Banking in China – Misplacement of ATM Card (挂失)

挂失In recent times, banking in China has greatly improved and most of the cash movement systems are similar to the West.  Most foreigners who come to China have always had an experience worth talking about when they went to a Chinese bank. Mine is somewhat different since though it rarely happens but it is worth talking about.

First a little summary about banking in China. The banking system here is majorly controlled by the state and regulated by the Peoples Bank of China, Beijing. The Big-Four players are Bank of China, the China Construction Bank, the Industrial and Commercial Bank of China (ICBC) and the Agricultural Bank of China. All these are state-owned commercial bank and they have extensive branches across the country. Despite the strict state control, ICBC is a top global bank that has a good rep outside China. Apart from the above, there are several players in the provincial market but their footprint is not that expansive accross the vast Asian nation.

Most fresh men and scholarship awardees will be required to set up accounts at their nearest ICBC branches countrywide as soon as they register. Some universities will assist. Since ICBC is state-owned and so are the scholarships, its very clear. After the accounts are created, protocol dictates that the acc. numbers be mirrored to the school for the disbursement of the monies monthly.

My case is simple. I misplaced my ATM card and for that reason had to part with 10 Yuan, stay for 4 Days unable to access my account, then since the previous account was closed/deleted, get a new account number and take it to the students’ office in school. This is basically what happens. Most banking institutions in China will close your previous account and issue you with a new card, so its up to you to go back and update wherever your account number is used in your daily life, e.g Mobile Phone Carrier, School, Work and online services.

  • Step 1: After fully unable to locat your bank card, proceed to your nearest branch, take your passport.
  • Step 2: Tell the attendant you want to report a misplaced card. <我要挂失>
  • Step 3: You will be issued with a small form FOLDED halfway, write your name (AS PER PASSPORT)
  • Step 4: The teller will charge you 10 Yuan and if you don’t have, you can request her/him to get it from your old account.
  • Step 5: She may ask how much was in the account before the card got lost, also input your old PIN NUMBER.
  • Step 6: Wait for 15 mins then you have a new account which will remain inactive for 4 days after which you can return and pick your card ready for usage. Remember to return will all 3 papers issued with, otherwise they will not issue you with the card.
  • Final Step: For scholarship students, immediately proceed to the students’ office and give the new account number, otherwise you may miss-out on the months disbursement.
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