Chinese Banks Freeze Billions In Deposits: Officials Use Health QR Code To Bar Protestors

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by Tyler Durden
Friday, Jun 17, 2022 - 02:20 AM

Chinese local banks are freezing deposits. Protestors cannot go near banks as their health app for COVID-19 turns red. Authorities provided no explanation...

As The Epoch Times' Dorothy Li reports, several depositors told The Epoch Times on June 14 that the health code on their COVID-19 app turned red as soon as they scanned venue barcodes at Zhengzhou, the provincial capital city of central China’s Henan Province.

A red health code - indicating a potential COVID-19 patient - means the carrier is barred access to all public places from public toilets to shops to train stations, and faced mandatory quarantine in centralized isolation centers.

They are among tens of thousands of bank depositors who have fought to recover their savings for more than two months. The crisis started in April when at least four lenders in Henan froze cash withdrawals, citing internal system upgrades. But customers said neither these banks nor officials have since offered any information on why or how long, prompting angry protests outside the office of the banking regulator in Zhengzhou in May.

An estimated 1 million customers were reportedly affected, which has left many residents’ life savings at stake and patients unable to pay for regular medical care.

Depositors have been cut off for at least 39.7 billion yuan ($5.91 billion), according to Sanlian LifeWeek, a state-run magazine.

Aggrieved depositors across the country planned another protest in Zhengzhou on June 13 to demand an answer, though previous gatherings were met with silence from local authorities and violence from plain-clothes police.


Their plan, however, was thwarted again as their health code turned red at the city’s train stations or highway entrance.

A red code indicates the highest level of risk, meaning the person tests positive, has been close to a COVID-19 patient, or has visited high COVID-risk areas in the past 14 days. Residents with red code face two weeks of centralized isolation.


“They [officials] are like robbers,” said a third bank customer who was stopped by police at Zhengzhou train station on June 12 and required to leave.

“We’re all legal depositors … Why couldn’t we even have an explanation?”


“It’s so scary,” one user commented.

“If the health code is abused … it could be putting digital handcuffs on us. Everyone will become a prisoner from now on and could be stopped anywhere, anytime.”

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