Banks charge management fees for accounts with balances under VND 500,000/month

According to the announcement, Eximbank will charge an account management fee of VND11,000/month for accounts with an average balance of less than VND500,000/month, effective from December 1. Previously, the average balance in the month to be exempt from account management fees according to Eximbank's regulations was VND300,000/month.

In addition, this bank also charges SMS Banking service fees for Gold and Platinum individual customers since December, at VND90,000/quarter/subscriber and is free for Gold and Platinum customers participating in the Combo Casa package.

From today, banks charge management fees for accounts with balances under VND500,000/month.

The policy of charging SMS Banking fees based on the number of messages has been implemented by banks for over a year. This is to encourage customers to switch from paid SMS banking services to free OTT services (services for managing balance fluctuations on banking applications) to help save costs for both customers and banks.

Similarly, Vietnam International Commercial Joint Stock Bank (VIB ) also applies a new fee schedule from today. Payment accounts that have no transactions for 12 consecutive months will be charged 10,000 VND/month (excluding VAT), called "freezing personal accounts" fee. For inactive accounts with insufficient balance to collect the fee, the bank will deduct the entire remaining balance, the remaining amount will be exempted.

VIB recommends that if customers no longer need to use their accounts, they should go to a branch/transaction office to close their accounts. The above move shows that the bank is cleaning up data and only maintaining active accounts according to the general policy of the industry.

Not only Eximbank and VIB, many other banks also charge account management fees based on balance conditions. At BIDV , according to the fee schedule from May 10, payment accounts with an average balance of less than 2 million VND will be charged 5,000 VND/month; from 2 to under 10 million VND will be charged 3,000 VND/month; from 10 million VND or more will be free.

At VPBank , for regular payment accounts (Autolink), an average balance of less than 2 million VND will be charged 10,000 VND/month; maintaining 2 million VND or more will be free. At MB, the bank waives account management fees if the customer maintains a minimum balance of 50,000 VND.

According to the latest data updated by the State Bank, as of November 14, the entire banking industry had more than 136.1 million individual customer records (CIF) and more than 1.4 million corporate customer records that were biometrically verified via chip-embedded ID cards or the VneID application.

Ngoc Vy

Source: https://vtcnews.vn/ngan-hang-thu-phi-quan-ly-voi-tai-khoan-co-so-duoi-500-000-dong-thang-ar990359.html