2015-01-16

Bank Deposits Go Missing In Zhejiang

In Yiwu, Zhejiang Mr. Liu, 2013 at a state-owned big firms Ningbo Bank Fenghua East Branch of deposit 2.5 million. Most recently, he found the money gone - only four yuan left in the passbook account.

...It is understood that Mr. Liu was introduced, the money saved went more than 200 kilometers outside of Fenghua, and he got a red envelope: 10% of the ¥2.5 million, or ¥25,000 discount.

Regarding this, the "Daily Economic News" reporter contacted the above banks, but they refused to be interviewed.

Coincidentally, the "Evening News" recently reported that online fugitive Mou was arrested recently, the theft of a total of 95.05 million yuan from 42 depositors at a bank in Hangzhou. These savers check their certificates of deposit, and found that not a penny was in the accounts, then complained to the banks. After the bank inquiry found that savers deposit money in fact was immediately transferred to another account within. Currently the case is still under investigation, the West Lake in Hangzhou Public Security Bureau declined a reporter's interview request.

Is the problem crooks at the banks, or banks' management failure?
The source said the situation is a bank employee's personal behavior or the behavior of the bank's management acquiescence?

Joint-stock bank executives said the above, "Non sunshine discount" deposits, mostly bank employees or small collective behavior of individual behavior, not the General Assembly is the overall behavior of banks.

Banks may be more responsible than thought. Not only were they lax in security, they also created the conditions where depositors thought they could obtain discounts:
In fact, both subsidized and non-sun sunlight discount, are "no sunshine". Regulatory authorities for the "discount" has already halted. September 11, 2014, the CBRC, the Ministry of Finance and the central bank in the "on strengthening the management of commercial bank deposits deviation related matters notice" clearly commercial banks must not "violate the provisions of the unauthorized increase deposit rates, or high-end sets interest rates; separate specialized Accounts to pay depositors high interest rates. "

Fuming Ming law firm partner, said even the "sunshine discount" is prohibited by the CBRC, requires loan companies will have to pull some deposits, in fact, this is a disguised form of pull deposits. Banks allow enterprises to pull deposit, is not, on the surface with the banks, but also the fact that the bank staff involved in the whole chain of interest is the same. But because there is no legal text cooperation, mostly verbal agreement, so I can not grasp the direct evidence.
Pull deposits here means attract deposits. Even though the banking regulators banned the deposit wars that were a feature of several quarter end cash crunches, these banks were offering discounted CDs in order to boost the deposit rate.

Finally,
For a number of banks deposits missing issues arise, professor of Zhejiang Financial Professional College should be advised Johnson told reporters from external causes, the current bank deposits more and more difficult, some account managers in order to obtain performance royalty, using some non-standard method Pull deposits; and from the internal point of view, the bank management are not strict, lax management of customer manager.

Given all the trouble in the Zhejiang housing market and the problems in places like Xiaoshan last year, it would not be surprising to see a lot of losses in the financial sector. It's unclear at this point whether this is an isolated case of criminals exploiting a hole in security, or if it is a case of illegal fundraising gone bad. Neither is good news for the banking system, but the latter would indicate economic weakness on top of everything else.

If Yiwu sounds familiar: Yiwu: The Chinese city where Christmas is made and sold.

21st CBH: 违规贴息惹祸 浙江多位储户存款失踪

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