Peony International Debit Card Regulation
Dear Peony International Debit Card holders:
China Industrial and Commercial Bank hereby extends its deep respect to you and thanks you for your persistent confidence and support to Peony Card.
To adapt to the development trend of global bank card business, provide you with more quality service and ensure your lawful rights and interests, ICBC has revised the ICBC Peony International Debit Card Regulation and the revised regulation (hereinafter referred to as the new Regulation) has been approved by China Banking Regulatory Commission and was published on Financial Times and took effect on December 18, 2003. ICBC hereby makes the following statements about matters after the new Regulation takes effect.
1. After the new Regulation is published and takes effect, ICBC will no longer issue relief printed peony international debit card (hereinafter referred to as relief printed international debit card). Where your relief printed international debit card needs to be renewed upon maturity date, ICBC will renew the card with lithographic peony international debit card (both in RMB/USD, same as hereinafter). If your relief printed international debit card needs to be replaced due to loss reporting or damage of card during the card’s term, ICBC will renew the card with lithographic peony international debit card; if you still wants to replace relief printed international debit card, ICBC will renew card for you, and the term of the renewed card is consistent with that of the original card.
2. To improve service level, ICBC will, by combining implementation of the new Regulation after systemic reconstruction and preparation is completed, collectively add RMB account to the original relief printed international debit card on April 20, 2004 and update it into the bank card that can be used both in China and abroad.
Before adding RMB account, relevant provisions about RMB account in the new Regulation do not apply to relief printed international debit card with single currency for the time being. During this period, provisions that loss reporting by telephone takes effect instantly and account query and request for correction shall be replied within 30 days in the new Regulation apply equally to your relief printed international debit card.
3. After RMB account is added into your relief printed international debit card, deposit, withdrawal, account transfer in RMB can be conducted at ICBC business offices in China; cash withdrawal in RMB can be made at ATMs with ICBC mark or Union Pay mark; consumption by charging to card can be made at appointed stores with ICBC mark or Union Pay mark; account query can be made via ICBC internet banking (www.icbc.com.cn); if you lose the card in China, you also can enjoy emergency cash withdrawal service provided by ICBC. For deposit in RMB account, ICBC shall compute interest for you according to demand deposit interest rate stipulated by the People’s Bank of China and shall deduct interest tax for you according to law.
In order to prevent operative risks and ensure the safety of your capital, after RMB account is added, the relief printed international debit card no longer has functions of on-line shopping, pre-authorization and petty amount transaction. Other functions of relief printed international debit card held by you remain unchanged.
4. After RMB account is added, if you make consumption in appointed organization with peony international debit card in China, draw cash in RMB at appointed business offices or ATMs (including ATMs of other commercial banks) or conduct account transfer with your other RMB accounts, RMB account shall be used for settlement for all these transactions. If you make consumption or draw cash at international credit card organization outside China, draw cash in foreign currency at appointed business office in China or conduct account transfer with your other foreign currency accounts, foreign currency account shall be used for all these transactions. RMB account and foreign currency account shall not be mixed.
5. Notification period of the new Regulation is from December 18, 2003 to February 15, 2004. During notification period, if you do not want to use the peony international debit card any more due to modification of regulation, you can handle account cancellation procedure at card issuing institution and ICBC will refund annual fee pro rata according to the annual fee receipt provided by you. If you apply for account cancellation after expiration of the notification period, ICBC will not refund annual fee any more.
To ensure your normal use of the peony international debit card, if you have any question, don’t hesitate to call ICBC 24hour customer service telephone (010-95588).
ICBC Peony Card Center
December 18, 2003
ICBC Peony International Debit Card Regulation
Article I
Peony international debit card is issued by the Industrial and Commercial Bank of China (hereafter referred to as the “ICBC”), generally accepted in China Mainland and foreign countries, settled in both RMB and a certain designated foreign currency, and has such functions as consumption, account transfer and settlement, cash deposit and withdrawal etc.
Article II
Any of ICBC business offices handling Peony international debit card business, appointed units, and holders of Peony international debit card should abide by this regulation.
Article III
Peony international debit card is classified into Peony Visa Card and Peony MasterCard by brand.
Article IV
Peony international debit card can be used at any of appointed units, designated business offices, local registration authorities (LRA) of domestic and foreign credit card organizations.
Article V
Any person with complete civil capacity and steady income can apply to the card issuing institution for a Peony international debit card by his/her own valid identity certificate and related data.
Article VI
Any transaction by use of password will be deemed the cardholder’s own conduct by the card issuing institution, and any of electronic information records produced by various settlement transactions by use of such electronic information as password etc. will be valid evidence for these transactions. The receipt for any transaction without the use of password will be valid evidence for this transaction if recording the signature of the cardholder. The card issuing institution has right to record income and expenses incurred by the use of Peony international debit card into the cardholder’s account.
Article VII
Any cardholder can deposit his/her cash or wages, or transfer personal legal labor income, investment yields, and other income into the RMB account of Peony international debit card.
Any cardholder can deposit his/her foreign cash, or transfer funds from his/her foreign exchange account (foreign currency account inclusive) into the foreign currency account of Peony international debit card, but should abide by the Management
Measures on Personal Foreign Exchange of the State Administration of Exchange Control in any way, and follow the personal foreign management system of the P.R. of China when withdrawing foreign cash no matter in China Mainland or foreign countries.
The deposit in the account of Peony international debit card accrues interest at the rate of RMB or foreign currency demand deposit provided by the People’s Bank of China (hereafter referred to as the “PBC”), and the card issuing institution will withhold and remit the interest tax according to the laws.
Article VIII
Any cardholder can use his/her RMB account to settle his/her consumption at domestic appointed units, RMB cash withdrawal at designated business offices or ATMs (those of other commercial banks inclusive), fund transfer to/from any other of his/her own RMB accounts.
Any cardholder can use foreign currency account to settle his/her consumption or cash withdrawal at any LRA of domestic or foreign international credit card organizations, foreign cash withdrawal at any of domestic designated business offices, or fund transfer to/from any other of his/her own foreign currency accounts.
The use of RMB account and foreign currency account should be separated.
Article IX
Any cardholder can use his/her Peony international debit card in foreign countries only for the payment under the service trade account, but not for the investment and trade payment under the capital account, or the illegal transactions and acts prohibited by the international laws.
Article X
Any cardholder can but withdraw RMB cash for five times and accumulatively RMB 5,000 at most every day at any of domestic designated ATMs by card and password.
Any cardholder can but use his/her Peony international debit card in foreign countries to withdraw cash accumulatively no more than USD 1,000 or equivalent foreign currency every day, and accumulatively no more than USD 5,000 or equivalent foreign currency every month.
Article XI
Peony international debit card can not be overdrawn. If there is any overdraft incurred by the acceptance of foreign banks or appointed units, or the commissions, the card issuing institution has the right of resource to the cardholder for the amount of overdraft, and also has right to freeze the use of card. The card will return to normal use only after the cardholder pays off the amount of overdraft.
Article XII
The useful life of Peony international debit card is eight years, the card issuing institution will charge the annual fee for the first year from the cardholder’s account after the cardholder deposits money for the first time, and initiatively debit and collect the annual fee for the years to come when sufficient balance is available based on the collecting date in the first year. If wanting to continue the use of card after maturity, the cardholder should replace it with a new card.
Article XIII
The card issuing institution should provide the cardholder with such services as consulting, inquiry, loss-reporting, processing complaints, and issuing bank statements for the cards involving transactions (except otherwise agreed with the cardholder) etc., and give a reply to the requirements of the cardholder for inquiring and correcting transactions and accounts within 30 days after the date of acceptance.
Article XIV
The cardholder of Peony international debit card can only use the card him/herself, but not lease or lend it out, and should not refuse paying the amount due to the card issuing institution by the reason of any dispute with any of the appointed units.
Article XV
Any cardholder should advise the card issuing institution about any change of his/her correspondence address, telephone number, dwelling place etc. in written or other forms agreed by both parties in due course so that the change procedures can be handled. Otherwise, the card issuing institution assumes no responsibility for any consequence accrued hereof.
Article XVI
Any cardholder should cancel his/her account and apply for a new card if his/her card gets damaged.
Article XVII
Any cardholder should go to the nearest ICBC business office and handle written loss-reporting or telephone loss-reporting immediately getting his/her Peony international debit card lost. The cardholder assumes no responsibility for any transaction arisen after completing the loss-reporting procedures. If wanting to replace with a new card after loss-reporting, the cardholder can conduct the replacement procedures by the written loss-reporting application and his/her own valid identity certificate.
Article XVIII
The card issuing institution has right to cancel the qualification of any cardholder disobeying this regulation, and authorize a competent authority to take back his/her Peony international debit card.
Article XIX
Any amendment to this regulation or adjustment on the interest rate of Peony international debit card will be announced on the newspaper within 30 days after getting approved by the China Banking Regulatory Committee, and any cardholder can choose whether to continue the use of Peony international debit card within 60 days after the date of announcement; if not, the card issuing institution will refund the collected annual fee proportionally, and handle the cancellation procedures.
Article XX
This regulation is subject to the constitution and construction of the ICBC, and shall come into effect after the approval of the China Banking Regulatory Committee.
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