IT System Upgrade Frequently Asked Questions (FAQs) for non personal account customers of Bank of China (UK) Limited

These FAQs will be updated from time to time to reflect changes or new questions raised by customers during the period of the IT system upgrade. This copy was last changed on 2 September 2014.

Disruption of services
Will services be disrupted?	Most services for non personal customers will not be disrupted. However, for the services of specific departments please see the comments below.
Over what period will systems be disrupted?	Most of the bank’s systems will be disrupted between 9am on 24 October 2014 and 9am on 27 October 2014.
Will BOC branches be open over the weekend?	No. Bank of China (UK) Limited (BOC) branches will be closed from 24 October until 26 October 2014 and they will reopen for business from 9am on 27 October 2014.

Customers of Trade Finance Department
Will the service be disrupted?	Trade Finance Department will not be undertaking any business on Friday, 24 October.
Will there be any change in documentation?	Some products may now produce two letters instead of one combined document. We have also introduced new letter headed paper.

Customers of Corporate Banking Department
Will the service be disrupted?	Apart from internet banking services, we do not provide any other services outside normal London business hours. We expect operations to start smoothly on Monday morning. However, if you require account services at BOC branches, the BOC branches will be closed from 24 October until 26 October 2014 and they will reopen for business as per their normal opening hours on 27 October 2014.

Customers of Financial Markets Department
Will the service be disrupted?	We will not be able take any deposits or undertake any FX trading with customers after 12 Noon on 24 October. We will reopen for business from 9am on 27 October 2014.

Loans administration
Will loan administration service be disrupted?	No.
Will it affect how my mortgage repayments are processed?	No.

Customers of Financial Institutions Department
Will the service be disrupted?	No. We do not provide any services outside normal London business hours and we expect operations to re-start smoothly on Monday, 27 October 2014.

Internet banking
Will the service be disrupted?	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.
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 check 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.

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 tell 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 the payers 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 etc.)?	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.

Data processing
Where will data be processed under the new system?	With the introduction of the new bank system the 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 in place 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.

Notice accounts
What will happen to my Notice Account?	Existing 7 days and 30 days notice accounts will all be replaced by a single Instant Access Savings account. We will convert your existing notice accounts into an Instant Access Savings account and allocate a new account number to it.
I have more than 1 Notice Account (e.g. a 7 day notice and a 30 day notice), what will happen to these after the change?	They will be consolidated into a single new Instant Access Savings Account on the cutover date.
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.

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. If, in the future, the rate reduces from its then current level we are required to give you 60 days notice of any reduction.
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.

Fixed time deposits
What will happen to my existing Fixed Time Deposit accounts?	Your existing Fixed Time Deposit account will be 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 not be given the new account number until the replacement takes place on 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 month, 3 month, 6 month, 9 month and 12 month.
What currencies can I deposit in?	You can deposit in British Pounds, US Dollars, Hong Kong Dollars, Chinese Yuan, Swiss Francs and Euros. (please note that the list of available currencies may change in the future)
Will my interest rates change?	No.
As a business customer can I have an All-in-One Fixed Term Deposit account?	Yes.

Changes in our Tariff (From 27 October 2014, a number of changes will take place including but not limited to the following.)
Current account service charge	The minimum current account quarterly service charge of £15 will be replaced by a minimum current account monthly service charge of £5. This monthly charge will no longer cover any extra charges (for example, paying-in cash handling fees, fees that apply to cheque clearing etc.) as such fees and charges will be in addition to the minimum current account service charge.

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IT System Upgrade Frequently Asked Questions (FAQs) for non personal account customers of Bank of China (UK) Limited

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