What Are the Unbanked?

A bank deposit is an amount stored in a bank. It is an integral part of monetary funds. According to the provisions of China's cash management system, each enterprise must open a deposit account with the People's Bank of China or a professional bank to handle deposits, withdrawals and transfers. The company's monetary funds can save a small amount of cash except within the prescribed limits. , All must be deposited in a bank, the bank deposits of an enterprise mainly include: settlement account deposits, letters of credit deposits, foreign deposits, etc. The receipt and payment business of bank deposits is handled by the cashier. Each bank deposit income and expenditure business must be prepared based on audited original vouchers. ^[1]

Bank savings

Bank savings

Bank deposits are monetary funds deposited by a company into a bank or other financial institution. According to business needs, an enterprise opens an account with its local bank and uses the opened account to settle deposits, withdrawals, and various income and expenditure transfer services.

The correct opening and use of bank accounts is the basis for doing a good job in fund settlement. Only when a bank has a deposit account with an enterprise can it settle with other units through the bank and handle the receipt and payment of funds. Enterprises should open and use deposit accounts with banks in accordance with regulations.

The "Bank Account Management Measures" classifies the deposit accounts of enterprises and institutions into four categories, namely basic deposit accounts, general deposit accounts, temporary deposit accounts, and special deposit accounts.

Ordinary enterprises and institutions can only choose one bank and one business institution to open a basic deposit account, which is mainly used for daily transfer settlement and cash receipts and payments. Withdrawal of cash and wages of enterprises and institutions can only be made through this account. Enterprises and institutions may open a general deposit account with a business institution of another bank. The account can be used for transfer settlement and cash deposit, but cannot withdraw cash. Temporary deposit accounts are accounts that depositors need to open due to temporary business activities, such as corporate off-site product sales and temporary purchase funds. Special deposit accounts are accounts that enterprises and institutions need to open for specific purposes, such as special funds for capital construction projects, funds for agricultural and sideline products, and so on. Sales of enterprises and institutions cannot be transferred to special deposit accounts.

In China, a large number of daily economic transactions between companies and other enterprises or individuals are settled through banks. Banks are the centers of various financial flows and settlements in social and economic activities. In order to ensure the normal development of bank settlement services, Various funds were available during the event

A bank draft is a bill that is deposited by an enterprise or individual into the bank where the account is opened, and is issued by the bank to a bank that handles settlement or withdrawal of cash when purchasing goods from a different location. When using bank drafts, it should be noted that the new "Payment and Settlement Measures" for bank drafts, in addition to removing endorsement transfer restrictions,

Commercial drafts are issued by the drawer, and the entrusted payer unconditionally pays a determined amount to the payee or the holder of the ticket

Cashier's checks are issued by banks and promise to pay unconditionally a certain amount of notes to the payee or bearer when they see the ticket. Using silver

Cheques are issued by the drawer, and the bank entrusted to handle the check deposit business unconditionally pays the specified amount to the payee or the holder of the bill when they see the check.

Remittance is a settlement method in which the sender entrusts the bank to pay its money to the recipient. When adopting the foreign exchange settlement method, it should be noted that the new "Payment and Settlement Methods" have made the following major changes to the provisions of the foreign exchange settlement method:

Entrusted collection is the settlement method in which the beneficiary entrusts the bank to collect the payment from the payer. When adopting the method of entrusted payment settlement, it should be noted that the new method has made the following major changes to the provisions of the method of entrusted payment settlement:

The collection commitment is a settlement method in which the payee entrusts the bank to collect the payment from a remote payer according to the purchase and sale contract, and the payer recognizes the payment to the bank. When adopting the collection and settlement method, it should be noted that the new "Payment and Settlement Methods" have made the following major changes to the provisions of the collection and settlement method:

Credit cards are issued by commercial banks to individuals and units. They are used to purchase, consume, and deposit cash from banks with special units.

In addition, it should be noted that, in order to strengthen the management of bank card business, the People's Bank of China issued a "Notice on Issuing the Measures for the Administration of Bank Card Business" on January 5, 1999 (Yinfa [1999] 17 No.), which stipulates that the measures will be implemented on March 1, 1999. The "Credit Card Business Management Measures" (Yinfa [1996] No. 27) promulgated by the People's Bank of China at the same time shall be abolished at the same time; If the bank card management provisions conflict with these Measures, these Measures shall prevail. The main contents of the measure are as follows:

The regulations stipulate that bank cards refer to credit payment instruments issued by commercial banks (including postal financial institutions, the same below) with all or part of the functions of consumer credit, transfer settlement, and cash deposit and withdrawal. Bank cards include credit and debit cards.

Bank cards are divided into RMB cards and foreign currency cards according to different currencies; unit cards (business cards) and personal cards are issued according to the issue objects; magnetic card and chip (IC) cards are divided according to different information carriers.

Credit cards are divided into credit cards and quasi-credit cards according to whether or not the reserve fund is deposited with the issuing bank. A credit card is a credit card that the card-issuing bank grants a certain amount of credit to the cardholder. The cardholder can use the credit limit to consume first and pay later. A quasi-credit card refers to a credit card holder that must first deposit a certain amount of reserve funds as required by the card-issuing bank. When the balance of the reserve account is insufficient to pay, the credit card can be overdrawn within the credit limit specified by the card-issuing bank.

Debit cards are divided into transfer cards (including savings cards, the same below), special cards, and stored-value cards according to different functions. Debit cards do not have overdraft capabilities. The debit card is a debit card for real-time debit, with functions of transfer settlement, cash access and consumption. The special card is a debit card with a special purpose and used in a specific area, with functions of transfer settlement, cash deposit and withdrawal. The special purpose refers to the use outside the department store, catering, restaurant, and entertainment industries. The stored value card is a prepaid wallet borrowed by the card-issuing bank to transfer its funds to the card for storage according to the cardholder's requirements. Credit card.

The interest calculation of bank cards, including interest collection and payment, is calculated in accordance with the Financial System of Financial and Insurance Enterprises.

The card-issuing bank pays interest on the credit card and debit card (excluding stored-value card) accounts in accordance with the same-grade deposit interest rate and interest calculation method prescribed by the People's Bank of China for the same period. The issuing bank does not pay interest on the deposits in the credit card account and the currency value in the stored-value cards (including electronic wallets with IC cards).

(3) All funds in the unit's RMB card account will be transferred from its basic deposit account, no cash can be accessed, and no sales income can be deposited into the unit card account. The funds of the unit's foreign currency card account shall be transferred from its unit's foreign exchange account and deposited, and foreign currency cash shall not be accessed in the country. Its foreign exchange account shall meet the following conditions: first, it shall be opened in accordance with the relevant regulations on the management of foreign exchange accounts within the People's Bank of China; second, it shall have corresponding payment contents within the scope of its foreign exchange account income and expenditure.

The funds of the personal RMB card account are deposited with the cash held by him or transferred with his salary, wages, legal labor remuneration, and investment returns. The funds of the personal foreign currency card account are deposited in the foreign currency cash held by the individual or transferred from its foreign exchange account (including the export account). The account transfers and deposits are handled in accordance with the "Administrative Measures for Individual Foreign Exchange" of the State Administration of Foreign Exchange. Individual foreign currency cards shall be handled in accordance with China's personal foreign exchange management system when withdrawing and selling foreign currencies in China.

Except for the scope and area specified by the State Administration of Foreign Exchange, foreign currency cards shall not, in principle, be used for domestic currency denominated settlement.

The unit's RMB card can handle the settlement of goods transactions and labor supply, but it cannot be overdrawn; if it exceeds the starting point stipulated by the People's Bank of China, it should be transferred through the local branch of the People's Bank of China.

The issuing bank shall authorize each withdrawal of the credit card, and the cumulative withdrawal of each card per day shall not exceed RMB 2,000. The card-issuing bank shall set a transaction limit for cardholders' withdrawals at ATMs, and the cumulative daily withdrawal of each card shall not exceed RMB 5,000.

A single overdraft balance of the same cardholder's personal card must not exceed 20,000 yuan (including equivalent foreign currency), and the unit card must not exceed 50,000 yuan (including equivalent foreign currency). The personal card for the monthly overdraft balance of the same account must not exceed 50,000 yuan (including the equivalent foreign currency), and the unit card must not exceed 3% of the comprehensive credit line of the unit issued by the issuing bank. For units without a comprehensive credit line, the monthly overdraft balance must not exceed 100,000 yuan (including equivalent foreign currencies). The foreign currency card's overdraft limit must not exceed 80% of the cardholder's security deposit (including the amount of the deposit certificate pledged). The monthly average overdraft amount for more than 180 days (including 180 days, the same below) that has occurred since the implementation of these Measures shall not exceed 15% of the monthly average total overdraft balance. The overdraft period for quasi-credit cards is up to 60 days. The minimum repayment amount of a credit card in the first month shall not be less than 10% of its overdraft balance in that month.

The letter of credit originated from international trade settlement, and it was generated to meet the needs of the trade (purchase and sale) parties to settle their claims and debts. In international trade, in order to avoid transaction risks, importers are unwilling to pay the goods to the exporter first, and the exporter is also unwilling to give the goods or documents to the importer. At the same time, both parties are unwilling to occupy their own funds for a long time. In this case, the bank acted as an intermediary and guarantor between the importer and exporter, receiving money, paying documents, and financing funds on behalf of the bank, which led to the settlement of letters of credit. In order to meet the needs of domestic trade activities and promote the healthy development of the socialist market economy, in June 1997, the People's Bank of China based on the actual situation of domestic settlement, the "People's Bank of China Law" and relevant laws and regulations, and borrowed from international practices The Measures for the Settlement of Domestic Letters of Credit were formulated and issued, which are designed to protect the legitimate rights and interests of both parties to the trade and related parties through letter of credit settlement, and at the same time enrich the types of domestic settlements.

In order to calculate and reflect the various deposits that an enterprise deposits with a bank or other financial institution, the corporate accounting system stipulates that a "bank deposit" account should be set up. The borrower of this account reflects the increase in corporate deposits, the lender reflects the decrease in corporate deposits, and the borrower at the end of the period The balance reflects the balance of the company's ending deposits. The enterprise shall perform accounting and management strictly in accordance with the provisions of the system. The enterprise deposits the money into a bank or other financial institution, debits the "bank deposit" account, credits "cash" and other related subjects; when withdrawing and spending the deposit, debits "cash" "And wait for the relevant subject, credit the" Bank Deposit "subject.

"Bank deposit journal" should be set up according to the bank and other financial institutions, deposit types, etc., and the cashier should register one by one according to the receipt and payment vouchers in accordance with the order of business development, and the balance should be settled at the end of each day. The "Bank Deposit Journal" should be checked regularly with the "Bank Statement", at least once a month. At the end of the month, if there is a difference between the company's book balance and the bank statement balance, the cause must be identified one by one to deal with it, and the "Bank Balance Reconciliation Statement" should be prepared on a monthly basis to reconcile.

As corporate purchases and sales are frequent, the amount of bank deposits also changes frequently. The enterprise shall check the accounts with the bank in a timely manner. The specific method is to check the statement provided by the bank with the corporate bank deposit journal. The balance on the bank statement is often inconsistent with the balance of the corporate bank deposit journal, for the following reasons:

Accounting errors. Business or bank bookkeeping errors. For example, if a company opens an account with several banks at the same time, bank account errors may occur during bookkeeping. Similarly, banks may confuse the accounts of various deposit companies with each other.

Unaccounted. The unaccounted account refers to the issue between the enterprise and the bank due to the difference in the bookkeeping time between the two parties.

Unlike other deposits, interest on demand deposits is calculated based on the day of the month corresponding to the deposit date, of which interest is calculated on the 30th of each month and 360th of each year. E.g:

Deposit on January 1 and calculate the interest days on February 1 as 30 days. Interest = interest rate on demand deposit x 30/360

Deposit on January 15th, and calculate the interest days on February 18th for 33 days. Interest = interest rate on demand deposit × 33/360

Deposit on January 15th, calculate the interest days on February 10th as 25th, interest = interest rate on demand deposit × 25/360

At the same time, unlike other deposits, interest is calculated based on the level of interest rates on the date of withdrawal. Interest on demand deposits is adjusted in a timely manner as the central bank adjusts interest rates