Decree No. 52/2024 regulating non-cash payment activities will take effect from July 1, 2024 with many important contents. In particular, the regulations on cases of account blocking have received special attention from the people.

Specifically, according to Article 11, Decree No. 52/2024/ND-CP stipulates that payment accounts are partially or fully frozen in the following 4 cases:

The account will be blocked according to the prior agreement between the payment account holder and the payment service provider or at the request of the account holder.

Payment accounts will also be frozen upon written decision or request from a competent authority as prescribed by law.

In case of mistaken money transfer, when the payment service provider discovers a mistake or error, the payment account may also be frozen. The amount frozen in the payment account must not exceed the amount of the mistake or error.

In addition to the above cases, a payment account may also be frozen upon request of one of the joint payment account holders, unless there is a prior written agreement between the payment service provider and the joint payment account holders.

Clearly defining cases of blocking payment accounts, especially in cases of mistakes or errors in money transfers, will help resolve many problems in cashless payment activities.