|Daily Balance||Interest Rate||Annual Percentage Yield|
|$0.00 to $9,999.99||0.025%||0.03%|
|$10,000.00 to $24,999.99||0.025%||0.03%|
|$25,000.00 to $49,999.99||0.025%||0.03%|
|$50,000.00 to $99,999.99||0.025%||0.03%|
|$100,000.00 to $249,999.99||0.045%||0.05%|
|$250,000.00 to $499,999.99||0.045%||0.05%|
|$500,000.00 to $999,999.99||0.045%||0.05%|
|$1,000,000.00 and above||0.045%||0.05%|
Variable Rate Account
Your interest rate is variable and may be changed at any time, at our discretion and without prior notice.
Interest Accrual / Payment Frequency
Interest begins to accrue on the day you make your deposit, and is credited to your account on a monthly basis.
Interest Compounding / Computation
Your interest is compounded daily on an actual/365 day basis. We use the daily balance method, which applies a daily periodic rate to the principal in the account each day.
Terms and Conditions
Minimum Opening Balance
Account must be funded within 60 days of application approval with a single opening deposit of $2,500 or more. Funding deposits received for an amount that is less than $2,500 are, at the discretion of the Bank, subject to return. Accounts that are not funded within 60 days will be subject to automatic closure.
Additionally, the Bank reserves the right to automatically close any account that at any time has had a continuous $0 balance for 60 days, that is overdrawn or otherwise not maintained in good standing, or for any reason in accordance with the terms of the Bank’s Deposit Agreement. Generally, accounts with an unresolved overdraft condition will be closed within 45 days of the overdraft date, but timing of the closure is solely at the discretion of the Bank. For additional information please refer to Bank’s Deposit Agreement.
Requests to re-open an account that has been closed by the Bank or customer are subject to Bank review and approval. If, at the Bank’s discretion, an account re-opening request is honored, the minimum opening balance requirement will apply. The Bank is under no obligation to honor a re-opening request, and not all accounts will qualify for re-opening. Please refer to the Bank’s Deposit Agreement, provided at the time of account opening, for additional information.
Account Opening Fee
A one-time Account Opening Fee will be automatically deducted from the account upon receipt of a single minimum opening deposit of $2,500 or more.
(see the “Account Opening Fee Refund Qualification Requirements” and “Minimum Average Balance Required to Avoid the Monthly Maintenance Fee” sections for additional information.)
Monthly Maintenance Fee
Charged per monthly statement cycle if the minimum average monthly balance maintained in the account during the statement cycle does not meet the required minimum.
Minimum Average Balance Required to Avoid the Monthly Maintenance Fee
Your Monthly Maintenance Fee will be waived if you maintain a:
Account Opening Fee Refund Qualification Requirements
During the first 12 months (full or partial) after the initial funding requirement is met, you will have an opportunity to qualify for up to $300 in Account Opening Fee refunds.
Additionally, at the sole discretion of the Bank, the initial Account Opening Fee may be refunded if, due to the Bank’s post-funding fraud risk assessments, the account is closed by the Bank within the first 30 calendar days after payment of the Account Opening Fee. As applicable, the Account Opening Fee refund amount will be credited to the account at the time of closure.
Additional Terms and Conditions
Limited to individuals 18 years of age or older. One account per customer.
Subject to Bank Approval
Account applications are subject to verification and approval. Submission of an application does not guarantee that East West Bank will open an account for you.
Additionally, we may conduct fraud risk assessments both at the time of application, and upon receipt of your initial funding deposit, which may result in your initial funding deposit being subject to certain access and usage limitations until the fraud risk assessments are completed. If you have questions regarding your initial funding deposit after account opening, you can contact us at (CN) +86.400.842.3268 or (U.S.) +1.833.468.8356
East West Bank reserves the right to close an account and return the initial funding deposit to the sender, without prior notice, based on the results of our risk assessment findings.
Account Title and Contact Information
By submitting an application you are requesting to open a Global Checking account at East West Bank, a United States financial institution. If approved, a Global Checking account will be opened in your name, as sole owner. Your contact e-mail address, mobile phone number, primary residence address and alternate account mailing address will be defined based on the information you agreed to share with us. If an alternate account mailing address was not provided, we will use your residence address as the mailing address for your account.
Your East West Bank account will NOT have checks automatically issued. If you would like to order checks you may contact us at (CN) +86.400.842.3268 or (U.S.) +1.833.468.8356.
Check Imaging is a process of capturing, indexing, storing and retrieving electronic images of checks. Imaging systems replace the handling, distribution and storage of checks with electronic images. The images are retained by us for a period of seven years from the date of posting.
By using your account you agree to this procedure and authorize us to destroy the original items and check. You agree to allow any imaged document, or copy thereof, to serve as an original item for any and all purposes, including charging your account or determining the validity of any signatures or otherwise.
Debit Card Issuance / ATM Access
A Debit Card will NOT be automatically issued. If you would like to request a Debit Card you may request a card in the Mobile App or Online Banking services, or contact us at (CN) +86.400.842.3268 or (U.S.) +1.833.468.8356.
If requested, your Debit Card will be issued in your name and mailed to the address associated with your Global Checking account. For shipments to China, your Debit Card will be mailed to the one-time shipping address you provided and verified at the time of request. For cards delivered to an international address, a shipping fee will apply. Please refer to the East West Bank Fee Schedule for additional details.
Your Global Checking account will be linked as the primary account that can be accessed using the Debit Card.
ATM Withdrawal Fees
There is no charge for using a proprietary East West Bank ATM.
Additionally, East West Bank will not charge you a fee when you use a non-East West Bank (3rd party) ATM to access funds in your Global Checking account.
In some cases, the 3rd party operating the non-East West Bank ATM may request us to charge a fee to your account. If this does occur, East West Bank will refund any 3rd party ATM usage fees deducted from your Global Checking account each statement cycle, generally no later than the business day following the day the transaction posted to your account. (Note: This waiver does not apply to any East West Bank NSF fees that are the result of your account being overdrawn by an ATM transaction.)
Other Fees and Services
Additional fees may apply. Please refer to the East West Bank Fee Schedule, which has been provided with this disclosure, for additional fee information.
Velo Gold Program
Global Checking customers also have the opportunity to qualify for our Velo Gold program, which offers enhanced features and benefits.
VELO Gold Benefits
Velo Gold Benefits include:
Additionally, Velo Gold customers will have access to these other premium services:
Velo Gold Qualification Requirements
To qualify for the Velo Gold program, you must be:
If, at any time, the combined month-end average balances in the qualifying consumer deposit accounts you own at East West Bank fall below $100,000 for four (4) consecutive months, both you and your Global Checking account will be UNENROLLED from the Velo Gold program within 10 business days.
Additional Terms and Conditions
Qualifying consumer deposit accounts for Maintenance Fee Waiver and Velo Gold program qualification purposes are determined by East West Bank. The balance from a qualifying account will be allocated to a single account owner’s combined balance calculation only, and the account owner that will receive the allocation will be determined solely by East West Bank. Wealth Management accounts, Commercial accounts and other non-USD deposit account products do not qualify.
Customers that are currently enrolled in the Velo Gold program generally will not qualify for new enrollment in the Bank’s exclusiveBridgePlus or eliteBridgePlus programs.
The Velo Gold program benefits are not exchangeable for other services, are non-transferable and have no cash or rebate value. Velo Gold program terms and benefits are subject to change or termination at the discretion of East West bank without notice.
DEPOSIT AGREEMENT ADDENDUM
Effective January 26, 2023
This Deposit Agreement Addendum amends and supersedes, where applicable, the Bank’s Deposit Agreement dated 6/18/2015 and applies specifically to accounts opened using the East West Bank mobile banking application.
1. Holds for Uncollected Funds / Delayed Funds Availability
The below revised information amends the “Ability to Withdrawal Funds”, “Longer Delays May Apply” and “Special Rules for New Accounts” information contained in the Holds for Uncollected Funds / Delayed Funds Availability section of the Bank’s Deposit Agreement. All other information contained in the Holds for Uncollected Funds / Delayed Funds Availability section of the Deposit Agreement remains the same.
Effective January 26, 2023
Ability to Withdrawal Funds - Our policy is to delay the availability of funds from your check deposits. During that delay, you may not withdraw the funds in cash and we will not use the funds to pay checks that you have written.
For determining the availability of your deposits, every day is a business day, except Saturdays, Sundays, and federal holidays. If you make a deposit in person at one of our branch locations before the close of business on a business day that we are open, we will consider that day to be the day of your deposit. If you use our mobile banking remote deposit capture service to deposit a check before 9:00 p.m. (Pacific Time), we will consider that day to be the day of your deposit.
Generally, our close of business is 5:00 p.m. (local time zone), Monday – Friday, however most of our locations close at 6:00 p.m. (local time zone) on Friday. (Note: These times may vary by location.)
If you make a deposit into one of our automated teller machines before 3:00 p.m. (local time zone) on a business day we are open, we may consider that day to be the day of deposit. However, if you make any of the above mentioned deposits after the cut-of time or on a day we are not open, we will consider that the deposit was made on the next business day we are open.
The length of the delay varies depending on the type of deposit and is explained below.
Funds from electronic direct deposits to your account will be available on the day we receive the deposit.
Funds from the following deposits are available on the first business day after the day of your deposit:
If you make the deposit in person to one of our employees, funds from the following deposits are also available on the first business day after the day of your deposit:
If you do not make your deposit in person to one of our employees (for example, if you mail the deposit or use our remote deposit capture service), funds from these deposits will be available on the second business day after the day we receive your deposit.
Other Check Deposits
Our policy is to make funds from local and nonlocal checks available as follows.
For example, if you deposit a local or nonlocal check of $700 on a Monday, $225 of the deposit is available on Tuesday. The remaining $475 is available on Wednesday.
Effective January 26, 2023
Longer Delays May Apply – In addition, funds you deposit by check may be delayed for a longer period under the following circumstances:
Effective January 26, 2023
Special Rules for New Accounts – If you are a new customer, the following special rules will apply during the first 30 days your account is open.
Funds from electronic direct deposits to your account will be available on the day we receive the deposit. Funds from deposits of cash, wire transfers and the first $5,525 of a day’s total deposits of cashier’s, certified, teller’s, traveler’s and federal, state and local government checks, will be available on the first business day after the day of your deposit if the deposit meets certain conditions. For example, the checks must be payable to you. The excess over $5,525 will be available on the ninth business day after the day of your deposit. If your deposit of these checks (other than a U.S. Treasury check) is not made in person to one of our employees, the first $5,525 will not be available until the second business day after the day of your deposit.
Funds from all other check deposits will be available on the ninth business day after the day of your deposit.
The forgoing rules do not apply to deposits of foreign items (items drawn on or payable through or at an office of a depository institution not located in the U.S.).
2. State Law Applicability for Digitally Acquired Consumer Customers
Effective January 26, 2023
Accounts opened by consumers that become a Bank customer using the East West Bank mobile banking application will be established at a California location and be subject to California state specific laws, unless they used or entered an “invite link” provided by an East West Bank branch located in another state, in which case their account(s) will be established at that branch location and subject, where applicable, to that state’s specific laws as defined in the Bank’s Deposit Agreement.
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