On March 19, a bank representative worked with this customer to agree on a solution to the case, ensuring the interests of both parties are properly handled.
According to VNA, regarding the case of a customer opening an Eximbank credit card and having a debt of VND8.5 million after 11 years, it became VND8.8 billion, at a meeting to provide information on socio-economic issues in the area organized by the Propaganda Department of the City Party Committee in coordination with the Department of Information and Communications of Ho Chi Minh City on the afternoon of March 21, Mr. Nguyen Ho Hoang Vu, Deputy General Director of the Export-Import Commercial Joint Stock Bank - Eximbank said that for international credit cards, the bank has consulted the market and other banks. At the same time, it also considered the competitive factor before launching the product to the market so that the product best meets the needs of customers.
According to Mr. Nguyen Ho Hoang Vu, normally, for Eximbank's overdue card debt handling process, the bank's card processing staff will base on the customer's card debt situation to propose to the leadership an appropriate interest and fee collection level before working with the customer. This fee must be approved by the leadership before being reported to the customer.
However, in the case of customer PHA, the customer had an overdue card debt of 11 years, the bank's debt settlement officer did not follow the procedure but sent a very mechanical notice to the customer, leading to frustration from the customer. Regarding the solution, on March 19, the bank representative worked with this customer to agree on a solution to resolve the case, ensuring the interests of both parties are properly handled.
Regarding the above incident, Mr. Vo Minh Tuan, Director of the State Bank of Vietnam, Ho Chi Minh City branch, said that the debt of 8.5 million VND increased to 8.8 billion VND, which everyone found unreasonable. However, Mr. Vo Minh Tuan explained that this is the way to calculate compound interest in transactions; including credit card products. From the above incident, the bank will have instructions for branches and credit institutions to review and work with cardholders who have not used their cards for a long time to work and find consensus and agreement to ensure the rights and interests of all parties.
In addition, the Director of the State Bank of Vietnam, Ho Chi Minh City branch, requested that credit institutions provide full advice so that customers can grasp the information, as well as publicly disclose costs and interest rates; at the same time, banks must ensure periodic information about balances and outstanding debts to customers via email, text messages, applications, etc.
"Banking is a business of trust. This incident will more or less affect the brand and weaken the bank's competitive reputation. Therefore, banks must pay attention and resolve the customer's story to ensure the interests of both parties," said Mr. Vo Minh Tuan.
Previously, social networking sites circulated a notice from Eximbank Debt Management and Asset Exploitation One Member Limited Liability Company (Eximbank AMC) sent to a customer named PHA (address in Cam Tay ward, Cam Pha city, Quang Ninh) with a debt of more than VND 8.8 billion.
According to the information provided by Eximbank, customer PHA opened a MasterCard at Eximbank Quang Ninh Branch on March 23, 2013 with a limit of VND 10 million and had 2 payment transactions on April 23, 2013 and July 26, 2013 at a transaction acceptance point. Since September 14, 2013, the debt on the card has been converted to bad debt and the overdue period up to the time of notification has been nearly 11 years.
According to VTV
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