East West Bank

Product Terms and Conditions

 

ANNUAL PERCENTAGE YIELD AND ACCOUNT TERMS DISCLOSURE
EFFECTIVE DATE: June 09, 2022

 
East West Bank
Easy Digital Checking
 
 
Terms and Conditions
Minimum Opening Balance
$0

Account must be funded within 90 days of opening. Accounts that are not funded within 90 days, or that at any time maintain a $0 balance for 90 days or more, will be subject to automatic closure.

Additionally, East West Bank reserves the right to automatically close any account 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 the Bank’s Deposit Agreement.

Requests to re-open an account that has been closed by East West Bank or the customer are subject to Bank review and approval. The Bank is under no obligation to honor a re-opening request, and not all accounts will qualify for re-opening.

Monthly Maintenance Fee

No Monthly Maintenance Fee

Rate Information

Non-Interest Bearing

Additional Terms and Conditions
Banking Service Provider

The Easy Digital Checking account and all related banking products and services are solely offered and provided by East West Bank. Deposit accounts opened and held at East West Bank, including those opened through BayaniPay, are combined and insured by the Federal Deposit Insurance Corporation (FDIC) under East West Bank.

Information Sharing

By opening an Easy Digital Checking account with East West Bank through BayaniPay you authorize East West Bank and BayaniPay to share information related to your Easy Digital Checking account. See the East West Bank Privacy Notice for Consumers for additional information.

Qualification Requirements

The Easy Digital Checking account is offered through BayaniPay and made available, at their sole discretion, to select customers through the BayaniPay website or web application services.

Additionally, qualifying individuals must be 18 years of age or older and a U.S. tax resident with a valid social security number. One account per customer. Additional identification and verification requirements may apply.

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.
Account Title and Contact Information
By submitting an application through BayaniPay you are requesting to open an Easy Digital Checking account at East West Bank, a United States financial institution. If approved, an Easy Digital 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’ll use your residence address as the mailing address for your account.
Check Orders
Your Easy Digital Checking account will NOT have checks automatically issued. If you would like to order checks you may contact East West Bank at (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 BayaniPay or East West Bank mobile apps or contact East West Bank at (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 Easy Digital Checking account. For cards delivered to an international address, a shipping fee may apply. Please refer to the East West Bank Fee Schedule for additional details.

Your Easy Digital 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.
 
Easy Digital Checking
DEPOSIT AGREEMENT ADDENDUM

Effective February 17, 2022

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 BayaniPay website or web application services.

 
  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 February 17, 2022

    “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.

    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.

    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.

    Effective February 17, 2022

    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 February 17, 2022

    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.).

  2. State Law Applicability for Digitally Acquired Consumer Customers

    Effective February 17, 2022

    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.