The procedures for responding to trace requests and complaints about current accounts in Vietnam

The procedures for responding to trace requests and complaints about current accounts in Vietnam (Image from the Internet)

In Clause 11, Article 1, Circular 02/2019/TT-NHNN on amendments to Circular No. 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:

1. Each bank/ foreign bank's branch shall receive trace requests and/or complaints from customers during their use of current accounts by obeying the following rules:

a) There are at least two methods adopted for receiving trace requests and complaints, including the receipt of trace requests and complaints via telephone exchange (with recording) and via transaction offices of the bank/ foreign bank's branch that is required to ensure the verification of information provided by the customer;

b) The bank/ foreign bank's branch must make trace request/ complaint forms available for customers. If a trace request or complaint is made via telephone exchange, the bank/ foreign bank's branch shall request the customer to submit the written trace request/ complaint within the time limit prescribed by the bank/ foreign bank's branch to use as the basis for handling such trace request/ complaint. If a customer authorizes another person to make trace request/ complaint, such authorization should be made in accordance with the law on authorization;

c) The bank/ foreign bank's branch may reach an agreement on and provide specific regulations on the time limit for a trace request/ complaint which must be at least 60 days from the date on which the transaction of the trace request/ complaint is made.

2. Time limit for responding to a trace request/ complaint:

a) Within a maximum period of 30 business days from the receipt of the initial trace request/ complaint from the customer by one of the methods of receipt mentioned in Point a Clause 1 of this Article, the bank/ foreign bank's branch shall respond to that customer's trace request/ complaint;

b) Within a maximum period of 05 business days from the notification of processing results of a trace request/ complaint to the customer, the bank/ foreign bank's branch shall compensate for loss or damage incurred by the customer according to specific agreements and applicable laws if such loss or damage is caused through no fault of the customer and/or is not classified as a force majeure event as defined in terms and conditions on current account opening;

c) If no reasons is found or no faults is determined within the time limit for a trace request/ complaint mentioned in Point a of this Clause, within 15 following business days, the bank/ foreign bank’s branch must reach an agreement with the customer on measures against such trace request/ complaint.

3. If the case denotes a violation, the bank/ foreign bank’s branch must notify the competent authority in accordance with regulations of the criminal procedure code and notify the State Bank of Vietnam (via the Payment Department, the Bank Supervision and Inspection Agency, and the local branch of the State Bank of Vietnam), and at the same time, provide a written notification to the customer of the status of its/his/her trace request/ complaint. In such case, the competent authority shall take charge of responding to the customer’s trace request/ complaint. If the competent authority determines that the trace request/ complaint shows no sign of violation, within 15 business days from the conclusion of the competent authority, the bank/ foreign bank’s branch shall reach an agreement with the customer on measures against the customer’s trace request/ complaint.

4. If the bank/ foreign bank’s branch, the customer and related parties cannot reach an agreement and/or disagree with the processing of the trace request/ complaint, the dispute shall be settled in accordance with applicable laws.

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