Banks must notify users if the card does not operate or if the debt is overdue for a long time.

The State Bank requires banks to proactively notify customers if there are unusual problems such as non-transaction cards or long-term overdue debts.

The State Bank has just issued an official dispatch on ensuring safety in card operations, requiring banks to review their internal procedures for card issuance and use to ensure compliance with regulations. At the same time, leaders of credit institutions need to direct officers and employees in the entire system to properly follow the procedures for card issuance and use.

In addition, banks need to review and 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.

The State Bank requires banks to be transparent, provide full information and take measures to ensure that customers have grasped information about their rights and obligations, as well as fees, interest rates, interest calculation methods (especially for credit cards) and changes during card usage.

According to this document, if banks detect unusual problems in customers' card usage such as no transactions, long-term overdue debts, etc., banks need to proactively inform customers and coordinate with relevant parties to take timely measures to handle the situation, without affecting the legitimate rights of customers as well as the card issuing organization.

Recently, many users were shocked by the information that customer Pham Huy Anh's credit card at Eximbank had gone from a debt of 8.5 million VND to a bad debt of 8.8 billion VND after 11 years. The State Bank said that the method of calculating compound interest on credit cards is legal, but according to practice, the banking industry believes that this number is unusually high.

After the Eximbank credit card debt incident, many account holders proactively called banks to check the status of their accounts and cards to close them after a long period of non-use. However, some customers said that despite not using them for many years, their accounts at many banks such as Eximbank, DongABank... were "negative" due to outstanding service fees of several hundred to several million VND.

Quynh Trang

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