Money Safe (智安存) - ICBC (Asia)
Money Safe
Money Safe is a deposit protection measure implemented by the Hong Kong Monetary Authority (HKMA) that allows customers to lock in some or all of their deposits, preventing arbitrarily withdrawals or transfers to mitigate fraudulent losses. You must complete the identity verification process in person at the branch to unlock and use protected funds. This measure aims to provide customers with additional security protections to prevent scammers from immediately transferring account funds.
Money Safe Features
- Protect Funds
You can activate Money Safe instantly via ICBC Mobile App or visit our branches in person. For Current Account/Savings Account, the protection only covers funds in the account’s original currency. To set up and activate Money Safe against funds in an account, the Current Account and Savings Account must have a minimum balance of, and the minimum amount of funds required to be protected is 1,000 dollars in the currency in which the account is denominated. For Time Deposit Account, once Money Safe activated, the protection covers the entire principal amount of Time Deposit. The protected funds under Money Safe will still be subject to the same prevailing interest rate applicable to your account. - Restricted Transactions
The protected funds under Money Safe protection cannot be used for any outgoing transactions, including but not limited to withdrawals, FPS, cheques, settlement for investment transactions, bill payment, autopay, direct debit authorization, standing instructions, remittance, loan and credit card repayments, bank fees and charges, and any other instructions given through other means. - Release Funds
You must visit our branches in person and complete the necessary identity verification to release any protected funds under Money Safe.
Accounts covered by Money Safe
| Protected Accounts | Unprotected Accounts |
|
|
Money Safe Important Notes
Maintain sufficient fund for daily and emergency use
The protected funds under Money Safe protection cannot be used for any outgoing transactions. Proteced funds can only be released. Please ensure your account have sufficient available funds to avoid any late fees and overdue interest.
Current Account No Bounced Cheques and Auto-Pay Protection Services will be disabled
For Hong Kong dollar current accounts with “No Bounced Cheques and Auto-Pay Protection Services”, once Money Safe activated, the “No Bounced Cheques and Auto-Pay Protection Services” will be cancelled. If there is insufficient available balance in your account, cheques and auto-payments will be rejected. Fee and charges will be charged. After release Money Safe, you may apply the Bank to reinstate the relevant service.
Maturity arrangement of Time Deposit
For time deposits under Money Safe, it is applicable to time deposit maturity instruction with auto-rollover. The Bank will automatically roll over the principal with earned interest of time deposit at the prevailing interest rates on the maturity date.
The above products, services and offers are subject to the relevant terms and conditions. For details, please refer to the Terms and Conditions of Money Safe and relevant Frequently Asked Questions or visit any of the Bank’s branches or call the Customer Service Hotline on (852) 2189 5588.
Related Information
Reminders:
To borrow or not to borrow? Borrow only if you can repay!
Protect your Personal Digital Keys; Beware of Fraudulent Links!
Don’t lend or sell your account. Don’t risk your future for quick money.
