 |
| Clients conducts transactions in Techcombank__Photo: VNA |
The Government on May 15 issued Decree 52/2024/ND-CP, regulating the opening and use of bank accounts as well as specifying cases in which customers will have their payment accounts frozen.
Accordingly, payment account holders may use their payment accounts to deposit and withdraw cash and request payment service providers to perform valid payment transactions.
They have the right to request payment service providers to provide information about transactions and balances on their payment accounts under agreements with such providers.
However, they are obliged to provide adequate and truthful information and comply with payment service providers’ regulations on opening, use and authorization of payment account use and ensure credit balances on their payment accounts to execute placed payment orders unless there are overdraft loan agreements with such payment service providers.
Under the new rule, a bank account will have part or all of its balance frozen on the basis of a prior agreement between the payment account holder and payment service provider or at the account owner's request; or a competent agency’s decision or written request made in accordance with law.
In addition, when a payment service provider detects a mistake or an error in crediting the customer’s payment account, or requests the refund of a mistakenly transferred money amount compared to the transferor’s payment order after crediting the customer’s payment account, it may freeze such payment account. In both cases, the amount frozen on the payment account must not exceed the mistakenly transferred amount.
The Decree also allows joint account holders to request payment account freezing, except the case of a prior written agreement between the payment service provider and such joint payment account holders.
This Decree will take effect on July 1.- (VLLF)
