Contents of the agreement on current account opening between the bank and the customer in Vietnam
According to procedures, between the bank and the customer, they must sign the agreement to open and use the account. So what content does that agreement need to ensure?
Contents of the agreement on current account opening between the bank and the customer in Vietnam (Image from the Internet)
In Clause 9, Article 1, Circular 02/2019/TT-NHNN amending Circular 23/2014/TT-NHNN guiding the opening and use of payment accounts at payment services suppliers issued by the State Bank of Vietnam. To be specific:
a) An agreement on current account opening must include, inter alia, the following contents:
- Number and date of the agreement;
- Name of the bank/ foreign bank’s branch; account holder and full name of legal representative of the account holder (if the account holder is an organization), full name of the guardian/ legal representative of the account holder (if the account holder is one of the entities prescribed in Point c and Point d Clause 1 Article 11 hereof);
- Number, name and effective date of the current account;
- Rights and obligations of the parties;
- Regulations on fees (types of fees and changes thereof);
- Provision of information and methods for informing the account holder of account balance and transactions made via the current account, blockage of the current account, and other necessary information during the use of such current account;
- Cases where the current account is temporarily blocked and re-opened;
- Scope of the current account and cases where the account holder’s payment orders are refused;
- Using the current account to make regular or periodical payments at the request of the account holder or the bank/ branch of foreign bank’s collection of due debts, overdue debts, interests and relevant fees arisen during the management of the current account and provision of payment service;
- The implementation of measures for ensuring safety and confidentiality during the use of the current account;
- Methods for receiving trace requests or complaints; time limit for dealing with a trace request or complaint and actions against results thereof as regulated in Article 15a of this Circular;
- Cases where the current account is closed and settlement of remaining balance after the account closure.
b) In addition to the contents prescribed in Point a of this Clause, an agreement on current account opening may include other contents as agreed upon between the parties in conformity with regulations herein and relevant laws;
c) In case a standard-form contract or contract containing general terms and conditions is employed when concluding an agreement on current account opening, the bank/ foreign bank’s branch must:
- Publicly post the employed standard-form contract or contract containing general terms and conditions on current account opening at its headquarters and publish the same on its website;
- Provide sufficient information concerning the standard-form contract or contract containing general terms and conditions for the customer before entering into the agreement on current account opening and such information provision must be certified by the customer;
d) The customer must be provided with a copy of the signed agreement on current account opening.
For your information.
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