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LENDING & CREDIT | Cesar Tordesillas, China
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ICBC now allows cash advances through mobile phones

ICBC rolled out its "cardless cash advance" service that could be availed through mobile phones.

 

The bank has earlkier launchedd a new mobile phone service across the country for mobile users to schedule cash withdrawals.

Customers who wish to arrange a date for drawing cash by mobile phone can logon ICBC Mobile Banking first. Choose "Schedule cash advance", follow the instructions to reserve a "Schedule code", confirm the date/time of the schedule, enter an amount, specify an account for taking the cash, and use the code card or e-password device for authentication. Customers will then receive a SMS with the temporary password sent from 95588. After that, customers can go to the nearest ICBC ATM to draw the cash within the validity period set by themselves, just enter the mobile No., the reserved "Schedule code" and the temporary password sent by ICBC. Currently under this new service, the limit for one cash advance and the daily cash advance limit are RMB 1000 and RMB 5000 respectively.

According to an ICBC executive, to protect the amount in customers' account, the account scheduled for cash withdrawal via Mobile Banking must be a debit card account. Moreover, the debit card must be added under Mobile Banking at the ICBC outlet with the permission for external payment, not a debit card added under Mobile Banking through self-service.

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