Business and Finance

How to donate money to a bank

Posted by Joel Martinsen, June 29, 2007 1:20 PM

Image from ZJOL.

As part of its revamped commentary section, Southern Weekly moved its "Letters to the Editor" page to the business section and retitled it "Taxpayer's Voices: What's Annoying Me."

This week's gripe comes from Hong Er:

Several years ago I was working for a Shanghai company in Guangzhou. My employer set up an account for me at Shanghai's Minsheng Bank. During that year, I think I did right by Mingsheng Bank - every time I made a withdrawal in Guangzhou, I had to pay "out-of-area withdrawal processing fees." I later moved and lost my card. I noted that there were not many Mingsheng Bank branches in Guangzhou, and my card didn't have much money on it anyway. Today I passed by a Minsheng Bank, so I took out my ID to check - it said I had 83 yuan left.

So how can I withdraw 83 yuan?

A Minsheng Bank teller told me with a smile: first I would have to go to Shanghai to report my card lost and then get a new card. Then I could withdraw 83 yuan. It would take seven business days to replace the card.

I've not been to Shanghai for quite some time. Doing the sums, I would need two round-trips - four tickets - to withdraw that 83 yuan, not even figuring in the time cost. Or I could send my ID to a friend in Shanghai and have him report the loss and apply for a new card, but that would at least require two express deliveries plus my pal's time standing in line, as well as the fees for replacing the card...

Think about it - if I had better things to do, then I'd just give the money to Minsheng Bank.

The girl at the bank heard this and corrected me: you can't say that! True, even if I wanted to give Minsheng Bank that 83 yuan, it wouldn't accept my contribution if I didn't follow this procedure, even though the money is lying in the Minsheng vault and is assessed small-balance maintenance fees every year.

According to Minsheng Bank regulations, only after waiting for the sum to be slowly eaten away would I'd realize my wish to give them 83 yuan.

I know, this regulation is not unique to Minsheng Bank. China's banks all seem to be like that. I remember one time when I wanted to withdraw the last 12 yuan remaining in a closed account at the Agriculture Bank. I waited in line all day, then obediently went to photocopy my ID at the copy-shop, then returned to pay the 5 yuan lost-card fee, and then waited several days until I could go to the Agriculture Bank that my account was opened at to withdraw 7 yuan. I couldn't do it - the bank I opened my account with was pretty far off, and the round trip bus fare was about 7 yuan.

We all know that China's banks are rich now. They're listing overseas, and foreigners have rushed to buy stock in them. Even so, if I'd like to give them 83 yuan, there's no way that'll happen.

So?

Suddenly I had an idea - I hereby declare, as a Chinese citizen and a smallest-of-the-small depositor, I voluntarily donate the 83 yuan left in my Minsheng account to Minsheng Bank!

There are currently 5 Comments for How to donate money to a bank.

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Comments on How to donate money to a bank

I remember reading this a few days ago link. I'd be impressed if NFZM was passing off netizen comments at OEEEE as letters to the editor, but from a competing publication's website?

Posted by: feng37 | June 29, 2007 1:52 PM

Particularly when 弘二 is the editor of said competing publication...

Posted by: Joel | June 29, 2007 2:24 PM

She is lucky she is not marrying. At least she has an option of saying “f%$# it, you can keep the f%$#ing 83 yuan”.

For any Chinese marrying anther Chinese, both need to travel back to one of their hometown because their "hukou" is there. I'll explain it in a plain example: Ming Yao and Zhang Yizi have decided to get married. They met each other in a fine city of Beijing and have being living together in Beijing for 2 years. When they go to their local marriage registration place they are turned away because neither of the couple was born in Beijing, therefore they have to either choose to go to some village in HaiNanDao, or a frozen lake town in Harbin in order to get married, because that's where their "hukou" is at.

Oh, they also can travel to a free country like Hong Kong and get married, a trip that would easily cost them 10k+ yuan, not a viable option as most Chinese can't afford it.

Posted by: eugene | June 29, 2007 6:43 PM

I'm rather certain that the said victim can get his money back by closing his account even at a branch which isn't his account opening branch. The lost card declaration could be filed on the spot and faxed to the account opening branch for record holding. A processing fee of the lost card, probably less than 87 yuan, will have to be deducted, according to the book.
The victim may have got a wrong consultation ;)

Posted by: Absurdfool | June 30, 2007 3:14 AM

@Eugene: Suffered that myself this past December when I had to travel from Suzhou up to Dalian to get "married" because of my wife's hukou. The marriage certificate cost 12 RMB, the return flights for two people, plus additional transportation, etc... about 2,500 RMB... FUN!

You're right in your comparison that the banking system is built on a similar idea, and is equally stupid.

@Absurdfool: I wasn't able to. Perhaps some banks are getting better about this, but Bank of China, as recently as a year ago would not allow me to do this. I had to go to the branch I opened the account at to request a new card. Then several months ago when I wanted to close the account - same deal, had to go back to the main branch. I was able to withdraw the money and just let the bank rust with about 3 RMB in it (donated?).

Posted by: The Humanaught | July 2, 2007 9:48 AM