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Account Opening Witness Service for Studying in the USA


 

Name

Account opening witness service for studying in the USA

Introduction

Account opening witness service for studying in the U.S. refers to a service launched by Bank of China New York Branch in collaboration with Bank of China domestic acceptance offices to open USD accounts in Bank of China New York Branch on behalf of the students going to study the U.S. In this service, Bank of China domestic acceptance offices will witness the opening of USD accounts by customers on behalf of Bank of China New York Branch.
The account for students going in the U.S. is a personal deposit account. After the activation of their accounts, customers can also enjoy other customer services and preferences offered by Bank of China New York Branch, including debit cards, online banking, outward remittance, inward remittance, deposit and withdrawal, etc. Details will be available when customers activate their accounts.

Target Customers

Applicants for this service in the U.S. must meet the following conditions:

1. Applicants shall hold valid passports;

2. Applicants shall have obtained the U.S. Student F1 or J1 visas;

3. Applicants shall have obtained admission letters, I-20 or DS-2019 forms issued by American universities and colleges.

4. Applicants shall be 18 years old and above.

Service Channel

Before going abroad, account applicants should apply for "Account Opening Witness Service for Studying in the U.S." by Bank of China's domestic acceptance offices. Upon examination and approval by Bank of China domestic acceptance offices, the application materials will be submitted to Bank of China New York Branch for further verification and the account opening process.

Process

1. Customers should submit the following materials to Bank of China domestic acceptance offices when applying for the international student accounts before going to study in the U.S.: (the originals of the following materials are required)

A. passports and F1 or J1 visas

B. ID cards or Hukou books (proofs of residential addresses)

C. admission letters, I-20 forms or DS-2019 forms

2. Customers should fill in the following materials when applying for international student accounts before going to study in the U.S.:

A. Account Opening Application Form

B. W8 Form

C. specimen stamp card

3. Bank of China domestic acceptance offices will submit the application materials and Bank of China's interview letters to Bank of China New York Branch for further examination, and will notify customers of the final results of account opening within two to three working days.

Kind Reminder

1. Preferencial treatment offered to the accounts owners:

No handling fees will be collected for opening international student accounts; All handling fees will be waived when international student accounts receive inward remittance; Bank of China New York Branch will provide services to overseas students in Mandarin Chinese and Cantonese;

By using international student accounts to remit funds, customers can enjoy a 10% for handling fees; With international student accounts, customers can handle RMB advance foreign exchange settlement remittances, that is to say, they can directly convert USD into RMB and remit the money to designated domestic accounts. Bank of China New York Branch provides overseas students with debit cards, personal online banking as well as multiple deposit account services. Deposit accounts include: personal cheque accounts, personal NOW accounts (interest-bearing cheque accounts), personal monetary market deposit accounts, personal current savings accounts and personal term deposit accounts; The terms of ordinary term deposit accounts can be divided into one month, two months, three months, six months, nine months, one year, two years, thirty months and four years, which are available for customers to choose from.

2. How to apply for debit cards, credit cards and personal online banking functions:

Customers can activate their accounts just by submitting I-94 arrival cards and relevant information including their addresses in the U.S. to Bank of China New York Branch. After the activation of their accounts, customers can apply for debit cards, credit cards and personal online banking services.

3. Functions of debit cards:

?Cardholders can make inquiries and withdrawals on Bank of China's ATMs in the U.S. free of charge;

?Cardholders will get compensation for the handling fees for withdrawing cash on ATMs of other banks once every month, while the amount should not exceed USD 2;

?Cardholders can apply for and launch debit cards and get new cards after expiration at maturity free of charge;

?Cardholders can enjoy free counter services: with debit cards, customers can enjoy a series of services including deposit, withdrawal, transfer, inquiry, etc.;

?Cardholders can make purchases without carrying cash: with debit cards, customers can make purchases in the major department stores, supermarkets, post offices and merchants in U.S.
?The daily limits of consumption and cash withdrawal for debit cards are USD 500 respectively.

4. Functions of credit cards:

?Cardholders can enjoy the benefits like reward points

?Cardholders can accumulate their personal credit scores

?Cardholders can be exempted from annual fees

5. Personal online banking functions available from Bank of China New York Branch are as following:

?Online balance inquiry and trading details inquiry;

?Internal transfers among different transactional accounts of Bank of China New York Branch;

?Application for remittances and opening term deposits;

?Application for stopping cheque payments and for purchasing cheque books, and other counter service functions;

?Change the email addresses and passwords;

?Application for changing the addresses and contact information and other customer information management functions.

6. If the universities where customers are going to study are not located in New York, they can activate their accounts by means of mail plus notarization and apply for debit cards and online banking services. Customers just need to contact the business department of Bank of China New York Branch by telephone after their arrival in the U.S., the clerk of the business department will help them complete the account number activation procedures. Customers just need to fill in and notarize the copies of their I-94 arrival cards, passports and the account activation forms that are obtained from Bank of China New York Branch and then properly filled in and notarized to Bank of China New York Branch, and then they can activate their accounts and apply for debit cards, credit cards and online banking services.

7. Notarization services in the U.S. are very simple and inexpensive and are available in many drugstores and banks, and the prices vary between USD 2 and 10. After the activation documents are received and confirmed without error, the accounts will be formally activated. Bank of China New York Branch can provide temporary free cheque for daily payments. Bank of China's New York branch can also issue bank drafts in response to your application for you to pay tuition and fees, etc.

8. If money has been remitted into international student accounts while the customers can not go to U.S. for some reason, they can apply for closing their accounts and refunding the remittance through Bank of China's domestic acceptance offices. Bank of China New York Branch will remit their money back to the domestic accounts designated by them according to their applications, but all expenses arising should be borne by the applicants.

Contact Us

Bank of China's branches in the U.S. that provide witness services to the students going to study  the U.S. are as follows:

Branch Name Address Tel
Bank of China New York Branch 410 Madison Avenue New York, NY 10017 By subway: take # 4,5,6 or 7 train to Grand central station or B,D and F to Rockefeller Center station Tel: 212-935-3101 Fax: 212-588-1524
Bank of China New York Chinatown Branch 42 East Broadway New York, NY 10002 By subway: take M, R, J or #6 train to Canal Street station, or F train to East Broadway station. Tel: 212-925-2355 Fax: 212-431-6157

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