So I went into my BOC today to set up online banking. I have a time deposit account for six months. Through my mediocre Chinese and the clerks mediocre English he basically told me I could not set up online banking. I'm pretty sure I would be allowed. Was it a misunderstanding or can I really not set it up with the account I have. Any help would be awesome.

You should request "Internet banking" at the counter and sign some paper work. There also clarity stated : "Bank do not responsible for any loss." You welcome

You can...

They should give you the key chain for pass numbers...

So, you basically give two passwords whenever you log in...
Your personal password and the random number that changes every couple of minutes...