East West Bank (NASDAQ: EWBC), a top 30 publicly traded bank in the United States, focuses on providing a wide range of financial services to Chinese in the United States and global customers, with more than 100 branches and thousands of ATM outlets in the United States, as well as offices in Mainland China and Hong Kong to provide customers with convenient banking services.

In addition to traditional banking services, East West Bank's Velo brand provides an online platform for global banking services for people outside the U.S. (mainly Chinese).

Accounts Types and Features

East West Bank offers various types of accounts to meet diverse customer needs. Here are the features and fee comparisons for several key accounts:

1. Value Checking Account

   • Features: Non-interest-bearing account, Visa debit card, account overdraft protection, mobile and online banking access.
   • Minimum Opening Deposit: $100 ($25 for residents of New York)
   • Monthly Fee: $5 (waived with a single account balance of $1,500 or total account balances of $5,000)
   • Non-East West Bank ATM Withdrawal Fee: First two withdrawals free, $1 per withdrawal thereafter

2. Global Checking Account

   • Features: Provided by Velo, interest-bearing checking account (APY annual rates of 0.3%-0.5%), supports Zelle transfers, mobile check deposits, and other functionalities.
   • Minimum Opening Deposit: $2,500
   • Monthly Fee: $25 (waived with a single account balance of $2,500 or total account balances of $10,000)
   • Account Opening Fee: $300 (potential refund for Velo Gold clients)
   • Wire Transfer Fee: $10 (waived for Velo Gold clients)

3. Global Student Account

   • Features: Interest-bearing checking account (APY annual rates of 0.3%-0.5%), eligible for debit card application, exclusive merchant discounts.
   • Minimum Opening Deposit: $300
   • Monthly Fee: $25 (waived upon submission of student visa)
   • Special Fee Waivers: Includes monthly account fee, ATM withdrawal fee, monthly wire transfer fee, and a one-time $20 service fee waiver.

4. Premier Savings Account

   • Features: Interest-bearing savings account with daily interest calculation and monthly accrual, no counter withdrawal limits, ATM access with linked checking account.
   • Minimum Opening Deposit: $100
   • Monthly Fee: $3 (waived for minors under 18 or single account balance of $2,500/total account balances of $10,000)

Conditions

• Value Checking Account: Must be a U.S. taxpayer, can be opened at a local branch or online, with a minimum deposit of $100 ($25 for New York residents).
• Global Checking Account: Must be at least 18 years old, apply via East West Bank website or app, and deposit $2,500 within 60 days of account opening.
• Global Student Account: Must be at least 17 years old, provide a valid student visa (F-1, M-1, or J-1) or admission letter, and deposit $300 within 60 days of account opening.
• Premier Savings Account: Must be a U.S. taxpayer, can be opened at a local branch or online, with a minimum deposit of $100.

Required Documents

• For U.S. Local Accounts: U.S. taxpayer identification number (SSN or ITIN), U.S. mobile number, government-issued ID.
• For Velo Global Accounts: Government-issued ID.
• For Global Student Accounts: Government-issued ID, valid student visa or admission letter.

Account Opening Process

1. Visit the East West Bank website, select the desired account type, and fill out personal information.
2. Upload identification documents for identity verification.
3. Upon successful account opening, deposit the required funds and submit additional documentation (e.g., student visa) within the specified timeframe.

Wire Transfer Service Fees

East West Bank offers wire transfer services with the following fees:

• Outgoing Wire Transfers: $30 locally, $40 internationally (in USD), $25 internationally (in other currencies).
• Incoming Wire Transfers: $10 per transfer (both domestic and international).
• Transfers to China: Fees vary by state, $16 for California, Nevada, Washington, Georgia, and Texas customers, $12 for New York customers, and $28 for non-customers.
• Wire Transfer Modification/Tracking: $10 per transaction.