To enhance security and safety in bank card operations and ensure customer rights in the process of issuing and using bank cards, the State Bank of Vietnam has just issued Official Dispatch 2235/NHNN-TT on implementing measures to ensure security and safety in bank card operations.

Accordingly, the State Bank of Vietnam requires credit institutions and foreign bank branches to review internal procedures for issuing and using bank cards to ensure compliance with current legal regulations; at the same time, direct and instruct officers and employees in the entire system to properly implement the procedures for issuing and using bank cards in accordance with legal regulations when issuing cards to customers.

Banks must review to ensure that fees, interest rates, and interest calculation methods for each type of card issued comply with the regulations of the State Bank and relevant laws; at the same time, they must be transparent, provide full information, and have measures to ensure that customers have grasped information about their rights and obligations, fees, interest rates, interest calculation methods (especially for credit cards) and changes (if any) during the process of customers using the card.

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Illustration photo. (EIB).

The State Bank of Vietnam requires a review of the entire process of handling inquiries and complaints in accordance with legal regulations. In case of complaints or feedback from customers during the card usage process, the card issuing organization (TCHPT) must handle it in accordance with the process and relevant legal regulations, ensuring promptness, timeliness and finality, not allowing the case to drag on and affect the legitimate rights of customers as well as the image and reputation of TCPHT.

In case of detecting unusual problems in the use of customers' cards (such as no transactions, long-term overdue debts, etc.) through the control and monitoring process, TCPHT must proactively inform customers and coordinate with relevant parties to take timely measures to ensure that the legitimate rights of customers and TCPHT are not affected.

Implement communication measures to customers (through mass media, communication channels that customers can easily access) about customers' rights and responsibilities in the process of issuing and using bank cards; recommend customers measures to secure personal data and bank card information to avoid the risk of personal information being leaked and card information being used for illegal purposes.

This directive was issued in the context of recent public opinion nationwide being stirred up by information that an Eximbank customer had a credit card debt of 8.5 million VND become 8.8 billion VND after 11 years of not paying the debt.

Immediately afterwards, the State Bank also requested Eximbank's leaders to report on the incident before March 20, 2024.

Credit card case from 8.5 million to 8.8 billion: Eximbank says staff handled the case too mechanically. According to Eximbank's leadership, card processing staff must base on the case, propose interest rates, and report to the leadership before working with customers. But the staff was too mechanical when sending notices to customers without reporting to the leadership.