Decree on non-cash payments

The Government has issued Decree No.101/2012/ND-CPon non-cash payments, including regulations on opening personal payment accounts; temporarily locking and closing payment accounts.

The subjects of application of this Decree are organizations providing non-cash payment services; organizations providing intermediary payment services; organizations and individuals using non-cash payment services and intermediary payment services (service users).

The Decree clearly states that the person opening a payment account must be an individual with civil legal capacity and civil conduct capacity; the person must be between 15 and under 18 years old and have his/her own assets. Minors must have a guardian when opening a payment account in accordance with the law.

A joint payment account is a payment account that has at least two or more entities jointly opening the account. The joint payment account holder is an organization or individual. The purpose of using the joint payment account, the rights and obligations of the joint payment account holders and the regulations related to the use of the joint account must be clearly defined in writing.

The account holder is allowed to use the payment account to deposit and withdraw cash and request the payment service provider to perform valid payment transactions. At the same time, the account holder has the right to request the payment service provider to provide information about the transaction and balance on the payment account.

The account owner may authorize another person in writing to use the payment account for a limited period of time in accordance with the provisions of law.

The payment service provider has the right to refuse to execute an invalid payment order from the account holder, or when there is insufficient money in the payment account, unless otherwise agreed. In case of refusal, the payment service provider must immediately notify the account holder of the reason.

4 cases of blocked payment accounts

Payment accounts are temporarily locked (transactions are suspended) in part or in full of the amount in the account when requested by the account owner or according to prior agreement between the account owner and the payment service provider.

Payment accounts are partially or fully frozen in 4 cases: 1- When there is a written decision or request from a competent authority as prescribed by law; 2- When the payment service provider discovers mistakes or errors in money transfers; 3- When the payment service provider discovers signs of fraud or violations of the law related to payment activities; 4- When there is a dispute between joint payment account holders.

Payment account closure is carried out when: The account owner requests and has fully performed obligations related to the payment account; the account owner is an individual who dies, goes missing or loses civil act capacity; the organization with the payment account ceases operations in accordance with the provisions of law; the account owner violates the contract for opening and using the payment account with the payment service provider;...

This Decree takes effect from March 26, 2013.

According to (Chinhphu.vn) – LT