Founded in 1962, Cathay Bank was the first bank founded by Chinese Americans and is headquartered in Los Angeles, California. With more than 60 branches in nine U.S. states and an international presence with branches in Hong Kong and representative offices in Beijing, Shanghai and Taipei, Cathay Bank offers a wide range of financial services to its customers, covering a variety of areas including personal banking, commercial banking, foreign exchange trading, lending and insurance.

Account Types and Features

Cathay Bank offers a diverse selection of accounts to meet the needs of different customers:

Checking Accounts

• Cathay Bank offers various types of checking accounts, allowing unlimited check-writing privileges for daily expenses and transactions.
• Requirements include residency in specific states and being at least 18 years old.
• Minimum opening deposits start from USD 10, with service fees ranging from USD 0 to USD 15 depending on the account type and region.

Savings Accounts

• Provides a variety of options including floating and fixed-rate savings accounts, with monthly interest accrual.
• Opening deposits and service fees vary based on account type and deposit amount, starting from USD 10 up to USD 100,000.

Foreign Currency Accounts

• Includes Multi-Currency Accounts (MCA) and Foreign Currency Time Deposits (FCTD).
• MCA supports up to 11 currencies including Chinese Yuan (CNY), Australian Dollar (AUD), and Canadian Dollar (CAD), with no minimum balance requirement but may incur service fees.
• FCTD offers flexible deposit terms from 7 days to 12 months, with a minimum opening deposit of USD 25,000 or equivalent.

Account Types and Fees Comparison

Cathay Bank provides a range of account options, each with distinct service fees and opening requirements:

Basic Checking Account

• Service Fee: USD 6 per month.
• Minimum Opening Deposit: USD 10.
• Required Minimum Balance: USD 100.
• Withdrawal Fee: No additional charge at Cathay Bank or free ATMs using the debit card.

Statement Savings Account

• Service Fee: USD 3 per month.
• Minimum Opening Deposit: USD 100.
• Required Minimum Balance: USD 500.
• Withdrawal Fee: Similar to Basic Checking Account, no additional charge at Cathay Bank or free ATMs using the debit card.

Simple Money Market Account

• Service Fee: USD 10 per month.
• Minimum Opening Deposit: USD 5,000.
• Required Minimum Balance: USD 5,000.
• Withdrawal Fee: Free withdrawals at Cathay Bank or PULSE Select® / Money Pass® ATMs, may incur additional fees elsewhere.

Preferred Money Market Account

• Service Fee: USD 50 per month.
• Minimum Opening Deposit: USD 100,000.
• Required Minimum Balance: USD 100,000.
• Withdrawal Fee: Similar to Simple Money Market Account, free withdrawals at specified ATMs.

Account Opening Conditions

• Must be at least 18 years old.
• Residency in one of the following states: California, Illinois, Maryland, Massachusetts, Nevada, New Jersey, New York, Texas, or Washington.

Account Opening Required Documents

• Valid driver's license, state ID, or US passport.
• Social Security Number (SSN) or Taxpayer Identification Number (TIN).
• Proof of US residential address.

Account Opening Process

Opening an account at Cathay Bank is straightforward:

1. Select State and Account Type: Visit the Cathay Bank website, choose your state and the type of account you wish to open.

2. Provide Personal Information: Fill out the required personal details as per the instructions, including name, contact information, and address.

3. Submit Required Documents: Prepare and submit the necessary identity verification documents such as driver's license, state ID, or passport, along with your SSN or TIN.

4. Deposit Opening Funds: Deposit the required opening amount based on your chosen account type and its specific requirements.