Question

How do a Bank or Foreign bank branch and a Customer agree on the opening and use of payment accounts?

Answer

An agreement on opening and using payment accounts between a bank or foreign bank branch in Vietnam and a customer being a company legally established and operating abroad must include at least the following contents:

The document number (if any), time (day, month, year) of agreement;

The name of the bank or foreign bank branch;

The account holder’s name, full name of the lawul representative of the account holder (if the account holder is an organization), and full name of the legal representative of the account holder;

Contents on rights and obligations of the parties;

Regulations on fees (types of fees, fee levels (if any), changes in fees);

The provision of information and form of notification to the account holder about: balance and transactions arising on payment accounts, the temporary locking or freezing of payment accounts and other necessary information during the use of payment accounts;

Cases of temporary locking, stop of temporary locking, freezing, and termination of payment account freezing, which including cases of temporary locking and freezing of payment accounts when detecting discrepancies or signs of abnormalities between customer identification information and customer biometric factors during the process of opening and using electronic payment accounts;

Scope of use, transaction limits via payment accounts and cases of temporary suspension and refusal to execute payment orders of the account holder;

The use of payment accounts to make regular and periodic payments at the request of the account holder or the collection by the bank or foreign bank branch of due and overdue debts, interest and expenses arising during the process of managing accounts and providing payment services;

The implementation of measures to ensure safety and security in the use of payment accounts;

The method of receiving requests for verification and complaints; the time limit for processing requests for verification and complaints and the handling of verification and complaint results;

Cases of closing payment accounts and the handling of remaining balances when closing payment accounts;

In cases where the subjects whose names are on a joint-account have not yet had the document according to the law provisions, the agreement on opening and using payment accounts must include the content on the management and use of the joint payment account by the subjects whose names are on the joint payment account.

Therefore, a bank or foreign bank branch in Vietnam and a customer being a company legally established and operating abroad must have an agreement on opening and use of payment accounts.

This piece of writing in Vietnamese

Related writings:

Open a corporate account for a foreign company at a bank in Vietnam

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Email: dmslawfirm@gmail.com

DMS LAW LLC

Director

(Signed)

Lawyer Do Minh Son