ANNUAL PERCENTAGE YIELD AND ACCOUNT TERMS DISCLOSURE
|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.
The Global Student account is an interest bearing checking account.
Minimum Opening Balance
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
Qualify for Student Benefit Fee Waivers and your monthly maintenance fee will be WAIVED for 7 years from the account opening date.
Additionally, your Monthly Maintenance Fee will be WAIVED if you maintain a:
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, or if the account has not otherwise qualified for Student Benefit Fee Waivers.
Limited to students who present the following applicable document(s):
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.
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:
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.
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.
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:
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 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 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 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.
Additionally, 3rd party ATM usage fees may be charged to your account at the request of the provider operating the non-proprietary ATM.
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.
Effective April 11, 2022
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.
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.
Effective April 11, 2022
Longer Delays May Apply- In addition, funds you deposit by check may be delayed for a longer period under the following circumstances:
Effective April 11, 2022
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 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.).