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  Home Page > Corporate Banking >Institutional Banking >Bank-Futures Cooperation >Centralized Bank-Futures Transfer
Centralized Bank-Futures Transfer
 

I. Introduction
The margin A/C set up by futures company in ICBC is matched with the bank settlement A/C of futures investor ("investor") through single-point connection between ICBC and futures company headquarters. Once the investor makes the transfer, money will be transferred from investor's bank settlement A/C to futures company's margin A/C in real-time. Depending on the changes in margin A/C, futures company makes necessary adjustments in real-time on the balance in the bank A/C to settle the futures trades.

II. Target Clients
Futures companies and investors

III. Features
1. Single point of entry, online across the country. ICBC centralized bank-futures transfer system connects headquarters of futures companies and ICBC through point-to-point connection. Technically, all ICBC outlets offer service for futures companies and investors to transfer money in all parts of China.
2. Open A/C in real-time, amount credited into account in real-time. Through ICBC system, A/C opening and transfers are processed in real-time. New accounts are matched in real-time. Amount is credited into account in real-time after transfer.
3. Support individual customers as well as institutional customers. Services are available for retail investors and institutional investors to open account.
4. Two-way transfer, different service channels. Transfers can be made from ICBC to futures company or vice versa. Retail investors can transfer money through ICBC Internet Banking or Telephone Banking. For institutional investors, they can transfer at ICBC counter or online. Another option for investors is to transfer online or by phone through futures company's online system or phone system.

IV. Application Conditions
Before signing up the service, investor should open an account in futures company first, then go to ICBC, use the valid identity document for opening the A/C and bind the A/C with bank settlement A/C.

V. Steps
1. Investor opens an account in futures company using valid identity document, specify ICBC as the custody bank for the margin amount.
2. Investor confirms ICBC as the custody bank either in person at ICBC counter or online via Internet Banking. To confirm at ICBC counter, investor has to provide valid identity document and bank card. The service is immediately available once the binding for Bank-Futures transfer is confirmed. Retail investors can sign centralized bank-futures transfer agreement online, sign up the service and bind the account opened in futures company with the settlement A/C opened in ICBC.

VI. Service Channel and Hours
The service is available for investors to make transfer between ICBC and futures company at ICBC counter, Internet Banking, Telephone Banking, Mobile Banking. Service hours depend on the requirements of futures company.

VII. Fee
Currently, the service is free of charge or at a discount.

VIII. Operation Guidelines
1. For investors, open an account in futures company before signing up the service.
2. To apply, sign Centralized Bank-Futures Transfer Agreement with ICBC.
3. Retail investors are welcomed to sign up the service at ICBC counter or online. If you sign up online, register electronic banking at ICBC outlet first and submit application. If you are already a customer of ICBC electronic banking, sign up the service online by yourself. If you apply at ICBC outlet, bring your valid identity document, current savings passbook under the name on the identity document, Elite Club Account Card or Peony Money Link• eAge Card, fill in Application Form - Centralized Bank-Futures Transfer Service for Personal Account, and sign Centralized Bank-Futures Transfer Agreement with ICBC.
4. Corporate investors should sign up the service at ICBC outlet where the company A/C is opened. After signing up the service, monetary transfer between ICBC and futures company can be done at ICBC counter or online. Corporate investors must be a customer of ICBC Internet Banking using certificate before making transfer between ICBC and futures company via Internet Banking. The service must be done by the company's legal representative (officer-in-charge) or authorized person. When signing up the service, the company's legal representative (officer-in-charge) must present his/her valid identity document, original or photocopy of business license, photocopy of organization code certificate. For authorized person, he/she must present the original and photocopy of his/her valid identity document, letter of authorization, submit Application Form - Centralized Bank-Futures Transfer Service for Corporate Account with company seal affixed and specimen signature, and conclude the Centralized Bank-Futures Transfer Agreement with ICBC.
5. Investors who wish to amend bank settlement A/C must go through the procedures at futures company first, then change at ICBC counter or online. Cancellation of the service can be done at ICBC counter or online. Investors are not allowed to amend bank settlement A/C or cancel the service if there are transfers on the day. Retail investors can amend bank settlement A/C or cancel the service at ICBC counter or online. Corporate investors are not allowed to amend settlement A/C for Bank-Futures transfers. If it is necessary to amend, cancel the old A/C first, then use the new A/C to sign up the service. For corporate investors to cancel the service, the authorized person shall bring his/her valid identity document, letter of authorization and Application Form - Centralized Bank-Futures Transfer Service for Personal Account with company seal affixed and specimen signature, then go to the ICBC outlet where the company A/C is opened to cancel the service.
6. To an investor, there are two ways to transfer money between ICBC and futures company- either Bank-to-Futures or Futures-to-Bank. In a Bank-to-Futures transfer, investor transfers amount from settlement A/C in ICBC to margin A/C opened in futures company. At the same time, futures company automatically updates the balance in investor's A/C. In a Futures-to-Bank transfer, investor transfers amount from margin A/C in futures company to settlement A/C in ICBC. At the same time, futures company automatically updates the balance in investor's A/C.

IX. FAQs
1. What are the prerequisites before signing up the service?
You have to sign agreements with futures company and ICBC first. Go to futures company to check if you meet the conditions to buy futures contracts, then open an account. After filing by futures company, sign up the service at ICBC outlet or online.
2. What are the documentation required if I go to ICBC outlets to sign up the service?
If you sign up the service at ICBC outlet, bring your valid identity document, current savings passbook under the name on the identity document, Elite Club Account or Peony Money Link Card • eAge.
3. How do corporate investors amend bank settlement A/C?
If it is necessary to amend bank settlement A/C, cancel the Bank-Futures transfer service in the old A/C, then use new A/C to sign up the service.


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