ANNUAL PERCENTAGE YIELD AND ACCOUNT TERMS DISCLOSURE
Last updated: April 13, 2024
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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
$25,000
Account must be funded within 60 days of application approval with a minimum opening deposit of $25,000 or more. Funding deposits received for an amount that is less than $25,000 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 an account that at any time has had a continuous $0 balance for 60 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 45 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.
Account Opening Fee
$300
A one-time Account Opening Fee will be automatically deducted from the account upon receipt of a minimum opening deposit of $25,000 or more.
- Depending on your initial funding amount, the deduction of the Account Opening Fee may result in your account balance falling below the minimum average balance required to avoid a monthly account maintenance fee.
Monthly Maintenance Fee
$25
Charged per monthly statement cycle if the minimum average monthly balance maintained in the account during the statement cycle does not meet the required minimum.
- Please note, your Monthly Maintenance Fee assessment will be waived for the first two monthly statement cycles after account opening. For example, if you open your account in January, your first Monthly Maintance Fee assessment will be for the month of March.
Minimum Average Balance Required to Avoid the Monthly Maintenance Fee
Your Monthly Maintenance Fee will be waived if you maintain a:
- $25,000 average monthly combined balance in a beneficial owner’s consumer deposit accounts
OR - $50,000 prior month-end combined average balance in the qualifying consumer deposit accounts you own at East West Bank
Account Opening Fee Refund Qualification Requirements
During the first 12 months (full or partial) after the initial funding requirement is met, you will have an opportunity to qualify for up to $300 in Account Opening Fee refunds.
- For each month during the qualification period where you have maintained a combined month-end average balance of $100,000 or more in the qualifying consumer deposit accounts you own at East West Bank, you’ll receive a $100 Account Opening Fee refund.
- Upon qualification, your $100 Account Opening Fee refund will be automatically credited to your Global Checking account within 10 business days.
- Maximum refund amount: $300, earned over 3 qualifying months
Additionally, at the sole discretion of the Bank, the initial Account Opening Fee may be refunded if, due to the Bank’s post-funding fraud risk assessments, the account is closed by the Bank within the first 30 calendar days after payment of the Account Opening Fee. As applicable, the Account Opening Fee refund amount will be credited to the account at the time of closure.
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 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) +86.400.080.5290 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 Checking account at East West Bank, a United States financial institution. If approved, a Global 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) +86.400.080.5290 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 our Mobile App or Online Banking services, or contact us at (CN) +86.400.080.5290 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 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 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 an East West Bank ATM.
Additionally, East West Bank will not charge you a fee when you use a non-East West Bank (3rd party) ATM to access funds in your Global Checking account.
In some cases, the 3rd party operating the non-East West Bank ATM may request us to charge a fee to your account. If this does occur, East West Bank will refund any 3rd party ATM usage fees deducted from your Global Checking account each statement cycle, generally no later than the business day following the day the transaction posted to your account. (Note: This waiver does not apply to any East West Bank NSF fees that are the result of your account being overdrawn by an ATM transaction.)
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.
Velo Gold
Velo Gold Program
Global Checking customers also have the opportunity to qualify for our Velo Gold program, which offers enhanced features and benefits.
VELO Gold Benefits
Velo Gold Benefits include:
- ✔WAIVER of Incoming Wire Fees
We’ll waive East West Bank’s Incoming Wire fee for your Global Checking account - ✔WAIVER of the International Shipping Fee for Debit Cards
We’ll waive East West Bank’s International Shipping Fee for Debit Cards
Note: International Shipping fee is applicable to select countries only - ✔Curated Articles and Resources
Velo Gold customers will have access to curated articles and resource information in the “For You” section of our Mobile App and Online Banking services
Additionally, Velo Gold customers will have access to these other premium services:
- ✔Dedicated Customer Support
You’ll enjoy easy Mobile App and Online Banking access to our dedicated Help Center phone line and chat support - ✔Relationship Manager
A dedicated Relationship Manager, to support all your banking needs
Velo Gold Qualification Requirements
To qualify for the Velo Gold program, you must be:
- The primary owner of a Global Checking account; AND
- Maintain a combined month-end average balance of $100,000 or more in the qualifying consumer deposit accounts you own at East West Bank.
- Upon meeting the combined month-end average balance requirement, both you and your Global Checking account will be automatically ENROLLED in the Velo Gold program within 10 business days.
If, at any time, the combined month-end average balances in the qualifying consumer deposit accounts you own at East West Bank fall below $100,000 for four (4) consecutive months, both you and your Global Checking account will be UNENROLLED from the Velo Gold program within 10 business days.
- Customers and accounts that have been unenrolled from the Velo Gold program will be automatically RE-ENROLLED if they again meet the Velo Gold program qualification requirements.
Additional Terms and Conditions
Qualifying consumer deposit accounts for Maintenance Fee Waiver and Velo Gold program qualification purposes are determined by East West Bank. The balance from a qualifying account will be allocated to a single account owner’s combined balance calculation only, and the account owner that will receive the allocation will be determined solely by East West Bank. Wealth Management accounts, Commercial accounts and other non-USD deposit account products do not qualify.
Customers that are currently enrolled in the Velo Gold program generally will not qualify for new enrollment in the Bank’s exclusiveBridgePlus or eliteBridgePlus programs.
The Velo Gold program benefits are not exchangeable for other services, are non-transferable and have no cash or rebate value. Velo Gold program terms and benefits are subject to change or termination at the discretion of East West bank without notice.
Printable Notice
| Global Checking Terms and Conditions (English) California Consumer Privacy Act |
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