What should I do if I close my payment account but there's still a balance left?

Clause 2, Article 12 of Decree No. 52/2024/ND-CP (effective from July 1, 2024) stipulates the handling of balances when closing payment accounts as follows:

a) Payments shall be made upon request of the payment account holder or in accordance with a prior agreement between the payment account holder and the payment service provider; in cases where the account holder is a person lacking legal capacity, a person with cognitive difficulties or impaired ability to control their actions, or a person with limited legal capacity, payments shall be made upon request of their legal representative or guardian in accordance with civil law; or payments shall be made to the heir or legal representative of the heir in the case where the payment account holder is an individual who has died or been declared dead;

b) Payment shall be made in accordance with the decision of the competent authority as prescribed by law;

c) Take legal action in cases where the legally entitled beneficiary of the payment account balance, after being notified, fails to collect the money.

Therefore, the handling of account balances when closing payment accounts from July 2024 onwards is regulated as above.

Cases where payment accounts are frozen from July 1, 2024

Decree No. 52/2024/ND-CP regulates the opening and use of bank accounts and clarifies the cases in which customers' payment accounts will be frozen.

Specifically, a bank account may be partially or fully frozen based on a prior agreement between the account holder and the payment service provider, or at the account holder's request.

Secondly, this applies when there is a written decision or request from a competent authority as prescribed by law.

Thirdly, when the payment service provider discovers an error or mistake when mistakenly crediting the customer's account or makes a refund request from the money transfer service provider due to an error or mistake compared to the payment order of the money transferor after crediting the customer's payment account. The amount frozen in the payment account must not exceed the amount of the error or mistake (3).

The fourth case is when one of the joint payment account holders requests a freeze, unless there is a prior written agreement between the payment service provider and the joint payment account holders.

Decree No. 52/2024/ND-CP stipulates that the termination of payment account freezes shall be carried out as follows:

- In accordance with a written agreement between the payment account holder and the payment service provider;

- When a decision to lift the lockdown is made by the competent authority in accordance with the law;

- The errors and mistakes in the money transfer payments as stipulated in point 3 above have been resolved.

- Upon request to lift the freeze from all joint payment account holders or by prior written agreement between the payment service provider and the joint payment account holders.

The decree stipulates that payment service providers, payment account holders, and competent authorities that unlawfully freeze or request the freezing of payment accounts, causing damage to the payment account holder, shall be liable for compensation in accordance with the law.

Furthermore, Decree No. 52/2024/ND-CP also clearly stipulates that the closure of a payment account is carried out when:

- The payment account holder has requested and fulfilled all obligations related to the payment account;

- The account holder is an individual who has died or been declared dead;

- The organization with the payment account ceases operations in accordance with the law;

- The payment account holder violates the prohibited acts regarding payment accounts as stipulated in Clauses 5 and 8 of Article 8 of Decree 52/2024/ND-CP.

- Cases subject to prior written agreement between the payment account holder and the payment service provider;

- Other cases as prescribed by law.

These regulations will take effect from July 1, 2024.

Minh Hoa (compiled)

Source: https://www.nguoiduatin.vn/dong-tai-khoan-thanh-toan-ma-con-so-du-trong-tai-khoan-xu-ly-the-nao-a669252.html