Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

China bank customers to get deposits back after protests

China bank customers to get deposits back after protests

Financial regulators in central China’s Henan and Anhui provinces have promised to give some bank customers some of their deposits back after a protest over their frozen accounts Sunday turned violent.
In statements issued late Monday, officials said customers with deposits of 50,000 yuan (about $7,400) or less would be reimbursed. They said others with larger bank balances would get their money back at a later, unspecified date.

The bank protests drew wide attention because angry depositors who tried to go to Zhengzhou in Henan to try to get their money back from the six financially troubled rural banks were stopped from traveling by a health app on their cellphones. On Sunday, they staged their largest protest yet, which police and plainclothes security broke up with force.

The protesters are among thousands of customers who opened accounts at the banks in Henan and neighboring Anhui province that offered relatively high interest rates. They later found they could not make withdrawals after media reports that the head of the banks’ parent company was wanted for financial crimes.

The announcement by regulators was received with skepticism by customers who have been organizing protests online and offline since April to try to get their money back.

“This does not actually solve the problem,” said Xu Zhihao, a bank customer who didn’t take part in the protest Sunday.

The People’s Bank of China, the country’s central bank, guarantees deposits of customers up to 500,000 yuan ($74,000), but that won’t be enough to cover some peoples’ losses.

One protester, who gave only her last name, Ding, said she and her mother had 800,000 yuan ($119,000) in savings deposits at multiple banks.

“They made this announcement because we put our lives on the line. This less than 50,000 yuan isn’t what we are owed. It’s more a payment to keep social stability,” said Ding, who declined to give her full name out of fear of reprisal. She said and her husband were hit by plainclothes security staff during a protest Sunday, when several people were injured.

Multiple protesters told the AP that some people were hospitalized after being hurt when police and plainclothes security officers used force to disperse the protesters, though most of the injuries were scrapes or cuts.

The bank customers started their accounts online through financial platforms such as JD Digits, which is owned by e-commerce giant JD.com, drawn by offers of higher interest rates, such as five-year fixed deposit accounts paying an interest rate of just over 4%.

When they realized they couldn’t withdraw their money, they tried to contact the banks, the local Banking and Insurance Regulatory Commission and the central bank.

When that failed, they set out to protest at the China Banking and Insurance Regulatory Commission’s provincial headquarters in Henan’s capital, Zhengzhou. Sunday’s protest was the largest so far, drawing hundreds of people.
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
U.S. and Hungarian Officials Talk About Economic Collaboration and Sanctions Strategy
Technology Giants Activate Lobbying Campaigns Against Strict EU Regulations
Pope Francis Admitted to Hospital in Rome Amid Increasing Speculation on Succession
Zelensky Calls on World Leaders to Back Peace as Tensions Rise with Trump
UK Leader Keir Starmer Calls for US Security Guarantee in Ukraine Peace Deal
NATO Chief Urges Higher Defense Expenditure in Europe
The negotiation teams of Trump and Putin meet directly, establishing the groundwork for a significant advancement.
Rubio Touches Down in Riyadh Before Key U.S.-Russia Discussions
Students in Serbian universities Unite to Hold Coordinated Protests for Accountability.
US State Department Removes Taiwan Independence Statement from Website
Abolishing opposition won't protect Germany from Nazism—this is precisely what led Germany to become Nazi!
Transatlantic Gold Rush: Traders Shift Bullion in Response to Tariff Anxieties and Market Instability
Bill Ackman Backs Uber as the Company Shifts Towards Profitability
AI Titans Challenge Nvidia's Supremacy in Light of New Chip Innovations
US and Russian Officials to Meet in Saudi Arabia Over Ending Ukraine Conflict. Ukraine and European leaders – who profit from this war – excluded from the negotiations.
Macron Calls for Urgent Summit as Ukraine Conflict Business Model is Threatened
Trump’s Defense Secretary: Ukraine Won’t Join NATO or Regain Lost Territories
Zelensky Urges Europe to Bolster Its Military in Light of Uncertain US Backing
Chinese Zoo Confesses to Dyeing Donkeys to Look Like Zebras
Elon Musk is Sherlock Holmes - Movie Trailer Parody featuring Donald Trump's Detective
Trump's Greenland Suggestion Sparks Sovereignty Discussions Amid Historical Grievances
OpenAI Board Dismisses Elon Musk's Offer to Acquire the Company.
USAID Uncovered: American Taxpayer Funds Leveraged to Erode Democracy in Europe Until Trump Put a Stop to It.
JD Vance and Scholz Did Not Come Together at the Munich Security Conference.
EU Official Participates in Discussions in Washington Amid Trade Strains
Qatar Contemplates Reducing French Investments Due to PSG Chief Investigation
Germany's Green Agenda Encounters Ambiguity Before Elections
Trump Did Not Notify Germany's Scholz About His Ukraine Peace Proposal.
Munich Car Attack Escalates Migration Discourse Before German Elections
NATO Allies Split on Trump's Proposal for 5% Defense Spending Increase
European Parliament Advocates for Encrypted Messaging to Ensure Secure Communications
Trump's Defense Spending Goal Creates Division Among NATO Partners
French Prime Minister Bayrou Navigates a Challenging Path Amid Budget Preservation and Immigration Discourse
Steering Through the Updated Hierarchy at the European Commission
Parliamentarian Calls for Preservation of AI Liability Directive
Mark Rutte Calls on NATO Allies to Increase Defence Expenditures
Dresden Marks the 80th Anniversary of the World War II Bombing.
Global Community Pledges to Aid Syria's Political Transition
EU Allocates €200 Billion for AI Investments, Introduces €20 Billion Fund for Gigafactories
EU Recognizes Its Inability to Close the USAID Funding Shortfall Due to Stalled US Aid
Commission President von der Leyen Missing from Notre Dame Reopening Due to Last-Minute Cancellation
EU Officializes Disinformation Code for Online Platforms, Omitting X
EU Fails to Fully Implement Key Cybersecurity Directives
EU Under Fire for Simplification Discussions Regarding Corporate Sustainability Reporting
Shein Encountering Further Information Request from the EU During Ongoing Investigation
European Commission Initiates Investigation into Shein as It Aims at Chinese E-Commerce Regulations
German Officials Respond to U.S. Proposal for Peace Talks with Russia
Senate Approves Robert F. Kennedy Jr. as Secretary of Health and Human Services.
Trump and Putin Engage in Discussions on Ukraine Peace Negotiations Amid Worldwide Responses
Honda and Nissan End Merger Talks
×