ICBC required this from my wife.

From the horses mouth - Bank Manager - of Bank of China (BOC). I just got back 5 minutes ago.

If you go to the branch where you opened your account you will see a list taped to the window with all the names of people who must go to verify their accounts.

The manager was told to do this but was not given a reason why. I verified my account at another branch, not the branch where I opened my account so I assume others can do the same but it is probably best to go where you opened the account. I opened my account over a decade ago and since then I provided the bank with my new passport. They scanned my old passport for the verification but they said they will accept any form of ID. They even took my chinese drivers license but in the end did not use it. My old passport was enough.

Manager did not say anthing about Freezing accounts and said they started this last year (2014). I withdrew 2500 before I went to do my verification just to see what happens - no problems making a withdrawl.

This post is only about BOC as I do not have any other accounts here in China.

We asked how will they notify foreigners about this - manager said the branch where you opened the account will call you - When, I dont know - or you can see your name posted on the window of where you opened your account.

HFCampo summed it up.

I rarely answer unknown numbers but one was particularly persistent. It turned out to be Merchant's Bank warning me I needed to verify my account with an additional piece of ID and it must be done at the branch where the account was opened. As HFCAMPO stated, I walked in, presented an ID, they located my name on a list and cleared me in a matter of 30 seconds. It's my understanding that this is only an issue in mainland and doesn't pertain to HK accounts. I wish I had more info. I added the post simply as a heads up and in hopes someone knew more than I did. I know loads of teachers from a couple of schools who are trying to sort it out as we speak, so I do think it's a legit concern.

HM ok so it's only certain accounts apparently. Our office called in to a few banks (CCB, among others) and none had heard of this news.

Thought.
If for some reason you cannot get to your bank before Feb 5, contact your employer and ask if you can be paid in cash this month, even if this means it will be a day or two late.

Yeah ok but does anybody know what's gonna happen after Feb. 5? I'm not even in China at the moment & don't have an employer there. Freeze until...when, what?

BTW, can anyone find a source on this? I haven't turned up any news items, and there are no announcements on the PBoC website either.

Is there any possibility this is just part of a general "cleaning up" of banks' records? I have several bank accounts at several Chinese banks.

The only one I've had trouble with so far was ICBC. As early as 5-6 months ago I was getting messages at the ATM telling me I needed to verify my identity. Finally, I was unable to withdraw money using the card (although I could still deposit).

I went in with my new passport and they updated my info and I was good to go. They said the card was too old. I think the account was opened 8+ years ago.

Bloody happy news to come home to lol, hopefuly no problems with mine then as just opened up within a year but still worth the check!

mine was also opened only 6 months ago, but they required the additional ID. They specifically told us they were screening for terrorists. I of course can't confirm their motivation, perhaps all conjecture.