Decree No. 52/2024 of the Government regulating non-cash payments will take effect from July 1. It regulates the opening and use of bank accounts as well as clearly states cases where customers will have their payment accounts frozen.

Specifically, the bank account is partially or fully frozen according to the prior agreement between the payment account holder and the payment service provider or at the request of the account holder. The second case is when there is a written decision or request from a competent authority as prescribed.

Third, when the payment service provider discovers a mistake or error when mistakenly crediting the customer's account or performs a request for a refund from the money transfer service provider due to a mistake or error compared to the payment order of the remitter after crediting the customer's payment account. The amount blocked in the payment account must not exceed the amount of the mistake or error.

The fourth case is when there is a request for blocking by one of the joint payment account holders, except in cases where there is a prior written agreement between the payment service provider and the joint payment account holders.

The Decree also stipulates that payment account holders are obliged to provide complete and honest information and comply with regulations on opening, using, and authorizing the use of payment accounts and must ensure that there is sufficient money (Credit balance) in the account to execute the payment order (except in cases where there is an overdraft loan agreement with the payment service provider).

As for banks, their obligation is to fully and promptly execute valid payment orders of payment account holders. Banks have the right to refuse to execute payment orders of account holders when the payment orders are invalid or there is a legal basis to determine that the account holders have violated prohibited acts as prescribed. In case of refusal to execute payment orders, banks must notify the payment account holders of the reasons for refusal.