICBC, which have functions of investment and wealth management, online consumption and bill payment. For the next step, ICBC will expand the service scope of cooperating banks, and select timing to launch cross-bank Type III account opening by binding the debit cards issued by other banks under the same name.
ICBC has continued to improve its categorized management of personal accounts in the context of booming internet finance by providing Type II and Type III personal account services and building a service system integrating Type I, Type II and Type III accounts. This move may not only satisfy customer demands for daily small-amount quick payment, but also provide inclusive, safe and convenient financial payment option to ensure the security of customers' funds and information and enable customers to enjoy convenient, safe and affordable internet wealth management services.
The Notice on Improving Personal Accounts and Enhancing Account Management released by the PBOC on December 25, 2015 proposes to establish a mechanism with categorized management of bank accounts. Pursuant to the Notice, personal RMB accounts are classified into Type I, Type II and Type III accounts based on methods of identification verification, which have different scopes of service and authority. The Notice specifies that depositors applying for an account on the counter can open Type I, Type II or Type III account. For applicants via virtual teller machine or intelligent teller machine and other self-service machine with bank employees verifying the identity information on-site, Type I account is available. Without bank employees verifying the identity information on site, depositors may only open Type II or Type III accounts. Applicants via internet banking and mobile banking and other electronic channels can only open Type II or Type III account.
The Notice also stipulates that banks can provide services such as deposit, investment and wealth management product purchase, fund transfer, payment and cash deposit or withdrawal to Type I accounts. Banks can provide services such as deposit, investment and wealth management product purchase, fund transfer, payment and cash deposit or withdrawal within limited amount for Type II accounts. Banks can provide payment for consumption and bills within limited amount for Type III accounts. However, Type II and Type III accounts cannot accept cash deposit or withdrawal, and have no corresponding bank cards or bankbooks. In terms of limits, the PBOC sets the payment ceiling at RMB 10,000 per day for Type II accounts and balance of RMB 1,000 for Type III accounts.