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ANNUAL PERCENTAGE YIELD AND ACCOUNT TERMS DISCLOSURE

Last updated: September 14, 2024
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Interest Rates

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.

Footnotes

Terms and Conditions

Product Type

The Global Student account is an interest bearing checking account.

Minimum Opening Balance

$300

Account must be funded within 60 days of opening. Accounts that are not funded within 60 days, or that at any time maintain a $0 balance for 60 days or more, will be subject to automatic closure.

Requests to re-open an account that has been closed by the Bank or customer are subject to Bank review and approval. 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, which has been provided with this disclosure, for additional information.

Monthly Maintenance Fee Waivers and Minimum Average Balance Requirements

OPTION ONE

Qualify for Student Benefit Fee Waivers and your monthly maintenance fee will be WAIVED for 7 years from the account opening date.

  • Please refer to the Student Benefit Fee Waivers Qualification Requirements section of this disclosure for additional details.

OPTION TWO

Additionally, your Monthly Maintenance Fee will be WAIVED if you maintain a:

  • $2,500 average balance in your account each monthly statement cycle
    OR
  • $10,000 prior month-end combined average balance in the consumer deposit accounts you own at East West Bank

Monthly Maintenance Fee

$25

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, or if the account has not otherwise qualified for Student Benefit Fee Waivers.

Additional Terms and Conditions

Requirements

Limited to students who present the following applicable document(s):

  • Foreign Students – Must provide a copy of a qualifying government issued ID, and other identifying information as may be required during the account application process. Additionally, applicants will also be required to provide a copy of a valid and current F-1 or M-1 student visa or specified J-1 visa indicating they have been legally admitted to the United States to study at an accredited university, community college, high school or vocational school that is located in the United States.

    Note: Failure to provide a digital copy of a qualifying visa document within the required timeframe will result in a forfeiture of the opportunity to qualify for Student Benefit Fee Waivers. Please refer to the Student Benefit Fee Waivers Qualification Requirements section of this disclosure for additional details.
  • U.S. Students – Must provide a copy of a valid and current Proof of Acceptance or school issued Student ID Card indicating they are legally enrolled to study at an accredited university, community college, high school or vocational school in the United States. U.S. students include individuals that are U.S. citizens or legal permanent residents of the United States. A U.S. social security number is required to apply.

Limited to an individual student who is 17 years of age or older. One account per student.

Student Benefit Fee Waivers Qualification Requirements

To qualify your Global Student account for Student Benefit Fee Waivers:

  • Foreign Students – Must provide a digital copy of their valid and current F-1 or M-1 student visa or specified J-1 visa at the time of account application. Students who have not yet received their visa document, will also have the option to provide their digital copy after account approval by using the Student Visa upload feature in our Mobile App or Online Banking services.

    You will have a maximum of 6 full statement cycles after the account opening date to provide a digital copy of your qualifying visa document.

    Note: A full statement cycle is defined as beginning on the first day of the month and ending on the last day of the month. For example, if your account was opened on April 15th, you will have until October 31st (midnight Pacific Time) to upload a digital copy of your qualifying visa document.
  • U.S. Students – Must provide a copy of a valid and current Proof of Acceptance or school issued Student ID Card at the time of account application.

In most cases, your Student Benefit Fee Waivers will be applied to your Global Student account upon digital submission of the required document, although it may take up to 14 business days after document submission for the waivers to be applied.

Once your Student Benefit Fee Waivers have been applied to your Global Student account, they will be applicable for 7 years from the account opening date.

  • Upon expiration of your Student Benefit Fee Waivers your Global Student account will return to the standard account pricing, terms and conditions applicable at that time.

IMPORTANT - Failure to provide a digital copy of your qualifying document within the required timeframe will result in a forfeiture of your Student Benefit Fee Waivers. Scanning of an invalid document may result in account closure.

Student Benefit Fee Waivers

Student Benefit Fee Waivers include the WAIVER of the following Global Student account related fees:

  • Monthly Account Maintenance Fee
  • ATM Withdrawal Fees
  • The Bank’s fee for one incoming Wire Transfer each monthly statement cycle

Additionally, your Global Student account will earn a one-time $20 Fee Credit, that can be applied as a rebate towards a Qualified Service Fee. Click here for additional information on our Fee Credits Program.

Please refer to the applicable sections of this disclosure for additional details. For Information about the Bank’s Incoming Wire Transfer fee please refer to the East West Bank Fee Schedule.

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

Account Title and Contact Information

By submitting an application you are requesting to open a Global Student account at East West Bank, a United States financial institution. If approved, a Global Student 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’ll use your residence address as the mailing address for your account.

Check Orders

Your East West Bank account will NOT have checks automatically issued. If you would like to order checks you may contact us at (CN) +86.400.080.5290 or (U.S.) +1.833.468.8356.

Check Imaging

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) +86.400.080.5290 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 Student account or, for international shipments, 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 Student 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 an East West Bank ATM.

East West Bank will not charge you for the first two non-proprietary ATM withdrawals per statement cycle, but will assess a $1.00 fee for each withdrawal thereafter.

  • This $1.00 fee will be waived for Global Student accounts that qualify for Student Benefit Fee Waivers.

Additionally, 3rd party ATM usage fees may be charged to your account at the request of the provider operating the non-proprietary ATM.

  • These fees will be refunded for Global Student accounts that qualify for Student Benefit Fee Waivers. Refunds will generally occur the business day following the day the transaction posted to your account, although it can take longer. (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.

GLOBAL STUDENT
DEPOSIT AGREEMENT ADDENDUM

July 12, 2024

This Deposit Agreement Addendum amends and supersedes, where applicable, the Bank’s Deposit Agreement dated 6/1/2024 and applies specifically to accounts opened using the East West Bank Mobile App or Online Banking services.

 

 

1. Holds for Uncollected Funds / Delayed Funds Availability

Updated September 23, 2023

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.

Ability to Withdrawal Funds - Generally, our policy is to make funds from your deposits available to you on the first business day after the day we receive your deposit, although specific account types, check types or deposit methods may be subject to delayed funds availability. Electronic direct deposits will be available on the day we receive the deposit. Once they are available, you can withdraw the funds in cash and we will use the funds to pay checks that you have written.

In many cases we will make the funds from your deposited checks available to you sooner than we are able to collect the funds from the paying bank, and it is possible for a check or other item to be returned to us as unpaid days, weeks or months after we have made the funds available to you. Please remember that even after we have made funds available to you, and you have withdrawn the funds, we have the right to reverse the credit for the deposited checks and/or you are still responsible for repaying us for any checks or other items you deposit or transmit to your account that are returned unpaid to us for any reason.

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 deposit a check by Mobile Deposit on a business day before the Mobile Deposit service cutoff time, we will consider that day to be the day of your deposit. (For Mobile Deposit Business Day cutoff time information, please refer to the Mobile Deposit information in the applicable Online Banking Agreement.)

NOTE:
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.

Longer Delays May Apply – In some cases, we will not make all of the funds that you deposit by check available to you on the first business day after the day of your deposit, including:

  • Mobile Deposits - Generally, funds from Mobile Deposits made using our Consumer or BusinessExpress Mobile App will be made available the third business day after the day of deposit; however, the first $225 of your Mobile Deposits will be available on the first business day after the day of deposit. In certain circumstances longer delays may apply, such as when your Mobile Deposits total more than $5,525 on any one day, in which case the amount over $5,525 will generally be available no later than the seventh business day after the day of deposit.
  • Other Check Deposits (on a case-by-case basis) - On a case-by-case basis funds from certain checks that you deposit may not be available until the second business day after the day of your deposit; however, the first $225 of your deposit will be available on the first business day after the date of deposit.

If we are not going to make all of the funds from your deposit available on the first business day, we will notify you at the time you make your deposit. We will also tell you when the funds will be available. If your deposit is not made directly to one of our employees, or if we decide to take this action after you have left the premises, we will send you a notice by the day after we receive your deposit.

If you will need the funds from a deposit right away, you should ask us when the funds will be available.

In addition, funds you deposit by check (including Mobile Deposits) may be delayed for a longer period under the following circumstances:

  • We believe a check you deposit will not be paid.
  • You deposit checks totaling more than $5,525 on any one day.
  • You redeposit a check that has been returned unpaid.
  • You have overdrawn your account repeatedly in the last six months.
  • There is an emergency, such as failure of communications or computer equipment.

We will notify you if we delay your ability to withdraw funds for any of these reasons, and we will tell you when the funds will be available. They will generally be available no later than the seventh business day after the day of your deposit.

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.

NOTE:
The foregoing 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. New Account Funds Usage Limitations

Updated October 2, 2023

New accounts that are opened through our Online Banking service may be subject to certain access and usage limitations until the Bank’s new account fraud risk assessment has been completed. This fraud risk assessment hold may result in your initial funding deposit not being readily available for uses that may otherwise be generally permitted under the terms of the Bank’s Deposit Account Agreement or other agreements governing your account and services. Please refer to the Annual Percentage Yield and Account Terms Disclosure received at account opening for additional details.

3. State Law Applicability for Digitally Acquired Consumer Customers

Effective April 16, 2020

Accounts opened by consumers that become a Bank customer using the East West Bank Mobile App or Online Banking service 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.

Footnotes

 

Important Funds Availability Update

 

Effective July 1, 2025, federal Regulation CC (which governs the availability of funds from check deposits) will increase the minimum dollar amount of funds that we are required to make available to you on the first business day after the day we receive certain check deposits.

What does this mean to you?

Although East West Bank’s general policy is to make funds from your deposits available to you on the first business day after we receive your deposit, there are certain account types, check types or deposit types that may be subject to a longer hold, which could delay your ability to use the funds.

With this update:

  1. Starting July 1, 2025, the minimum amount we are generally required to make available to you on the first business day after your check deposit will be increased to $275 (currently this amount is $225).

Please note, certain exclusions do apply, such as when you make a deposit to a new account or redeposit a check that has previously been returned unpaid.

Learn More
To learn more about East West Bank’s updated Holds for Uncollected Funds / Delayed Funds Availability policy and how this update applies to your check deposits please visit:

Footnotes

Printable Notice

Footnotes