At its 5th extraordinary session, the 15th National Assembly passed the Law on Credit Institutions 2024. Accordingly, the responsibilities of credit institutions and branches of foreign banks in protecting the rights of customers include:
Illustrative image - Photo: ST
Participate in deposit insurance and the people's credit fund system safety guarantee fund as prescribed by law, and publicly disclose participation in deposit insurance at the head office and branches.
Facilitating customer deposits and withdrawals, ensuring full and timely payment of principal and interest on deposits as agreed upon, in accordance with legal regulations.
We refuse to investigate, freeze, seize, or transfer customer deposits, except at the request of a competent state authority as prescribed by law or with the customer's consent.
Publicly disclose deposit interest rates, service fees, and customer rights and obligations for each type of product and service offered.
The official trading hours will be announced publicly.
In the event of suspension of transactions at one or more transaction locations during official trading hours or suspension of transactions by electronic means, at least 24 hours before the suspension of transactions, the credit institution or foreign bank branch must post information about the suspension of transactions at the transaction location or on the website of the credit institution or foreign bank branch.
In the event of transaction suspension due to force majeure, no later than 24 hours after the suspension, the credit institution or foreign bank branch must post information about the suspension at the transaction location or on the website of the credit institution or foreign bank branch.
The Law on Credit Institutions 2024 takes effect from July 1, 2024, except for Clause 3 of Article 200 and Clause 15 of Article 210 of the Law on Credit Institutions 2024, which take effect from January 1, 2025.
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