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Product Terms and Conditions

 

ANNUAL PERCENTAGE YIELD AND ACCOUNT TERMS DISCLOSURE
Effective September 23, 2023

 
East West Bank
Value Checking

 
Terms and Conditions
Rate Information
Non-Interest Bearing
 
Minimum Opening Balance
$100

Account must be funded within 60 days of application approval with a single opening deposit of $100 or more. Accounts that are not funded within 60 days, or that at any time maintain a $0 balance for 60 days or more, will be subject to automatic closure.

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, which has been provided with this disclosure, for additional information.

  • New York State Residents Only: The Minimum Opening Balance will be reduced to $25 for New York state residents that provide a New York state residential address with their Value Checking account application. 
Minimum Average Balance Required to Avoid the Monthly Maintenance Fee

Your Monthly Maintenance Fee will be waived if you maintain a:

  • 1. $1,500 average balance in your account each monthly statement cycle
  • OR
  • 2. $5,000 prior month-end combined average balance in the consumer deposit accounts you own at East West Bank
Monthly Maintenance Fee
$5

 

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.
  • New York State Residents Only: The Monthly Maintenance Fee will be waived for New York state residents that provide a New York state residential address with their Value Checking account application.

Please Note:  For accountholders who are or attain an age of 62 years or over, East West Bank will automatically convert this account to our East West Senior Checking, which does NOT assess a monthly account maintenance fee. Generally, the account conversion will occur during the first full statement cycle following the month the Bank has identified you as qualifying for a Senior Checking account. All other terms and conditions will remain the same.

 
Qualification Requirements

Limited to individuals 18 years of age or older.  One account per customer. Availability of the Value Checking account may be limited based on your geographic location or mobile carrier country as determined by the Bank at the time you access our Mobile App or Online Banking service.

 

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 (U.S.) +1.833.468.8356 or (CN) +86.400.842.3268

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.

 

Additional Terms and Conditions
Account Title and Contact Information
By submitting an application you are requesting to open a Value Checking account at East West Bank, a United States financial institution. If approved, a Value 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  (U.S.) +1.833.468.8356 or (CN) +86.400.842.3268.
 
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.

Upon your request we will provide, without charge, up to two (2) legible copies of checks from your account statement. Additional imaged copies of cancelled checks are subject to applicable service charges (See the East West Bank Fee Schedule for details). You can request these copies by contacting us at (U.S.) +1.833.468.8356 or (CN) +86.400.842.3268 and providing us with the account number, check number, exact amount of the check and the date it was paid.  You agree that if we provide you requested copies within five (5) business days that we will have provided the copies within a reasonable time.  If we need more time, we will inform you when the copy will be available.

Debit Card Issuance / ATM Access

A Debit Card will NOT be automatically issued.  If you would like a Debit Card you may request a card in the Mobile App or Online Banking service, or by contacting us at (U.S.) +1.833.468.8356 or (CN) +86.400.842.3268.

If a Debit Card is requested through our Mobile App or Online Banking service, your Value Checking account will be linked as the primary account that can be accessed, and a Debit Card will be issued in your name and mailed to the address associated with your Value 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 (See the East West Bank Fee Schedule for additional details).

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.
 
East West Bank
DEPOSIT AGREEMENT ADDENDUM

Effective September 23, 2023

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 App or Online Banking service.

 
  1. Holds for Uncollected Funds/Delayed Funds Availability
    Effective September 23, 2023

    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.

    Ability to Withdrawal Funds- Generally, our policy is to make funds from your deposits available to you on the first business day after the day we receive your deposit, although specific account types, check types or deposit methods may be subject to delayed funds availability. Electronic direct deposits will be available on the day we receive the deposit. Once they are available, you can withdraw the funds in cash and we will use the funds to pay checks that you have written.

    In many cases we will make the funds from your deposited checks available to you sooner than we are able to collect the funds from the paying bank, and it is possible for a check or other item to be returned to us as unpaid days, weeks or months after we have made the funds available to you. Please remember that even after we have made funds available to you, and you have withdrawn the funds, we have the right to reverse the credit for the deposited checks and/or you are still responsible for repaying us for any checks or other items you deposit or transmit to your account that are returned unpaid to us for any reason.

    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 deposit a check by Mobile Deposit on a business day before the Mobile Deposit service cutoff time, we will consider that day to be the day of your deposit. (For Mobile Deposit Business Day cutoff time information, please refer to the Mobile Deposit information in the applicable Online Banking Agreement.)

    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.

    Longer Delays May Apply- In some cases, we will not make all of the funds that you deposit by check available to you on the first business day after the day of your deposit, including:

    • Mobile Deposits - Generally, funds from Mobile Deposits made using our Consumer or BusinessExpress Mobile App will be made available the third business day after the day of deposit; however, the first $225 of your Mobile Deposits will be available on the first business day after the day of deposit. In certain circumstances longer delays may apply, such as when your Mobile Deposits total more than $5,525 on any one day, in which case the amount over $5,525 will generally be available no later than the seventh business day after the day of deposit.
    • Other Check Deposits (on a case-by-case basis) - On a case-by-case basis funds from certain checks that you deposit may not be available until the second business day after the day of your deposit; however, the first $225 of your deposit will be available on the first business day after the date of deposit.

    If we are not going to make all of the funds from your deposit available on the first business day, we will notify you at the time you make your deposit. We will also tell you when the funds will be available. If your deposit is not made directly to one of our employees, or if we decide to take this action after you have left the premises, we will send you a notice by the day after we receive your deposit.

    If you will need the funds from a deposit right away, you should ask us when the funds will be available.

    In addition, funds you deposit by check (including Mobile Deposits) 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.

    We will notify you if we delay your ability to withdraw funds for any of these reasons, and we will tell you when the funds will be available. They will generally be available no later than the seventh business day after the day of your deposit.

    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. New Account Funds Usage Limitations
    Effective September 23, 2023

    New accounts that are opened through our Mobile App or Online Banking service 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 the Annual Percentage Yield and Account Terms Disclosure received at account opening for additional details.

  3. State Law Applicability for Digitally Acquired Consumer Customers
    Effective September 23, 2023

    Accounts opened by consumers that become a Bank customer using the East West Bank Mobile App or Online Banking service 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.