| Disruption of services |
| Over what period will services be disrupted? |
Most services will not be available from 9am on 24 October 2014 and will not return to normal until 9am on 27 October 2014. |
| Will BOC branches be open over the weekend? |
No. BOC branches will be closed from 24 October until 26 October 2014 and they will reopen for business from 9am on 27 October 2014. |
| Can I withdraw money from an ATM? |
You might not able to withdraw money from ATM during disrupted period. We recommend customers to withdraw cash on or before 24 October, or make any alternative necessary arrangements to cover this period. |
| Where can I get cash if I need it over the weekend? |
We suggest you withdraw your expected requirements before 24 October 2014. If you need emergency cash you will have to use a card issued by another supplier, preferably a debit card. |
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| Account numbering |
| How will my account numbers change? |
We will be replacing your existing 13 digit account number with a new 15-17 digit number. However, your existing 8 digit account number will remain unchanged. |
| Is there a difference between these account numbers? |
Yes, the 13 digit account number will be replaced with a new 15-17 digit number. The 8 digit number together with 6 digit sort code are used for UK local transactions or payments only. For transactions or payments from overseas you need to provide to the payers your IBAN (International Bank Account Number). |
| Will it affect people to whom I have given instructions to make payments to me? |
No. You will still tell them your 6 digit branch sort code and your existing 8 digit account number for UK local transactions or payments. For transactions or payments from overseas you need to tell them your IBAN (International Bank Account Number). |
| Will it affect businesses with whom I have issued direct debit instructions (e.g. to utility companies or insurance companies or for council tax payments)? |
No. Your direct debits will remain unchanged. |
| Will it affect my standing orders? |
No. Your standing orders will remain unchanged. |
| Will my existing cheque book remain valid? |
Yes. |
| What do the 15-17 digit account numbers mean? |
They help us to define the exact type of product and the relevant currency. |
| When will the 15-17 digit account number be introduced? |
On 27 October 2014. |
| When will you advise me of the change to the 15-17 digit account number? |
You will be able to see your new 15-17 digit account numbers on your bank statements issued after 27 October 2014. |
| Can I still use my old 13 digit account number? |
Yes, for a short period. You will still be able to use your old 13 digit account number for our banking services for the time being. We will of course give you sufficient notice when to stop using your old account number. |
| How long will my old 13 digit number be valid? |
We will see how our customers adapt to the changes and decide when to stop using the old account numbers. We will of course give you sufficient notice. |
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| Data processing |
| Where will data be processed under the new system? |
With the introduction of the new system our customer data will be transferred to and processed by Bank of China Limited in China. |
| Will my account details be as safe in China as in the UK? |
Yes, we have assured ourselves that the data protection standards that apply in the UK will not be compromised. Having assessed the requirements of the applicable data protection law, we believe that the security measures that have been put for the purpose of the transfer of personal data to China and processing of personal data in China are appropriate to protect personal data against accidental or unlawful destruction or accidental loss, alteration, unauthorised disclosure or access and against all other unlawful forms of processing. |
| I am not happy about having my data being processed in China. Is there any alternative arrangement? |
Sorry, no. This is a worldwide global decision taken by the bank. We would reluctantly suggest that you would have to close your accounts with us if you cannot accept our terms for processing personal data. |
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| Notice accounts |
| What will happen to my Notice Account? |
Existing 7 days and 30 days notice accounts will all be replaced by Instant Access Savings account. We will convert your existing notice accounts into Instant Access Savings account and allocate new account number to all your notice accounts with us. |
| I have more than one Notice Account (e.g. a 7 day notice and a 30 day notice), what will happen to these after the change? |
They will be converted into new Instant Access Savings Accounts respectively during the system upgrading period. |
| What will happen to my passbook? |
This will no longer be valid as it will be replaced by a bank statement. You can destroy the passbook in a secure way. |
| Will my passbook still be valid? |
No, it will be replaced by a bank statement. |
| What will happen if there is a difference between the balance on my passbook and on a statement you issue? |
The banks records – demonstrated by the statement – will prevail. If there is a discrepancy please bring your passbook in to a branch and we will seek any missing item in your passbook to assist reconciliation with our statement balance. |
| Can I deposit, withdraw, remit and exchange from the Instant Access Savings account? |
Yes. |
| Do I need to give notice to withdraw, remit and exchange from the Instant Access Savings account? |
No. |
| Can I have the Instant Access Savings account in more than one currency? |
Yes, in Pounds sterling, Euros, US dollars and Hong Kong dollars. (please note that the list of available currencies may change in the future) |
| How many currencies? |
Four. |
| Will there be a foreign currency exchange charge handling fee? |
No. |
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| Interest on notice accounts |
| What rate will you pay on the new Instant Access Savings Account? |
The current interest rate is 0%. We will advise you when this rate changes and we will give you 60 days notice at any time if the rate reduces from its then current level. |
| Is the interest rate the same as on my existing notice accounts? |
Yes. |
| So what is the benefit to me of the new account? |
Greater flexibility as you will no longer need to give us notice of any withdrawals or transactions on the accounts. |
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| Fixed time deposits |
| What will happen to my existing Fixed Time Deposit accounts? |
Your existing Fixed Time Deposit account will be auto replaced by our All-in-One Fixed Term Deposit account, which gives you greater flexibility to manage multi-currencies. |
| When will I get a new account number? |
You will be able to see your new account numbers on your bank statements issued after 27 October 2014. |
| Will I still receive a deposit receipt? |
Yes. |
| What maturity terms will be available in the new system? |
The maturities can be customised for your benefit, but generally will be 7 days, 30 days, 1 month, 2 months, 3 months, 6 months, 9 months and 12 months. (please note that the terms available for fixed time deposits may change in the future) |
| What currencies can I deposit in? |
You can deposit in British Pound, US Dollar, Hong Kong Dollar, Chinese Yuan, Swiss Franc and Euro. (please note that the list of available currencies may change in the future) |
| Will my interest rates change? |
No. |
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| What is the All-in-One account? |
It is an integrated multi-currencies savings account containing all available currencies of the bank, which is more convenient for customers to manage at one time. It has two types: All-in-One Instant Access Account and All-in-One Fixed Term Deposit Account. Please note that the All-in-One Instant Access Accounts will only be available to Wealth Management clients. |
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| All-in-One Instant Access accounts (for Wealth Management customers only) |
| What are the benefits of an All-in-One Instant Access account? |
Greater flexibility to manage multi-currency deposits. |
| Will I need to remember different account numbers for different currencies? |
No. |
| Will I also need to have a separate current account? |
Yes. |
| What do I have to do to be eligible to have an All-in-One Instant Access account? |
Become our Wealth Management customer – by either a minimum total credit balance of £50,000, or £20,000 plus an existing mortgage where the original balance was £250,000 or more. |
| Can I deposit, withdraw, remit and exchange from the All-in-One Instant Access account? |
Yes |
| Is there a charge for converting currencies? |
No, there is no charge or handling fee. |
| Will currency conversion take place on the same day? |
Yes |
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| Internet banking |
| Will the Internet Banking service be disrupted during the upgrading period? |
Yes. Unfortunately when major system changes take place we have to shut down access to all systems. |
| Can I check my balances over the cutover weekend? |
No. Unfortunately when major system changes take place we have to shut down access to all systems. |
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| Hong Kong Stocks Express |
| Will the Hong Kong Stocks Express service be disrupted? |
You will still be able to access the trading website, but not be able to see your bank account balance nor transfer funds between your bank account and investment account during the switchover period. |
| Will I be able to check my account balance or adjust my buying power during the cutover weekend? |
No. |
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| Changes to the Tariff of Banking Charges (From 27 October 2014, we will be making a number of changes to the Tariff of Banking Charges. This will include, but will not be limited to the following.) |
| Great Wall International Debit Card |
In Bank of China branches in mainland China we will charge a fixed fee of £2 per transaction for over-the-counter cash withdrawals (within daily withdraw limit). For ATM cash withdrawal in mainland China, we will charge £1.50 per transaction and we will charge 75p for Point of Sale transaction in mainland China. |
| Safe deposit box (only available in our Glasgow branch) |
The updated Safe deposit box annual charge will apply. |
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| Call Centre |
| Will this be staffed over the cutover weekend? |
Yes, we will be providing telephone and email enquiry service during the system maintenance period. |
| Will the call centre have access to systems records over the weekend? |
We are sorry that we may not be able to provide any account enquiry service (such as checking account balance, or transaction details) during the system maintenance period. We will, however, try our best to accommodate all of your enquiries of general nature. |
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| Operations Services (Loans administration) |
| Will the service be disrupted? |
No. |
| Will it affect how my mortgage repayments are processed? |
Not if you have an existing current account with us. If you do not have a current account with us, you should open one for your mortgage repayment. We will send an account opening form to you. If you are not sure, we will check it for you and ring you back. |
