State Bank requires transparency in ATM card fee collection

The State Bank of Vietnam (SBV) has just issued Official Dispatch No. 5401/NHNN-TT dated July 16, 2015 requesting card-issuing organizations to publicly and transparently post domestic debit card fees and credit card interest rates.

Illustration photo (Photo: MP)

According to the State Bank of Vietnam, in recent times, public opinion has been reflected in a number of mass media outlets about the types of fees, charges of domestic debit cards (also known as ATM cards) and international credit card interest rates that banks are applying to cardholders.

To avoid unnecessary public concerns about the above-mentioned fees and interest rates, the State Bank of Vietnam requests card-issuing organizations to urgently review the fees and rates currently applied to debit cards at their units, ensuring that fee collection complies with the regulations in Circular No. 35/TT-NHNN dated December 28, 2012.

Specifically, only fees and fee levels are allowed to be collected according to the card service fee schedule of the organization, and the fee level must be within the fee schedule prescribed in Circular No. 35/2012/TT-NHNN. In addition, the domestic debit card service fee schedule must be publicly posted in accordance with the law on payment service fee collection. Proactively explain and publicly disclose fees and fee levels when signing card opening contracts with customers or when there are changes in fees and fee levels during the service provision process.

In particular, it is necessary to promptly notify customers of updated information on fee schedules and debit card service fees. Publicly post the actual interest rates for credit card loans according to regulations when customers open cards and during the process of using the service.

In addition, it is necessary to proactively grasp information on the market, receive accurate and objective feedback; explain and respond to customers or the public about questions related to domestic debit card fees and types of fees, credit card fees and interest rates./.

According to the Communist Party of Vietnam