Multiple banks have lowered their limits! What is the situation? Multiple Banks | Announcement | Banks
Recently, several banks have successively issued announcements on adjusting non counter channel transaction limits, including China Construction Bank Inner Mongolia Branch, Qingdao Bank, Bank of China Tianjin Branch, Nanjing Bank, Zhangshu Rural Commercial Bank, Liangshan Rural Commercial Bank, etc.
Regarding the reasons for the downgrade, several banks have explained in their announcements that it is mainly to prevent fraudulent losses of funds and implement requirements for classified and graded management of personal bank accounts.
Personalized adjustment based on account history usage
The accounts for adjusting limits vary among different banks. For example, the adjustment targets of Qingdao Bank are corporate accounts, while the adjustment targets of Bank of China Tianjin Branch, China Construction Bank Inner Mongolia Branch, Zhangshu Rural Commercial Bank, Liangshan Rural Commercial Bank, etc. are personal bank settlement accounts, mostly personalized adjustments based on the historical usage of the accounts.
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Bank of Qingdao announced that in order to effectively protect the fund security of corporate accounts, the bank will take protective measures based on the historical usage of accounts, reduce the transaction limit of some non counter channels for corporate accounts, including enterprise online banking and enterprise mobile banking.
The announcement from Liangshan Rural Commercial Bank shows that the bank will adjust the non counter channel limits of some accounts based on the age, identity, and usage of the customers to which the accounts belong.
Preventing financial losses from fraud
Several banks have announced that the reason for the adjustment is to strengthen the crackdown on illegal and criminal activities related to telecommunications and network fraud, and to prevent financial losses caused by fraud. At the same time, it is also to implement the requirements of personal bank account classification and grading management. It should be noted that in the process of implementing security control measures for non counter channel transaction limits, banks will not require customers to provide sensitive information such as account passwords, UK passwords, SMS verification codes in any form, and pay attention to preventing the risk of telecommunications network fraud.
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The Notice on Improving the Classification Management of Personal Bank Accounts issued by the People's Bank of China clearly guides individuals to protect account funds and information security through the account classification management system. Banks should strengthen monitoring of abnormal opening and suspicious transactions of Class II and III accounts.
In fact, the adjustment of transaction limits by banks has not only begun recently, but has always existed. Different banks will dynamically adjust based on factors such as user usage, regulatory policies, and risk prevention. IPG China Chief Economist Bai Wenxi stated that setting reasonable transaction limits for banks is beneficial for better management of non counter branches and their own liquidity. However, it is also necessary to strike a balance between the convenience and safety of customer funds, strengthen user promotion, and guide excess demand to shift towards counter services.
The relevant bank reminds that if the account transaction limit cannot meet the fund settlement needs, corporate account customers can bring their company seal, bank reserved seal, original or duplicate business license, and original or duplicate ID card of the legal representative to the account opening bank to apply for an increase in the limit. Personal bank account customers can bring their identification documents and debit cards to nearby branches for inquiry or processing; If there is a demand for large transactions, please bring relevant transaction supporting materials together. If you have any questions, you can consult the branch of the account opening bank.