Customers who lose money from their accounts will be reimbursed.

Within a maximum of 5 working days from the date of notifying the customer of the results of the investigation or complaint, the card issuer must reimburse the cardholder in accordance with the agreement and current legal regulations for losses arising not due to the cardholder's fault.

This is one of the notable points in Circular No. 30/2016/TT-NHNN dated October 14, 2016, supplementing some regulations on the provision of payment services and payment intermediary services (Circular 30), which the State Bank of Vietnam has just issued. This Circular takes effect from today (November 28).

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Illustration.

The circular also stipulates that, in cases where losses arise due to the fault of the parties involved (payment intermediary organizations, card switching organizations, international card organizations, card acceptance units), the party at fault shall reimburse the card issuer in accordance with the agreement between the parties and in compliance with the law.

If, after the deadline for processing requests for review and complaints as agreed in the card issuance and usage contract, the cause or fault of the issuer remains undetermined, the card issuer shall, within the next 15 working days, agree with the cardholder on a solution. Alternatively, the card issuer may temporarily compensate the cardholder for the loss until a final conclusion is reached by the competent authority clearly defining the fault and responsibility of each party.

In cases where there are signs of criminal activity, the handling of the investigation results and complaints falls under the responsibility of the competent state agency. If it is determined that there are no criminal elements, the card-issuing organization will agree with the cardholder on a plan to handle the investigation results and complaints within 15 working days…

Circular 30 stipulates that payment intermediary service providers must specify the time limit within which customers have the right to request verification or file a complaint (no less than 60 days from the date of the transaction in which the verification or complaint is requested). It also specifies the time limit for processing verification and complaints by the payment intermediary service provider (no more than 45 working days from the date of receiving the customer's initial verification or complaint request). The service provider must provide compensation within no more than 5 working days if the fault is not due to the customer…; if the fault cannot be determined, the time limit is 15 working days, and the service provider must agree with the customer on a solution for handling the verification or complaint.

Regarding the provision and use of checks, the State Bank of Vietnam stipulates that organizations providing checks must specify the time limit within which customers have the right to request verification or file a complaint (not less than 60 days from the time the check is presented for payment). The time limit for processing verification and complaints by the check-providing organization (not more than 30 working days from the date of receiving the customer's first request for verification or complaint).

For ordinary complaints, the check-issuing organization must provide reimbursement within no more than 5 working days if the fault is not due to the customer…; if the fault cannot be determined, the deadline is 15 working days, and the check-issuing organization must agree with the customer on a plan for handling the investigation and complaint.

In cases where there are indications of criminal activity, the handling of investigations and complaints falls under the responsibility of the competent state authority. If it is determined that there are no criminal elements, the check-issuing organization must agree with the customer on a plan for handling investigations and complaints within 15 working days.

According to Do Huyen/baotintuc