People in China are complaining about bank scandals in recent months. 

In July, some depositors in Hainan Province said their debit bank savings cards had been frozen. They complained that they could only make deposits but could not withdraw any cash. Their online transactions were also restricted.

Many have complained that they have had many problems at banks in Shenzhen recently.

According to Shanghai Yicai, Shenzhen residents said that WeChat withdrawals from debit cards have failed, Alipay does not allow transfers, and the account status is frozen.

Most banks, including Bank of China, China Construction Bank, Industrial and Commercial Bank of China, and Postal Savings Bank, had similar situations.

The staff at the Bank of China said that they were cooperating with the public security department to carry out the “card breaking” operation. The bank was required to investigate each account, and the bank card would be frozen if the funds were identified to be at risk. 

An announcement by Shenzhen authorities stated that high-risk personal bank accounts have many limitations for use—.no transactions within 3 months, no utility or mortgage payments, daily deposits within the past 30 days are less than $147 (1,000 yuan), and the account holder is a non-Shenzhen household registered male between the ages of 16 and 40.

 David Huang, an economist in the United States, gave an overview of this situation in an interview with NTD. He said that the main reason is that China’s financial fraud and money laundering crimes threaten the security of the CCP’s financial system.

Huang said that the entire financial system now has crises such as financial fraud, financial investment scams, and money laundering. Besides, many Chinese want to convert their yuan into foreign exchange and transfer it overseas due to the recent tension in China’s international relations. So the Chinese Communist Party began investigating so-called high-risk personal bank accounts. This also shows that they didn’t look at the lives of residents or the safety of wealth as a priority, but maintaining stability must be in first place.

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