On July 4, Cailian Press reported (by Peng Kefeng) that after continuously clearing corporate debit cards and sleep world prepaid cards in June, Bank of Communications announced today that it will once again clean up sleep debit cards.

This morning, Bank of Communications issued a statement stating that in order to effectively protect the account security and legitimate rights and interests of users, and facilitate users to arrange and use personal bank account resources reasonably, the bank will clean up sleep debit cards.

The details are as follows. Starting from 0:00 on July 10, 2024, Bank of Communications will clean up personal debit cards that have met the following conditions for more than two consecutive years (including two years), i.e. no active account transactions (including but not limited to deposits, withdrawals, transfers, consumption, payments, etc.), zero balance, and no other business functions opened, including but not limited to funds, wealth management, forex bao, automatic repayment of Pacific credit cards, and appointment transfers. After the card is cancelled, it will not be available again, while other normal debit cards under the user's name will not be affected. Social security cards, military security cards, army support cards, and retirement pension accounts are not included in this clean up. If user's card meets the above clean up criteria but they wish to continue using it, please activate the card before 0:00 on July 10, 2024 and keep the balance non-zero.

In the past year, many banks have continued to carry out "cleaning card actions".

Cailian Press noticed that in the second half of last year, the China Banking and Insurance Regulatory Commission issued a notice organizing a special campaign to prompt banks to handle "dormant accounts." Before and after the notice was issued, major banks began to carry out "cleaning card actions" in succession.

In May of last year, Agricultural Bank of China announced on its official website that it will gradually carry out investigations into current deposit books from July, for accounts that have not had any transaction for more than five years (including five years) until the end of 2022, with a zero balance and no other related businesses. Accounts that meet the above criteria will be processed for cancellation after June 30.

In September of last year, Bank of Communications issued a notice regarding the clearance of sleep debit cards, stating that starting from October 7, the bank will cancel personal debit cards that have met the following conditions for more than three consecutive years (including three years): no active account transactions (including but not limited to deposits, withdrawals, transfers, etc.), zero balance, and no other business functions opened, including but not limited to funds, wealth management, forex bao, automatic repayment of Pacific credit cards and appointment transfers. After the card is cancelled, it will not be available again.

Since June of this year, Bank of Communications has continuously announced that it will clean up various types of bank cards, including corporate debit cards and sleep world prepaid cards.

In the first quarter, per capita holding of credit cards reached 6.97, will the "shrinkage era" of bank cards come?

Today, Cailian Press found on the website of the central bank that according to the "General Situation of Payment System Operation in the First Quarter of 2024", as of the end of the first quarter of this year, a total of 9.823 billion bank cards have been issued nationwide, an increase of 0.37% compared with the previous period. Among them, there were 9.063 billion debit cards, an increase of 0.47% QoQ, and 760 million credit and lending combined cards, a decrease of 0.85% QoQ. Per capita, holding bank cards was 6.97.

It is worth noting that in the previous year, as of the end of 2023, a total of 9.787 billion bank cards have been issued nationwide. Among them, there were 9.020 billion debit cards, a QoQ increase of 0.82%, and 767 million credit and lending combined cards, a QoQ decrease of 1.51%. Per capita, holding bank cards was 6.93.

From the latest data, the number of debit cards and per capita holdings have both increased slightly. However, according to what Cailian Press reporters have learned, it has not been easy for new users to open a bank card in the past year. Some users who have just started working told reporters that to apply for a card, they need to prepare a lot of materials, such as work certifications, social security certifications, etc.

From a policy perspective, in October 2020, the Joint Meeting of Departments on Fighting and Governing New Types of Illegal and Criminal Activities in Telecommunications Networks and the Internet of Things under the State Council decided to launch a nationwide "card cutting" action to crack down on illegal opening and selling of telephone cards, bank cards, etc. in order to curb the high incidence of telecommunications network fraud. Since then, major banks have gradually tightened the requirements for opening new cards.

"From a long-term trend, bank cards will gradually enter the 'shrinkage era.' The reversal of the population situation, the economy entering a new normal, and the tightening of relevant policies are all reasons for the gradual slowdown in the volume of card issuance." A bank industry analyst told Cailian Press that in the past, some banks pursued economies of scale, resulting in many people easily owning multiple bank cards, which not only caused waste of resources, but also fostered risks of telecommunications fraud. Therefore, it is reasonable to carry out timely cleaning.