On January 19, 2022, the Central Bank, the China Banking and Insurance Regulatory Commission and the China Securities Regulatory Commission jointly issued a blockbuster new regulation, namely the "Measures for the Management of Customer Due Diligence and Customer Identity Data Transaction Records of Financial Institutions", which clearly stipulates that from March 1, individuals who deposit more than 50,000 or the equivalent in foreign currency to the bank must register the source and use, so some people are worried that their children will withdraw the deposits of deceased relatives in the future, even if they know the password, will be affected, is this really the case?
The core content of the above-mentioned "one bank, two sessions" new regulations is that from March 1, as long as the personal bank deposit exceeds 50,000, it must explain the source, and the withdrawal of more than 50,000 must be explained and registered, in other words, if there is no cooperation in the future, no amount of money can be deposited, and no matter how urgent things cannot be withdrawn, otherwise the bank will also violate the law and bear the corresponding responsibility, so if you want to do things smoothly, you must cooperate and not discuss.
So if a loved one dies and has a deposit of 1 million yuan, and the children know the password to withdraw from the bank, will it be affected? Obviously not.
In fact, before the introduction of this new regulation, similar large-amount cash management regulations have been piloted more than a year ago. In July 2000, Hebei began the pilot, in October in Zhejiang and Shenzhen began the pilot, of which the public account access more than 500,000, to register the source and use, for personal account regulations vary from place to place, of which Hebei standard is 100,000, Zhejiang is 300,000, Shenzhen standard is 200,000, more than the standard must register the source and use. The pilot has been in place for more than a year, and not only has it not brought any obstacles to people's deposits and withdrawals, but also has not had any impact on the inheritance and withdrawal of the deceased's deposits.
From a legal point of view, the regulations for the management of large amounts of cash and the inheritance of deposits are basically two different sectors, with almost no intersection and clear distinction. The former is mainly applicable to the field of anti-money laundering, while the latter is mainly applicable to the category of citizens' inheritance. Therefore, because of the introduction of new cash management regulations, the fear of deposit inheritance is obviously unfounded, unfounded, or superfluous.
It can be seen from this that with regard to the issues related to the inheritance of the deceased's deposits, the bank will still follow the relevant provisions of the central bank, the Banking and Insurance Regulatory Commission and other judicial organs on the inheritance of the deceased's deposits, which are mainly based on three major laws and regulations, namely, "<储蓄管理条例>Several Regulations of the Chinese Bank on Enforcement", "the Joint Notice of the Supreme People's Procuratorate, the Ministry of Public Security, the Supreme People's Procuratorate, the Ministry of Public Security, and the Ministry of Justice of the Supreme People's Procuratorate of the Chinese Min Bank on Inquiry, Suspension of Payment and Confiscation of Individual Deposits in the Bank, and the Procedures for Transferring or Withdrawing Deposits after the Depositor's Death", and " Notice of the General Office of the China Banking and Insurance Regulatory Commission Chinese the General Office of the People's Bank of China on Simplifying the Withdrawal of Small Deposits of Deceased Depositors".
As we all know, the first two regulations were promulgated and implemented in the early 90s, and have been used to this day, in layman's terms, anyone who wants to inherit and withdraw the deceased's deposits can only have three ways, namely testamentary inheritance, notarized inheritance and court mediation or judgment inheritance, no matter the size of the amount, even if it is only one hundred yuan, dozens of yuan, the bank will only handle the transfer or withdrawal of the deceased's deposit only if it sees the relevant legal documents, otherwise it is free of talk and more rigid.
However, at the beginning of last year, the inheritance of the deceased's deposits finally ushered in a major change, more simplified and grounded to be precise. On 19 January 2021, the General Office of the Banking and Insurance Regulatory Commission and the General Office of the Central Bank of China jointly issued the "Notice on Simplifying matters related to the withdrawal of small deposits of deceased depositors", which clearly stated that as long as the balance of the deceased's deposits in the same corporate bank is within 10,000 in principle, even including other non-deposit financial products, or the equivalent in foreign currency, there is no need for notarization.
As long as the heirs provide the corresponding procedures, they can be directly withdrawn, including wills, death certificates, family relationship certificates, valid identity documents of the applicant and letters of commitment, etc., which can be transferred or withdrawn, and the bank may not refuse to handle them. At the same time, the amount limit has been relaxed to 10,000-50,000, and each bank can also make its own decisions and fulfill its review obligations. There is no doubt that the implementation of this major initiative can not only make the people run away less, but also save the notary fee, which greatly saves the cost of inheritance.
In summary, although the regulatory authorities have introduced new regulations on cash management, more than 50,000 need to register the source and use, but for the children to inherit 1 million deposits, it will not have any impact. However, because the amount exceeds the small withdrawal limit, even if there is a password in theory, it is necessary to take the route of testamentary inheritance, notarized inheritance or judgment mediation inheritance, as long as the procedures are complete, the bank cannot refuse to handle it. Of course, in practice, if there is a password and a bank card, it can also be self-service transfer through channels such as mobile banking and online banking, which is not so troublesome.