Deposits by correspondence refer to the way in which overseas Chinese, Hong Kong, Macao and Taiwan compatriots, Chinese of foreign nationality and domestic residents approved to settle down or study abroad authorize domestic banks to handle savings deposits for their funds abroad.
A client sending a letter authorizing the bank to handle the deposits by correspondence may go through the account opening procedures by attaching duplicates of his or her ID card, passport or exit pass and other valid credentials, filling out the Application Form for Opening Account of Deposits by Correspondence, choosing the type of deposits according to the types of services already transacted by the bank (say, current deposit, time deposit and current-time optional deposits, etc.), and also pre-assign the method of withdrawal later.
After account is opened, the bank, as agent, will keep the passbook(certificate), and mail or issue the Depository Certificate by Agency. The deposit can be withdrawn only against the Depository Certificate, and such depository certificate may be reported loss and brought out of the territory.