Home » Articles » Banking

China Bank Policy on Withdrawals

One the major banks in the Philippines, China Bank stated this policy regarding withdrawals on their General Terms and Conditions of Deposit Products:

"Over-the-counter withdrawals should be made personally by you or through your representative by submitting to us a duly accomplished withdrawal slip or other appropriate form or requirement specified and duly authenticated by us. Your signature on the said form(s) shall constitute a valid and unqualified authentication of your representative's signature appearing therein.

For ChinaCheck Plus account, over-the-counter withdrawals should be made through the issuance of a check.

If your account is linked to a TellerCard, you may also withdraw through ATM.

Withdrawals made from accounts of corporations, partnerships, or associations shall be by such officer(s) as may be designated in the By-Laws and board/partnership/association resolution of the corporation, partnership, or association.

You assume full responsibility for the accuracy, correctness, genuineness, and validity of all information filled out in the withdrawal slip/other form(s).

Until such time as actual payment comes into possession of the Bank, no drawing is allowed on uncollected funds unless with prior arrangement, and any such withdrawal shall no alter the character of the Bank as a mere collecting agent. The Bank has the right to charge back any amount previously credited, whether the deposited item is returned or not. Should the Bank allow such drawings against uncollected deposits upon prior arrangement with the Bank which is not in writing, this document shall be the basis for your liability to the Bank for such amount drawn should the deposited item be later returned, and such act of the Bank shall be considered as only by its tolerance and no contractual right whatsoever can be acquired by you thereby, so that said practice can be stopped by the Bank at any time without prior notice to you. This also applies to unpaid deposit items due to insufficiency of funds, forgery, stoppage of payment, or other reasons.

Withdrawals against cash deposits or deposits of US Dollar/Euro checks/drafts shall only be allowed after a specified number of banking days from the date of deposit as specified in the Annex."
"China Bank Policy on Withdrawals" was written by under the Banking category. It has been read times and generated 0 comments. The article was created on .
Rating: 0.0/0
Warning! When posting comments, strictly observe correct spelling. Avoid incomplete words such as TY (as Thank You), Pls as Please, gud as good, dpt as dapat, etc. You can comment in English or Tagalog. If you will not follow this simple instruction, your comment(s) will not be accepted or published.
Name *:
Code *:
Total comments: 0