What are cases in which a payment account shall be closed in Vietnam? How to handle balances when closing payment accounts in Vietnam?
What are cases in which a payment account shall be closed in Vietnam? How to handle balances when closing payment accounts in Vietnam? What are payment services through payment accounts of clients in Vietnam?
What are cases in which a payment account shall be closed in Vietnam?
Pursuant to Clause 1 Article 12 of the Decree 52/2024/ND-CP stipulating payment account closing:
Payment account closing
1. Payment account closing shall be carried out when:
a) Owners of payment accounts submit requests and have adequately fulfilled obligations concerning payment accounts;
b) Owners of payments accounts have died or are announced to be dead;
c) Organizations with payment accounts terminate their operations as prescribed by the law;
d) Owners of payment accounts commit prohibited acts concerning payment accounts prescribed in Clause 5 and Clause 8 Article 8 of this Decree.
dd) There are prior written agreements between owners of payment accounts and payment service providers;
e) Other cases as prescribed by the law.
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As regulated above, payment account closing shall be carried out when:
- Owners of payment accounts submit requests and have adequately fulfilled obligations concerning payment accounts;
- Owners of payments accounts have died or are announced to be dead;
- Organizations with payment accounts terminate their operations as prescribed by the law;
- Owners of payment accounts commit prohibited acts concerning payment accounts prescribed below:
+ Opening or maintaining anonymous or impersonating payment accounts or e-wallets; purchasing, selling, hiring, leasing, borrowing, and lending payment accounts or e-wallets; hiring, leasing, purchasing, and selling bank cards or opening bank cards on behalf of others (excluding cases of anonymous prepaid cards); stealing or colluding with others to steal, purchase, or sell information on payment accounts, bank cards, or e-wallets.
+ Performing, organizing, or enabling the following acts: using or taking advantage of payment accounts, payment instruments, payment services, or payment intermediary services to commit gambling, organize gambling, rig, deceive, and commit illegal trading and other illegal acts.
- There are prior written agreements between owners of payment accounts and payment service providers;
- Other cases as prescribed by the law.
What are cases in which a payment account shall be closed in Vietnam? How to handle balances when closing payment accounts in Vietnam? - image from internet
How to handle balances when closing payment accounts in Vietnam?
Pursuant to Clause 2 Article 12 of the Decree 52/2024/ND-CP stipulating payment account closing:
Payment account closing
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2. Handling of balances when closing payment accounts:
a) Provide expenditures at the requests of owners of payment accounts or under prior agreements between owners of payment accounts and payment service providers. If owners of payment accounts are incapacitated or have difficulties in cognition and behavior control or restricted legal capacity, expenditures shall be made according to the requests of legal representatives or guardians in conformity with the civil law, or expenditures shall be made for heirs or legal inheritance representatives if owners of payment accounts have died or are announced to be dead;
b) Provide expenditures according to decisions of competent authorities as prescribed by the law;
c) Carry out the handling according to the law for cases where the legal heirs of the balances of payment accounts do not come to receive them after being notified.
As regulated above, handling of balances when closing payment accounts is stipulated as follows:
- Provide expenditures at the requests of owners of payment accounts or under prior agreements between owners of payment accounts and payment service providers.
If owners of payment accounts are incapacitated or have difficulties in cognition and behavior control or restricted legal capacity, expenditures shall be made in accordance with following regulations:
+ Expenditures shall be made according to the requests of legal representatives or guardians in conformity with the civil law;
+ Expenditures shall be made for heirs or legal inheritance representatives if owners of payment accounts have died or are announced to be dead;
- Provide expenditures according to decisions of competent authorities as prescribed by the law;
- Carry out the handling according to the law for cases where the legal heirs of the balances of payment accounts do not come to receive them after being notified.
What are payment services through payment accounts of clients in Vietnam?
Pursuant to Clause 1 Article 17 of the Decree 52/2024/ND-CP, payment services through payment accounts of clients include:
- Provision of payment instruments;
- Implementation of payment services concerning cheques, payment orders, payment authorizations, collection orders, collection authorizations, bank cards, money transfers, and collection and payment services;
- Other payment services implemented under the regulations of SBV.
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