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About China Bank
Direct Deposit Service

If you are a US Pensioner, you can now receive the proceeds of your pension via direct credit to your China Bank savings account. Simply visit the nearest China Bank branch to enroll in the program.

Initial Deposit Requirement

  • Peso Passbook Savings: P 1,000
  • US Dollar Savings: $100

Minimum Monthly Average Daily Balance (ADB)

  • Peso Passbook Savings: P 1,000
  • US Dollar Savings: $100

Documentation
Passbook
 
Access Points

  • Branch
  • China Bank Online

Transaction Fees for Pension Credits

  • Credit to Peso Passbook Savings: $1.50 + Documentary Stamps Tax
  • Credit to US Dollar Savings: $3.00

Eligible Pensioners

  • Recipients of Social Security Administration (SSA) payments
  • World War II Veterans
  • American Military and Civil Personnel

Requirements

  • Submission of the Notice of Award
  • Completed Direct Deposit Sign-up Form

Others

  • Pension credit to a Peso Passbook Savings is subject to Documentary Stamps Tax (P 0.30 for every P 200.00 or fraction thereof)
  • PDIC Coverage: up to P 500,000 per depositor


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