China Merchants Bank family savings promotion criticised as 'sexist'
Sales pitch describes how husband can automatically transfer income to wife
A mainland bank’s offer to automatically transfer most of a husband’s income to his wife’s account has provoked fury, with some calling it “the most atrocious banking service against men in history”.
On its website China Merchants Bank (CMB), a major financial institution, describes its “capital accumulation” service as a “time- and energy-efficient” way for a couple to save money.
Using fictional newly-weds Xinyan and Wenhao as an example of a couple struggling to save for a home, an advertisement for the service reads: “CMB will check Wenhao’s account balance on a daily basis.
“Once it goes over 1,000 yuan (HK$1,235), the bank will automatically transfer the excess into Xinyan’s account,” it said. “Ever since they started using CMB’s capital accumulation service, Xinyan and Wenhao have got on with each other even better and lived in happiness.”
Traditionally, women have taken charge of household finances in China, but as the country modernises, attitudes have changed, especially among the young, and the advertisement set off a firestorm of controversy.
One mobile phone news service described it in a headline as “the most atrocious banking service against men in history”.