Product Terms and Conditions

 

ANNUAL PERCENTAGE YIELD AND ACCOUNT TERMS DISCLOSURE
EFFECTIVE DATE: NOVEMBER 6, 2021

 
East West Bank
Global e-Checking
 
 
Interest Rates
Daily Balance Interest Rate Annual Percentage Yield
$0.00 to $9,999.99 0.025% 0.03%
$10,000.00 to $24,999.99 0.025% 0.03%
$25,000.00 to $49,999.99 0.025% 0.03%
$50,000.00 to $99,999.99 0.025% 0.03%
$100,000.00 to $249,999.99 0.045% 0.05%
$250,000.00 to $499,999.99 0.045% 0.05%
$500,000.00 to $999,999.99 0.045% 0.05%
$1,000,000.00 and above 0.045% 0.05%
Variable Rate Account
Your interest rate is variable and may be changed at any time, at our discretion and without prior notice.
Interest Accrual / Payment Frequency
Interest begins to accrue on the day you make your deposit, and is credited to your account on a monthly basis.
Interest Compounding / Computation
Your interest is compounded daily on an actual/365 day basis. We use the daily balance method, which applies a daily periodic rate to the principal in the account each day.
Terms and Conditions
Minimum Opening Balance

$300

Account must be funded within 60 days of application approval with a single opening deposit of $300 or more. Funding deposits received for an amount that is less than $300 are, at the discretion of the Bank, subject to return. Accounts that are not funded within 60 days will be subject to automatic closure.

Additionally, the Bank reserves the right to automatically close any account that has had a continuous $0 balance for 365 days, that is overdrawn or otherwise not maintained in good standing, or for any reason in accordance with the terms of the Bank’s Deposit Agreement. Generally, accounts with an unresolved overdraft condition will be closed within 90 days of the overdraft date, but timing of the closure is solely at the discretion of the Bank. For additional information please refer to Bank’s Deposit Agreement.

Requests to re-open an account that has been closed by the Bank or customer are subject to Bank review and approval. If, at the Bank’s discretion, an account re-opening request is honored, the minimum opening balance requirement will apply. The Bank is under no obligation to honor a re-opening request, and not all accounts will qualify for re-opening. Please refer to the Bank’s Deposit Agreement, provided at the time of account opening, for additional information.

Annual fee

$300 charged to the account annually

The initial Annual Fee will be automatically deducted from the account upon receipt of a single minimum opening deposit of $300 or more or waived if the single minimum opening deposit is $250,000 or more.

Annually thereafter, the account will be assessed an Annual Fee (or Annual Fee waiver) in the same calendar month that the initial Annual Fee was paid or waived. For example, if the initial Annual Fee was paid (or waived) in August, subsequent payment (or waiver) of the Annual Fee will occur each August.

To determine if an Annual Fee will be charged or waived, the Bank will use the aggregate of the average monthly balance you maintained in your account for each of the prior 12 monthly statement cycles to determine your average monthly balance for that 12 statement cycle period.

  • If the average monthly balance for that period is less than $250,000, then a $300 Annual Fee will be automatically deducted from your account on or about the 10th day of the annual assessment month. If the average of the monthly balances for that period is greater than or equal to $250,000 the Annual Fee will be waived.

Once charged, the Annual Fee is generally non-refundable. At the sole discretion of the Bank, the initial Annual Fee paid may be refunded, less $25 (and less any Monthly Annual Fee Rebates credited to the account), when the account is closed by the customer within the first the 30 calendar days after payment of the initial Annual Fee. Additionally, if due to the Bank’s post-funding fraud risk assessment the account is closed by the Bank within the first 30 calendar days after payment of the initial Annual Fee, the full amount of the initial Annual Fee (less any Monthly Annual Fee Rebates credited to the Account) will be refunded to the account at the time of closure.

Minimum Average Balance Required to Earn a Monthly $25 Annual Fee Rebate

Accounts that have paid an Annual Fee can qualify to earn a $25 Monthly Annual Fee Rebate during the 12 monthly statement cycle period for which the Annual Fee was assessed by maintaining a:

  • $2,500 or more average monthly balance in the account during the monthly statement cycle

The $25 Monthly Annual Fee Rebate will be automatically credited to the account for each monthly statement cycle where, based on the records of the Bank, the average monthly balance maintained in the account during the monthly statement cycle meets the required minimum. Accounts that have not paid an Annual Fee for the 12 monthly statement cycle period, will not qualify to earn a Monthly Annual Fee Rebate.

Additional Terms and Conditions
Qualification Requirements
Limited to individuals 18 years of age or older. One account per customer.
Subject to Bank Approval

Account applications are subject to verification and approval. Submission of an application does not guarantee that East West Bank will open an account for you.

Additionally, we may conduct fraud risk assessments both at the time of application, and upon receipt of your initial funding deposit, which may result in your initial funding deposit being subject to certain access and usage limitations until the fraud risk assessments are completed. If you have questions regarding your initial funding deposit after account opening, you can contact us at (CN) +86.400.842.3268 or (U.S.) +1.833.468.8356

East West Bank reserves the right to close an account and return the initial funding deposit to the sender, without prior notice, based on the results of our risk assessment findings.

Account Title and Contact Information
By submitting an application you are requesting to open a Global e-Checking account at East West Bank, a United States financial institution. If approved, a Global e-Checking account will be opened in your name, as sole owner. Your contact e-mail address, mobile phone number, primary residence address and alternate account mailing address will be defined based on the information you agreed to share with us. If an alternate account mailing address was not provided, we will use your residence address as the mailing address for your account.
Check Orders
Your East West Bank account will NOT have checks automatically issued. If you would like to order checks you may contact us at (CN) +86.400.842.3268 or (U.S.) +1.833.468.8356. 
Check Imaging

Check Imaging is a process of capturing, indexing, storing and retrieving electronic images of checks. Imaging systems replace the handling, distribution and storage of checks with electronic images. The images are retained by us for a period of seven years from the date of posting.

By using your account you agree to this procedure and authorize us to destroy the original items and check. You agree to allow any imaged document, or copy thereof, to serve as an original item for any and all purposes, including charging your account or determining the validity of any signatures or otherwise.

Debit Card Issuance / ATM Access

A Debit Card will NOT be automatically issued. If you would like to request a Debit Card you may request a card in the mobile app or contact us at (CN) +86.400.842.3268 or (U.S.) +1.833.468.8356. 

If requested, your Debit Card will be issued in your name and mailed to the address associated with your Global e-Checking account. For shipments to China, your Debit Card will be mailed to the one-time shipping address you provided and verified at the time of request. For cards delivered to an international address, a shipping fee will apply. Please refer to the East West Bank Fee Schedule for additional details.

Your Global e-Checking account will be linked as the primary account that can be accessed using the Debit Card.

ATM Withdrawal Fees
There is no charge for using a proprietary East West Bank ATM.

East West Bank will not charge you for the first two non-proprietary ATM withdrawals per statement cycle, but will assess a $1.00 fee for each withdrawal thereafter. Additionally, 3rd party ATM usage fees may be charged to your account at the request of the provider operating the non-proprietary ATM.
Other Fees and Services
Additional fees may apply. Please refer to the East West Bank Fee Schedule, which has been provided with this disclosure, for additional fee information.
GLOBAL e-CHECKING
DEPOSIT AGREEMENT ADDENDUM

Effective November 6, 2021

This Deposit Agreement Addendum amends and supersedes, where applicable, the Bank’s Deposit Agreement dated 6/18/2015 and applies specifically to accounts opened using the East West Bank mobile banking application.

 

 

  1. Holds for Uncollected Funds/Delayed Funds Availability

    The below revised information amends the “Ability to Withdrawal Funds”, “Longer Delays May Apply” and “Special Rules for New Accounts” information contained in the Holds for Uncollected Funds/Delayed Funds Availability section of the Bank’s Deposit Agreement. All other information contained in the Holds for Uncollected Funds/Delayed Funds Availability section of the Deposit Agreement remains the same.

    Effective November 6, 2021

    “Ability to Withdrawal Funds”- Our policy is to delay the availability of funds from your check deposits. During that delay, you may not withdraw the funds in cash and we will not use the funds to pay checks that you have written.

    For determining the availability of your deposits, every day is a business day, except Saturdays, Sundays, and federal holidays. If you make a deposit in person at one of our branch locations before the close of business on a business day that we are open, we will consider that day to be the day of your deposit. If you use our mobile banking remote deposit capture service to deposit a check before 9:00 p.m. (Pacific Time), we will consider that day to be the day of your deposit.

    NOTE:
    Generally, our close of business is 5:00 p.m. (local time zone), Monday – Friday, however most of our locations close at 6:00 p.m. (local time zone) on Friday. (Note: These times may vary by location.)

    If you make a deposit into one of our automated teller machines before 3:00 p.m. (local time zone) on a business day we are open, we may consider that day to be the day of deposit. However, if you make any of the above mentioned deposits after the cut-of time or on a day we are not open, we will consider that the deposit was made on the next business day we are open.

    The length of the delay varies depending on the type of deposit and is explained below.

    Same-Day Availability

    Funds from electronic direct deposits to your account will be available on the day we receive the deposit.

    • New accounts may be subject to a fraud risk assessment hold, which may result in funds not being readily available for use. See Special Rules for New Accounts below for additional information.

    Next-Day Availability

    Funds from the following deposits are available on the first business day after the day of your deposit:

    • U.S. Treasury checks that are payable to you.
    • Wire transfers.
    • Checks drawn on East West Bank.

    If you make the deposit in person to one of our employees, funds from the following deposits are also available on the first business day after the day of your deposit:

    • Cash.
    • State and local government checks that are payable to you.
    • Cashier's, certified, and teller's checks that are payable to you.
    • Federal Reserve Bank checks, Federal Home Loan Bank checks, and postal money orders, if these items are payable to you.

    If you do not make your deposit in person to one of our employees (for example, if you mail the deposit or use our remote deposit capture service), funds from these deposits will be available on the second business day after the day we receive your deposit.

    • New accounts may be subject to a fraud risk assessment hold, which may result in funds not being readily available for use. See Special Rules for New Accounts below for additional information.

    Other Check Deposits

    Our policy is to make funds from local and nonlocal checks available as follows.

    • The first $225 from a deposit of local checks will be available on the first business day after the day of your deposit. The remaining funds will be available on the second business day after the day of your deposit.

      For example, if you deposit a local or nonlocal check of $700 on a Monday, $225 of the deposit is available on Tuesday. The remaining $475 is available on Wednesday.

    • New accounts may be subject to a fraud risk assessment hold, which may result in funds not being readily available for use. See Special Rules for New Accounts below for additional information.

    Effective November 6, 2021

    Longer Delays May Apply – In addition, funds you deposit by check may be delayed for a longer period under the following circumstances:

    • We believe a check you deposit will not be paid.
    • You deposit checks totaling more than $5,525 on any one day.
    • You redeposit a check that has been returned unpaid.
    • You have overdrawn your account repeatedly in the last six months.
    • There is an emergency, such as failure of communications or computer equipment.

    Effective November 6, 2021

    Special Rules for New Accounts- If you are a new customer, the following special rules will apply during the first 30 days your account is open.

    Funds from electronic direct deposits to your account will be available on the day we receive the deposit. Funds from deposits of cash, wire transfers and the first $5,525 of a day’s total deposits of cashier’s, certified, teller’s, traveler’s and federal, state and local government checks, will be available on the first business day after the day of your deposit if the deposit meets certain conditions. For example, the checks must be payable to you. The excess over $5,525 will be available on the ninth business day after the day of your deposit. If your deposit of these checks (other than a U.S. Treasury check) is not made in person to one of our employees, the first $5,525 will not be available until the second business day after the day of your deposit.

    Funds from all other check deposits will be available on the ninth business day after the day of your deposit.

    NOTE:

    The forgoing rules do not apply to deposits of foreign items (items drawn on or payable through or at an office of a depository institution not located in the U.S.).

    • Global e-Checking Funds Usage Limitations – New accounts may be subject to certain access and usage limitations until the Bank’s new account fraud risk assessment has been completed. This fraud risk assessment hold may result in your initial funding deposit not being readily available for uses that may otherwise be generally permitted under the terms of the Bank’s Deposit Account Agreement or other agreements governing your account and services. Please refer to your the Annual Percentage Yield and Account Terms Disclosure received at account opening for additional details.

     

  2. State Law Applicability for Digitally Acquired Consumer Customers

    Effective November 6, 2021

    Accounts opened by consumers that become a Bank customer using the East West Bank mobile banking application will be established at a California location and be subject to California state specific laws, unless they used or entered an “invite link” provided by an East West Bank branch located in another state, in which case their account(s) will be established at that branch location and subject, where applicable, to that state’s specific laws as defined in the Bank’s Deposit Agreement.