Regulations on Handling the Balance When Closing Payment Accounts from July 01, 2024, at Decree 52: Under What Circumstances Must Payment Accounts Be Closed?
How is the balance handled when closing payment accounts from July 1, 2024, as stipulated in Decree 52?
On May 5, 2024, the Government of Vietnam issued Decree 52/2024/ND-CPhttps://thuvienphapluat.vn/van-ban/Tien-te-Ngan-hang/Nghi-dinh-52-2024-ND-CP-thanh-toan-khong-dung-tien-mat-427855.aspx which regulates cashless payments.
In Clause 2, Article 12 of Decree 52/2024/ND-CP, the handling of balances when closing payment accounts is instructed as follows:
Closure of Payment Accounts
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2. Handling of balances when closing payment accounts:
a) Payment is made according to the request of the account holder or based on prior agreements between the account holder and the payment service provider; in case the account holder is a person who has lost civil act capacity, a person having difficulty in cognition, and behavior control, or a person under restriction of civil act capacity, the payment is made according to the request of the legal representative, guardian in accordance with civil law; or to the heirs, legitimate successors in case the account holder is deceased or declared dead;
b) Payment is made according to the decision of a competent authority as prescribed by law;
c) Handled according to the law in cases where the legitimate beneficiaries of the balance in the payment account have been notified but do not claim it.
The handling of balances when closing payment accounts is implemented as follows:
- Payment is made according to the request of the account holder or based on prior agreements between the account holder and the payment service provider; in case the account holder is a person who has lost civil act capacity, a person having difficulty in cognition, and behavior control, or a person under restriction of civil act capacity, the payment is made according to the request of the legal representative, guardian in accordance with civil law; or to the heirs, legitimate successors in case the account holder is deceased or declared dead.
- Payment is made according to the decision of a competent authority as prescribed by law.
- Handled according to the law in cases where the legitimate beneficiaries of the balance in the payment account have been notified but do not claim it.
How are balances handled when closing payment accounts from July 1, 2024, as stipulated in Decree 52?
In which cases are payment accounts closed from July 1, 2024?
The cases for closing payment accounts are stipulated in Clause 1, Article 12 of Decree 52/2024/ND-CP as follows:
- The account holder requests and has fulfilled all obligations related to the payment account.
- The account holder is deceased or declared dead.
- The organization with the payment account ceases its operations following the law.
- The account holder violates the prohibited acts related to payment accounts as stipulated in Clauses 5 and 8, Article 8 of Decree 52/2024/ND-CP.
- Cases agreed in writing between the account holder and the payment service provider.
- Other cases prescribed by law.
How are the procedures for closing payment accounts from July 1, 2024, carried out?
The procedures for closing payment accounts from July 1, 2024, are regulated in Clause 4, Article 14 of Decree 52/2024/ND-CP as follows:
- Credit institutions, foreign bank branches, and the State Treasury wishing to close payment accounts at the State Bank must submit an application to close payment accounts and request handling of remaining balances (if any) according to Form No. 02 issued with this Decree, signed and sealed by the legal representative of the organization, to the State Bank (where the payment account is opened).
- Upon receiving the application to close payment accounts, the State Bank shall verify and compare the information on the application with the account information and handle the remaining balance in the payment account as requested by the account holder (if any). After completing the handling of the remaining balance, the State Bank proceeds to close the payment account.
- Within 02 working days from the receipt of the application to close payment accounts from the account opening organization, the State Bank shall handle the closure of the payment accounts.
- In cases of closing payment accounts according to the provisions at points c, d, dd of Clause 1, Article 12 of Decree 52/2024/ND-CP, the handling of remaining balances in the payment account (if any) after fulfilling obligations to related parties is done according to the written request of the account holder before the revocation decision of the establishment and operation license, as decided by competent state agencies or according to related legal provisions. After closing the payment accounts, within 05 working days, the State Bank must notify the account opening organization in writing.
Decree 52/2024/ND-CP is effective from July 1, 2024.
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