What is universal accession to bank settlement service?
Universal accession to bank settlement service refers to the fact that institutional clients of the China Merchants Bank, as long as it holds deposit account in any one of the bank’s service outlet, its settlement request is also honored in any other service outlets of the bank. If both parties concerned in a settlement have opened their deposit account at the China Merchants Bank, then their fund will be transferred between their accounts instantly with a single transaction, and this very transaction will be recorded on both accounts. F. Which settlement services are covered by the universal accession? 1. Cash collection and withholding (settlements in large amounts are limited to over-the-counter mode at the service outlet where you opened your accounts) 2. Transfer of account collection and withholding; 3. Transfer of account through T/T and M/T 4. Signing of bank draft; 5. Third bank bookkeeping 6. Collection and collection with acceptance. G. What are some major advantages of univ
