What should I do if the money on Alipay and WeChat suddenly disappears? Learn about the 3-party payment behind it

If it was just those bank deposit products on Alipay and WeChat, that wouldn't have happened. Because Alipay and WeChat are only sales agencies, they themselves have not absorbed deposits, nor have they kept deposits, let alone used the deposit funds to do other things.

Only banks and credit unions can absorb deposits, and other financial institutions accept non-deposit funds, such as trusts that accept trust funds, insurance that accepts insurance funds, and securities that accept investment funds. As long as it is a deposit of funds, the bank will set up a deposit account for the customer. Even today's new Internet banking will set up a virtual electronic Type II account for customers, which contains 16 deposit accounts. If depositors buy bank deposit products through Alipay or WeChat, as long as they remember the 16-digit account number and bank name, they can still go to the bank to withdraw money directly in the future.

So will the change in WeChat and Alipay suddenly disappear? Except for technical reasons that the system cannot display temporarily, in fact, money is always there. Because all of our change actually went into the reserve accounts of third-party payment companies controlled by these two companies. According to regulatory requirements, reserve accounts must be opened in banks. So on the surface, the money was taken away by Alipay and WeChat, but in fact, it was entered into their reserve account through a third-party payment company and kept in the bank.

Will the wealth management products also bought in WeChat and Alipay, such as baby products, disappear? Nor will it. Because when the wealth management products are purchased, Alipay and WeChat will deduct the money through the third-party payment company and transfer it to the depository account of the product manager of these wealth management products. Fund companies must require the opening of a depository account in the bank, and each wealth management product has a separate depository account. Both entry and exit require the fund company to issue instructions to the depository account, which can only be carried out after the bank has reviewed it correctly.

Some people say that as long as you buy a million account security insurance in Alipay and WeChat, you can rest easy, but in fact, this is a mistake and a piece of understanding. This insurance product only guarantees that an unexpected payment occurs in the event of a payment in the account, not for anything that occurs during the life of the account. And the premise of compensation is that it is not caused by my subjective and intentional acts, and it is only paid on the premise of objective and no fault.

To sum up: deposit money into WeChat or Alipay, don't worry too much. Although the money entered through their channels, the final flow and custody were in the accounts of government-controlled financial institutions. In fact, think about how our country fights money laundering? It is because in the end all accounts can be seen.