Read Before You Sign

Always read before you sign.

Whoever said that never opened a bank account in China. For all I know, I just signed away all my worldly possessions and put a lean against all future earnings. I could be penniless at this very moment and not even know it!

I have to open a  local bank account for my job.  Apparently all one needs is a passport and 20 RMB (~2 euros).

But it is a creepy feeling. I suppose it’s okay because Bank of China is the second largest bank in China, and the 5th largest in the world (by market capitalization value) [quote from Wikipedia].  A bank can’t exist long if they start running profits by getting foreigners to sign away their first born child because they didn’t read all the papers properly.

That and this is where my employer told me to open an account.  I suppose there are English translations of every paper I signed.  There must be.  It’s just a rather creepy feeling to put your signature down about 20 times and not be able to read anything but the heading on the page.

We’ll see. If anything creepy or unnecessary starts happening, I’ll know where to start looking.

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1 Comment

Filed under life in china

One response to “Read Before You Sign

  1. Tom

    I’ve opened more bank accounts in China than in the states. It is always a terrible feeling, but as long as all your earnings are in RMB you never have to step foot inside of there again. I’m pretty sure you signed something that says you understand all of the bank fees, but I don’t think anyone understands them.

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