Customers’ reasons for these withdrawals remain confidential, but the timing aligns with growing concerns about China’s financial stability.
Customers are required to follow strict rules, with withdrawals over a certain amount needing prebooked appointments, and others being capped at specific daily limits. This has caused frustration among people, as some banks are unresponsive during business hours, leading to more wait time and unnecessary hassle.
The withdrawal process is grueling, involving multiple verifications, signatures, and entry of passwords, often taking around five hours to complete. It appears that the banks are implementing these measures to manage the outflow of money amidst a potential liquidity crisis. There are also reports of accounts being frozen, even for small amounts, pending investigations for suspected “fraud”.
