Chinese Banks Impose Limits on Transfers, Customers Complain: "Can’t Even Transfer 1,000 Yuan"

Illustration: Image shows the entrance of a China Construction Bank branch in a certain city. (Video screenshot)

[November 15, 2024]In recent years, China's economy has been on a consistent downward trend, with the banking industry facing significant challenges due to the real estate crisis. Recently, multiple banks in China have made cash withdrawals increasingly difficult, sparking dissatisfaction among account holders. Many customers believe the reduction in transfer limits is a deliberate move by banks to restrict the outflow of funds.

According to Beijing News Shell Finance, several bank card users reported their transfer limits were reduced without prior notice. Many visited bank branches to request an increase, while others abandoned their accounts altogether.

Since the second half of this year, several banks have issued announcements adjusting the transfer limits for certain personal accounts used for non-counter transactions. Affected customers mentioned banks like the Bank of China, China Construction Bank, Agricultural Bank of China, and Jiangxi Bank.

While some users believe the lowered transfer limits are a deliberate attempt to restrict fund outflows, bank representatives claim the measures aim to "prevent telecom fraud."

However, customers expressed frustration over the lack of notification when the changes were implemented. "The banks didn’t send any text messages," was a common complaint.

One user, Li Yun (a pseudonym), shared her experience of being unexpectedly restricted. In July, she planned to withdraw a reimbursement of several tens of thousands of yuan from her Bank of China account. Yet, both transfers and ATM withdrawals failed, as the amount exceeded the daily transfer limit.

To her surprise, another account under her name, a Jiangxi Bank Class I card primarily used for mortgage payments, was also limited in July and August. Li Yun had been using both cards for years for minor transactions and had never set withdrawal or transfer limits. Without notifying her, the banks reduced her daily mobile transfer limit to 2,000 yuan.

Li Yun said, "The Bank of China staff initially told me to visit a branch with my ID card. However, when I arrived at a nearby branch, I was informed I had to go to the branch where the account was opened." Since the issuing branch was closed that day, she couldn’t resolve the issue and ultimately spent a month getting the limit increased.

According to Shanghai Radio and Television Kankan News, some users recently found their personal bank card transfer limits had been reduced without their knowledge. Some customers reported being unable to transfer even 1,000 yuan. These users suspected the banks were imposing restrictions to prevent fund outflows.

Earlier this year, Jiupai News reported a case in Henan Province where a woman in Pingdingshan encountered difficulties withdrawing 5,000 yuan sent by her sister for Lunar New Year gifts.

The woman, Wang, said that initially, the staff asked her to download an anti-fraud app, which seemed reasonable. However, they later asked excessive questions, including where her sister worked and where she had previously worked. They even demanded proof that it was indeed her sister. After asking Wang to speak directly with her sister and showing their chat records, the staff still refused the withdrawal. It took over two hours, and a police report, to finally withdraw the money.

Similarly, Poster News reported that a woman in Jiangxi Province wrote on social media about her experience of being questioned when she tried to deposit 100,000 yuan in cash for a fixed-term account.

The woman said, "I thought, why do you care where my money came from? Just do what I ask. They made it seem like I stole or robbed the money." She asked the staff why they were asking such questions, noting that she had never been questioned when depositing cash in the past. The staff replied that it was a bank regulation.

Netizens have commented on these incidents:
"The banking system really needs reform. The attitude difference is huge—they treat you like royalty when you deposit money, but like a servant when you withdraw it. And you can’t say personal data leaks aren’t their fault because the information stored with banks is so accurate. Employee ethics really need to be assessed."