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Bill Custody


 

Name

Bill custody

Introduction

It refers to the service of bill custody and information inquiry provided by Bank of China according to application of customers. Based on the bill custody, customers can transact relevant bill businesses like discounting or credit granting on the basis of pledge.

Features

1. It prevents the customers from risks of physical bill keeping;

2. It provides the follow-up services like discounting or credit granting based on pledge.

Scope of Application

It is applicable to entity customers for businesses such as bill safekeeping and inquiry at the domestic account opening bank.

Scope of Business

Banker's acceptance draft custody

Commercial acceptance draft custody

Application Qualifications

Customers shall sign the service agreement with Bank of China.

Process

1. When applying for service of bill custody, the customer shall fill out the application form, then on it affix the specimen stamp reserved in the bank, and submit the form to the account opening bank together with the bills for custody. Upon examination, the account opening bank returns a numbered receipt of custody application form to the customer.

2. When applying for the cancellation of bill custody, the customer shall fill out a business cancellation application form, on it affix the specimen stamp reserved in the bank, and submit it to the account opening bank together with the ID card of the transactor authorized by the customer. After examination, the account opening bank returns the physical bill and the receipt of business cancellation application form to the customer.

3. When applying for payment collection by the bank on maturity time, the customer shall submit the written evidence of payment collection, affix the specimen stamp reserved in the bank, and conduct "endorsement of payment collection". Those bills without endorsement shall be endorsed in the presence of the bill transactor and custodian over the custodian bank's counter.

4. The amount of payment collected with the bill of payment collections goes directly into the account designated by the customer upon its transfer. If the bill is rejected by the payer, the account opening bank shall return the bill to the customer for the rejection formalities.

Kind Reminder

For the group customer comprised of the head office and branches, no additional agreement is required for its subsidiaries to transact the service of bill custody; while for the group customer comprised of the parent company and the subsidiaries, the bill custody agreements shall be signed separately between each subsidiary and Bank of China.

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