Recently, some banks in China have limited access to integrated ATMs, and people can’t withdraw cash. The public suspects that this is related to unrepaid bank mortgage loans.
In Shanghai, some ATMs have affixed paper with the words “deposit only” or “withdrawal only.” Others show that the withdrawal function is not supported.
China’s Daily Economic News reported that the main reasons are the need to disinfect cash during the epidemic and people’s demand for cash dramatically reduced.
However, the General Situation of the Operation of the Payment System in 2021 pointed out that many people still use cash because cash is almost not restricted by the environment or machine.
On July 17, Tian 田 from Baoshan 宝山 District said that she had to queue under the sun to withdraw cash. This is not an isolated case. Many Shanghai residents are experiencing the same distress as Tian.
Faced with the difficult situation of transactions at ATMs, many people suspect that these related banks do not receive payments from home mortgage loans. The bank is short of money, liquidity is difficult, so depositors cannot withdraw money from the bank.
Before that, Henan Rural Bank’s 40 billion yuan (about $5.9 billion) deposits disappeared, and people queued up to withdraw cash in front of ATMs, causing the depositors to protest, arousing concern among the masses.
Moreover, the wave of loan suspension has spread rapidly in many provinces and cities. Angry homebuyers threaten to stop work or mortgage repayments on unfinished properties. Experts said that China’s banking system and China’s financial system might collapse due to the recent outbreak of unfinished buildings in China.