If you have multiple Agricultural Bank of China cards, you can no longer open an account.

According to the bank’s latest policy, starting from December 1, 2016, the same person can only open one Type I account at the same bank. If a Type I account has been opened and a new account is opened, the same person should open a Type I account. To open a Type II account or a Type III account, only one Type III account can be opened at the same payment institution.

Only one type of account can be opened. Type I accounts refer to accounts opened through traditional bank counters and that meet all the strict requirements of the real-name system. Its functions include deposits, purchasing financial products, cash withdrawals, transfers, consumption and premium payments, etc.

Type II accounts cannot deposit or withdraw cash, nor can they transfer funds to unbound accounts. The single-day payment limit for this type of account is 10,000 yuan. This is the case with credit cards, for example.

Category III accounts are mainly used for quick payments such as Quick Pass, password-free payment, etc. They can only handle small-amount consumption and payment, and are not allowed to handle other businesses. The household balance does not exceed 1,000 yuan. Category II and III households do not have physical cards. The limits for Type II and Type III accounts are mainly to effectively control customer capital risks.