ANNUAL PERCENTAGE YIELD AND ACCOUNT TERMS DISCLOSURE
Effective Date: October 9, 2021
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Account must be funded within 60 days of opening. 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, a re-opening fee will be deducted from the account. 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 East West Bank Fee Schedule, which has been provided with this disclosure, for additional fee information.
No Monthly Maintenance Fee
Non-Interest Bearing
Limited to students who present, at the time of account opening, the following applicable document:
Foreign Students - Must provide a copy of a valid and current F-1 or M-1 student visa or specified J-1 visa indicating they have been legally admitted to the United States to study at an accredited university, community college, high school or vocational school that is located in the United States. Applicants will also be required to provide a copy of their qualifying government issued ID, and other identifying information as may be required during the application process.
U.S. Students - Must provide a copy of a valid and current Proof of Acceptance or school issued Student ID Card indicating they are legally enrolled to study at an accredited university, community college, high school or vocational school in the United States. U.S. students include individuals that are U.S. citizens or legal permanent residents of the United States. A U.S. social security number is required to apply.
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.
A Debit Card will NOT be automatically issued. If you would like to request a Debit Card you may request a card in the mobile app or contact us at (CN) +86.400.842.3268 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 Student e-Checking account or, for international shipments, 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 Student e-Checking account will be linked as the primary account that can be accessed using the Debit Card.
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 Student e-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 Student e-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.)Effective June 1, 2020
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 banking application.
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 April 16, 2020
“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:
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:
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.
Updated November 6, 2021
Longer Delays May Apply- In addition, funds you deposit by check may be delayed for a longer period under the following circumstances:
Effective June 1, 2020
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.).
State Law Applicability for Digitally Acquired Consumer Customers
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.
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