Temporary Account Lock has been a trending topic lately, but not everyone understands what it means and its implications. Today, we aim to answer your questions about this issue.
1 What is a Temporary Account Lock?
A Temporary Account Lock is a notification that guides customers on how to temporarily lock their cards in case of loss, misplacement, or suspicious transactions.
This can also be considered a way to “freeze” an account. During this freeze, the account can still receive money, and transfers into the account will go through as usual.
Temporary Account Lock notification guides customers on how to temporarily lock their cards.
2 Can a Locked Account Still Receive Money?
According to Article 16 of Circular No. 23/2014/TT-NHNN, payment service providers shall temporarily lock a customer’s payment account (suspend transactions) for a portion or all of the balance upon receiving a written request from the account holder (or their legal representative) or as previously agreed upon in writing between the account holder and the payment service provider.
When an account is locked, it cannot receive incoming transfers until it is unlocked.
A locked account cannot receive incoming transfers until it is unlocked.
For example, if someone transfers money to a locked account, that amount will be on hold, and the account will receive the money once it’s unlocked.
If the account remains locked for 2-3 business days, the money will be returned to the sender.
The account will receive the money once it’s unlocked and functioning normally.
Customers usually request this temporary lock for various reasons, including lost or stolen cards and suspicious transactions.
Additionally, an account may be temporarily locked upon receiving a written request or a legal decision for account investigation by judicial authorities or if the bank detects a transaction error.
Requests for temporary locks usually come from individuals.
We hope this article has clarified the concept of a temporary account lock and answered your questions. Thank you for reading, and we wish you a great day ahead!
