Responsibility of credit institutions in protecting customers' rights

At the 5th extraordinary session, the 15th National Assembly passed the Law on Credit Institutions 2024. Accordingly, the responsibilities of credit institutions and foreign bank branches in protecting customers' rights include:

Illustration - Photo: ST

Participate in deposit insurance and the people's credit fund system safety guarantee fund according to the provisions of law and publicly announce participation in deposit insurance at the head office and branches.

Facilitate customers to deposit and withdraw money, ensure full and timely payment of principal and interest of deposits according to agreements in accordance with legal regulations.

Refuse to investigate, freeze, detain, or transfer customer deposits, except in cases where there is a request from a competent state agency as prescribed by law or with the customer's consent.

Publicly announce deposit interest rates, service fees, rights and obligations of customers for each type of product and service being provided.

Publicly announce official trading hours.

In case of suspension of transactions at one or several transaction locations during official transaction hours or suspension of transactions by electronic means, at least 24 hours before the time of suspension of transactions, credit institutions and foreign bank branches must post information about suspension of transactions at the transaction location or on the electronic information page of the credit institution or foreign bank branch.

In case of suspension of transactions due to force majeure events, no later than 24 hours after the suspension of transactions, credit institutions and foreign bank branches must post information about the suspension of transactions at the transaction location or on the electronic information page of the credit institution or foreign bank branch.

The Law on Credit Institutions 2024 takes effect from July 1, 2024, except for Clause 3, Article 200 and Clause 15, Article 210 of the Law on Credit Institutions 2024 which take effect from January 1, 2025.

TL.

Source