Banking Crisis? Postal Savings Bank Depositors Say 'We Can’t Get Our Money!'

Banking crisis? Postal Savings Bank? Depositors say we can't get our money. Recently, a fixed deposit at a branch of Postal Savings Bank of China in Qingxin City, Guiyang, Guizhou Province, exploded, causing widespread shock and fury. The bank had boldly promised depositors that by investing just 10,000 yuan annually, they would walk away with 58,000 yuan after five years. But now, even the principle is gone. A lawyer warned, If high-risk wealth management can't guarantee principle or interest, depositors have every right to demand their money back. Screenshots and testimonies have flooded Chinese social media, revealing that on June 10, fixed deposits at the Weicheng branch of China Postal Savings Bank in Qingxin City imploded. A blogger revealed that locals were lured by promises, invest 10,000 yuan yearly, receive 58,000 after five years. But now that the term is up? Nothing. Not a cent returned. Dafeng News confirmed the story. A devastated depositor from Guiyang posted a video on June 10, revealing he had put his trust—and money—into the Postal Savings Bank five years ago. Now, the bank claims it's difficult to cash out. He recounted, They promised 58,000 yuan after five years. Today they told me I'd lose 7,800 yuan in the morning. By afternoon, it was the whole principle. In the livestream, police were seen questioning bank staff as the scene unfolded. When questioned, a staff member of the Qingxin branch offered evasive answers. We're the same level as Weicheng. There's no hierarchy between us. When asked whether it was a deposit or wealth management product, they claimed ignorance. I asked around. We don't offer this service. The Guiyang branch replied vaguely. Media interviews go through layers of approval. Prominent lawyer Tan Mintao pointed out that the promised annualized yield of 6.96% far exceeds normal deposit rates, suggesting it was likely a high-risk product. This may have been a disguised wealth management or insurance scheme, he said. Or worse, bank employees violated regulations by marketing it as a guaranteed deposit. According to a March report by China's Financial Times, this type of deposit-turned-insurance scam has become alarmingly common. Banks and insurance firms have colluded to deceive the public in schemes that look legitimate, but are anything but. Media investigations have exposed this shocking trend of institutions changing the sky before the eyes, stealing deposits by disguise. In Wuhan, Hubei province, bank branches secretly brought in insurance salespeople. These individuals wore fake bank uniforms, carried lookalike badges, and posed as bank staff. They sold insurance under the false promise of high-interest fixed deposits. Terms like no returns in five years and penalties for early withdrawal were never disclosed. The report further revealed a deeper betrayal. Banks provided sensitive customer data—names, phone numbers, deposit amounts—to insurance firms. Some even gave direct access to internal banking systems. Depositors were left completely exposed. The Postal Savings Bank scandal in Guiyang has sparked nationwide outrage online. Comment sections exploded with claims from users who say they too were duped. Panic is spreading. A netizen from Hubei vented, I fell for it. Postal Savings Bank told me I could get everything back after five years. Now not only is there no interest, they want to cut 10,000 yuan from my principal. These banks are outright scammers. Another from Shandong shared, I deposited 8,000 yuan yearly for five years in Taicang via Postal Savings Bank. Ten years later, I only got 50,000 yuan back. It was forced insurance. The real interest is a third of what they promised. Even worse, some banks just erase your principal. I've been scammed by Bank of China, ICBC, and Postal Savings Bank. Anhui netizens. So many people in Anhui fell into the same trap. They deposited 10,000 yuan a year, expecting 1,200 yuan in annual interest. Some kept paying for three or five years, only to discover they couldn't withdraw a single cent midway. The money is locked tight, and they can only take it out every five years. The bank staff made it all sound perfectly logical, until it wasn't. Netizens from Guangdong, Chongqing, Hebei, and Sichuan. It's game over. I bought China Post Insurance too. 10,000 yuan a year for five years. It's almost due, and now they're saying I can't withdraw a thing. Same here. I signed a contract. Now I'm trembling just reading the news. Mines with China Construction Bank. 20,000 yuan a year. I'm starting to panic. I've got 150,000 yuan stuck in Agricultural Bank of China, five-year term. This is only year two. What now? I'm seriously freaking out. Mainland netizens are furious and sarcastic. So this is what a happy life looks like, brought to you by a central enterprise, a state-owned bank. It's a full-blown scam. Why is getting your own money out of the bank harder than robbing it? Because banks have become negative banks. We're not scared of con artists anymore. We're scared of the ones who know the law inside and out and still use it against us. When rules are just tools for the powerful, it's always the common people who get crushed. Trade truce cannot stop the bleeding. Chinese exporters are trapped in a slow death. The US and Chinese delegations held two days of trade negotiations in London. President Trump proudly announced that a deal was struck. China would supply rare earths and open its markets. The Chinese Communist Party echoed with a vague statement that a framework agreement has been reached in principle. Trump, never missing a chance to declare victory, said, The US still slaps 55% tariffs on Chinese goods, while China only hits back with 10%. The relationship is very good, he claimed. But for countless small and medium-sized exporters in China, this so-called truce is just a Band-Aid on a gaping wound. The pain continues. Desperate to keep American clients, Chinese exporters are forced into brutal price wars, selling at a loss just to stay alive. Financial experts warn, if this drags on for a few more months, thousands of SMEs could collapse. Jackie Ren, who runs a Chinese kitchen appliance factory, told Reuters on June 11 that exporters like him are barely holding on. The pressure hasn't eased. To hold on to American customers, they're still dumping products at prices that bleed them dry, all thanks to the punishing tariffs. Ren explained that Chinese exporters simply can't say no. If we don't agree, we lose the orders. And we die instantly. Selling at a loss? At least that way, we die slowly. Chen Jiwu, professor of finance at the University of Hong Kong, echoed the warning. If this continues for another three or four months, I believe a large number of SMEs won't survive. In a desperate bid to stay afloat, many Chinese exporters have resorted to harsh survival tactics, cutting salaries, delaying wages, or laying off staff, all while continuing to sell at a loss in a ruthless trade war. Candice Li, a marketing manager at a Chinese medical equipment firm, revealed that his company hasn't paid its workers in two months. A quarter of the staff has already quit. Why? Because American customers, spooked by tariff uncertainty, have stopped offering advance payments, now demanding to pay 120 to 180 days after delivery. That delay is a death sentence for cash-strapped Chinese firms. We have no choice. Other Chinese companies have had to accept the same brutal terms. It may look calm on the outside, Li sighed, but inside, it's a war zone. Just keeping the company alive is a daily struggle. Ding Shuang, chief economist for greater China and North Asia at Standard Chartered, noted that some U.S. buyers did rush to place early orders before tariffs kicked in, and Beijing tried to cushion the blow by ramping up fiscal spending and slashing interest rates. But that buffer is running out. Fast. As time passes, the pressure on China's exporters is only getting worse. Factories collapse. Bosses homeless. China's streets. Drown in unemployment. Under the bridges of Guangzhou, the shadows are filled with food delivery riders, migrant workers, and the homeless. Witnessing this scene grips my heart with sorrow. Crushed by the weight of life, these bridge holes have become their last refuge. The pain is hard to describe. In this city, countless people now call the underside of bridges their home. Many former factory bosses are now sleeping in their cars or under bridges after going bankrupt. Once proud owners who employed hundreds now struggle to afford a meal. Some borrowed heavily to keep their businesses afloat during the downturn, but ended up losing everything. Their factories are locked, machines covered in dust, and debts piling up. With no source of income, even feeding their children has become a daily challenge. This is the brutal reality behind China's collapsing manufacturing sector. Countless workers have been laid off without notice, and worse, without getting paid. Some haven't received their wages for months, yet still have rent, food, and children's school fees to pay. Desperation is spreading. Many now rely on borrowing from friends or taking out high-interest loans just to survive. The streets are full of exhausted, anxious faces, people who worked hard but were abandoned when companies shut down. There's no safety net, only growing despair. China's unemployment crisis is spiraling. Millions of fresh college graduates are not dreaming of success. They're struggling to survive. The US-China tariff war has erupted, and the CCP's tough stance on America is backfiring. As unemployment skyrockets, the pressure is cracking the very core of Chinese society. Right now, even in first-tier cities like Shanghai and Guangzhou, the economy is crumbling. Countless delivery riders and laborers can no longer afford rent. They are left with no choice but to sleep under bridges and on cold sidewalks. The scene is bleak and heartbreaking. Let's dive deeper into this growing crisis. This is Guangzhou. This is a bridge hole in Guangzhou. It's not a scenic spot. It's not a nature trail. It's a hidden world of delivery riders and laborers who've been pushed to the edge. Here, they don't need to pay rent or water and electricity bills. They're surviving on the bare minimum. Feeding a family under these conditions is brutal. In Haizhou District alone, hundreds of thousands face unemployment daily. Every single day, more people lose their jobs. More are forced to sleep under bridges. This is Guangzhou, a so-called first-tier city. Yet here, the bridge holes are full. Who will listen to their silent cries? Who can truly feel their despair? Do you remember this homeless brother living under the bridge? It turns out he's not an ordinary man. I came from Chongqing and have lived here for over two years. Brother, where is your family? I don't have a family. I'm single. How do you make a living? I collect and sell waste. I never take anything from others. Don't doubt me. If I see trash on the road, I throw it in the bin. One time I found a wallet at the bus stop and waited for hours until the owner came to get it. It doesn't matter whether a person has money or not. What matters is having morals. China's economy is sliding, and Guangzhou is no exception. Finding a job has become painfully hard. This is no longer the vibrant Guangzhou of a few years ago. Unemployment is everywhere. My friends, the job market and economy in Guangzhou are truly collapsing. I'm a local born in the countryside, and I've seen too many people go from ambitious and full of life to completely lost. Take Taiyuxi Road, for example. It used to be packed with people. Now it's like a ghost town. Rows of shops are closed, all with for-rent signs. It used to be hard to find a shop to rent. Now no one even cares. Small businesses are dying one by one, and even big companies are on edge. Layoffs and salary cuts are everywhere. More and more people are out of work. Everyone's rushing into food delivery, ride hailing, courier work. But there are too many people chasing too few jobs. The competition is insane. For ordinary folks, getting a job now feels impossible. Wages are insultingly low. Prices keep rising. You can't leave the supermarket without spending 200 yuan. Vegetables cost more than meat. Families are barely hanging on, scraping by with tiny paychecks. Everyone has to work just to survive. I'm 36, jobless. I worked in a factory for three years and got laid off in just five minutes. You tell me, what kind of life experience is that? Hi everyone, I'm Xiaoyang from Guangzhou. Today should have been a relaxing Sunday, but I got a message from my boss. Due to policies and other factors, we're suddenly going on an indefinite break. I was shocked. Imagine being told you'll only get the base salary. Would you accept that? I chose to resign. My rental contract isn't up, and I can't get back the deposit. Now I'm desperate to find a job within five kilometers. Being jobless is miserable. I talk to friends. Many are also unemployed, stuck at home, totally confused. I have no degree, no connections, no special skills. I've started to panic. But all I can do is face reality. Life isn't smooth sailing. I'll keep hunting for jobs and fight through the setbacks. I still believe in tomorrow. Let's stay strong together. Today I have another interview. I've been unemployed over a month now in Guangzhou. Still no job. I honestly don't know why. It feels like I'm lost. I've been applying for clerks, assistants, just anything. Today's interview was for a warehouse clerk. The job seemed easy, handling warehouse entries and exits, some planning. It's only two kilometers from home, so I biked there. It's a small factory. The HR explained the duties. Someone will train me because the last person hasn't left yet. She said she's been here seven years, and the one leaving had been here five. That person had to quit for health reasons. They want someone long-term and reliable. Later, I met the boss. He said I qualified but asked if I could move heavy stuff. From my appearance, he doubted I could. He also asked why a northern girl came all the way to Guangzhou. He thought I wouldn't stay long. I'm not sure what to do anymore. On the way back, I spent 9.9 yuan on a burger and chicken roll. I'm seriously considering going home. At 36, I'm completely unemployed. Today is my 11th day without a job. Losing your job at 36 brings real anxiety, but maybe this is just part of life. Age 36 feels like a wall in the job market. I didn't lose my job because of age. But some employers prefer hiring Gen Z. Post-2000s are already working, and companies want them, not post-80s like me. I browsed job platforms, updated my resume. But I'm only applying to factories within 5 kilometers. Some say I'm being too picky. A job is a job, they say. But my lease ends next year, and I can't move yet. There is another cosmetics company offering a monthly salary of 5,500 yuan, plus commission, three meals a day, one day off per week, and social security. Occasionally, I might need to assist in production in the workshop. Both companies are hiring cosmetics merchandisers. If it were you, which one would you choose?