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Banking & Finance

Banks must explain debit card charges

Released at: 14:06, 18/07/2015

Banks must explain debit card charges

SBV directs card issuers to fully inform customers about charges, fees, and overdraft interest rates on debit cards.

by Hoai An

On July 17 the State Bank of Vietnam (SBV) issued an official document requesting debit card issuers urgently review their charges and fees and ensure they comply with Circular No. 35/2012/TT-NHNN.

Charges and fees must be publicly available in accordance with the law and banks must carefully explain these charges and fees when signing contracts with customers. Any changes to these charges and fees must be notified to customers in a timely manner.

The interest rate on overdrafts must also be listed publicly. The SBV document requests that banks receive feedback from customers and respond to customer questions about charges and fees as well as interest rates.

Customers have recently been forced to pay a number of basic service charges, such as card issuance fees, annual fees, withdrawal fees, transfer fees, and balance inquiry fees, and fees for lost or stolen cards.

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