1.        “VPBank/Bank”: is Vietnam Prosperity Joint Stock Commercial Bank. VPBank includes Branches, Transaction Offices and other sale channels of Vietnam Prosperity Joint Stock Commercial Bank.

2.        “Timo Channel/Timo”: is the sale channels for e-banking services of VPBank, which allow Customer to perform banking transactions after being identified, open spend account and register e-banking services in accordance with regulations.

3.        “Service”: is the service of Spend Account provided to Customer by VPBank.

4.        “Customer/Member”: is the individual customer subject to Timo, whose information is specified in Application Form for Membership cum Contract for opening and use of Spend Account, issuance and use of debit card, e-banking service.

5.      “Application Form”: is Application Form for Membership cum Contract for opening and use of Spend Account, issuance and use of debit card, e-banking service signed by Customer.

6.      “Contract”: is Application Form for Membership cum Contract for opening and use of Spend Account, issuance and use of debit card, e-banking service signed between Customer and VPBank including General Transaction Terms and Conditions.

7.      “Account/Spend Account”: is Timo Spend Account opened to Customer by VPBank on the basic of Contract.

8.       “General Transaction Terms and Conditions about opening and use of Timo Spend Account/ General Transaction Terms and Conditions about opening and use of spend account/Terms and Conditions about use of spend account” (Hereinafter called as “General Transaction Terms and Conditions”): is the fixed terms notified by VPBank in each period to apply for individual customer opening and using Timo Spend Account at VPBank. General Transaction Terms and Conditions are publicly announced by Timo under regulations of laws. If Customer signs Application Form, Customer shall be deemed to accept this General Transaction Terms and Conditions.

9.      “Timo Application/ Application”: is the Timo software program which allows Customer to perform financial transactions provided by VPBank on Smartphone or internet browsers.

10.  Other capitalized terms not explained in this General Transaction Terms and Conditions shall be construed and interpreted according to the respective contents in Application Form, products, services participated in by Customer in order to ensure to comply with relevant provisions of laws.

1. Rights of VPBank

a.    Be exempt in case of force majeure such as error of process system, communication system or any reason out of VPBank’s control causing the fact that Customer’s Account cannot perform transaction, may be misused due to loss, being stolen or other cases of Customer’s fault.

b.    Be exempt for: (i) use on right or wrong purpose of Customer’s Account; (ii) All fraud or counterfeiting causing VPBank Timo due to violation or fault of Customer; (iii) Any harm affecting reputation, image and fame of account holder when VPBank requests Customer to terminate/stop using account due to violations or fault of Customer.

c.    Not take responsibility about delivery, quality of goods, services paid via account (if any).

d.    Have right to refuse to perform payment order of Customer in case: (i) Customer fails to fully implement requests of payment procedure; payment order is unduly; not compatible with registered factor or agreements between VPBank and Customer; (ii) Customer has not enough balance in the account to perform payment order or exceeds overdraft limit to perform payment order in case of overdraft agreement between VPBank and Customer; (iii) A written request of state competent authority or evidence about payment transaction involving in money laundering, embargoing, punishment, terrorism financing according to provisions of law on money laundering prevention and regulations of VPBank; (iv) Spend account is temporarily locked, entirely blocked or spend account is closed, temporarily closed or partially blocked but unlocked or blocked part is not enough balance.

e.    In case VPBank finds out that Customer violates current regulations or the General Transaction Terms and Conditions, or any signs of lawful violation, VPBank shall be entitled not to perform Customer’s request of using payment services, keep exhibit and promptly notice competent authority to consider and handle.

f.     Have right to use the information about Customer and credits of Customer, including the information from documents provided by Customer; contracts, documents signed between Customer and VPBank to provide competent authorities requiring providing information under regulations of laws.

g.    Provide competent parties with the information about service of Transaction Account to serve investigation, claim of account transaction under laws.

h.    Have right to temporarily lock, close spend account in cases: (i) Customer request and perform fully obligations related to spend account; (ii) Customer die, miss or has no civil capacity; (iii) VPBank suspects about mistake, inaccuracy in performance of transactions related to Account; (iv) there is any dispute regarding Account; (v) Customer violates regulations related to VPBank’s policy of Account maintenance, management; (vi) Customer violates regulation of opening and use of spend account in the General Transaction Terms and Conditions; (vii) To ensure payment obligation, debts, other financial obligations of Customer to VPBank; (viii) Other cases notified publicly on the website of Timo and/or Timo Application and under regulations of laws. In case Account is temporarily locked at the request of Customer, VPBank shall stop temporarily locking Account at the duly request of Customer. In other case of temporarily locking, VPBank shall stop temporarily locking under decision of competent authority or until termination of the event causing temporarily locking according to evaluation of VPBank.

i.      Have right to block a part of or the whole amount in spend account in cases: (i) a written request of competent authority under regulations of laws; (ii) VPBank finds out any mistake, inaccuracy when Crediting wrongly in Spend Account of Customer or at the request of refunding from organizations providing remittance payment service due to mistake, inaccuracy in comparison with payment order of remitter. The amount blocked in spend account does not exceed the mistaken, wrong amount; (iii) other cases under regulations of laws. Immediately after blocking Spend Account, VPBank shall notify Customer or guardian or legal representative of Customer about reason and blocking scope of Account in the form in accordance with the General Transaction Terms and Conditions. Termination of blocking shall be performed under regulations of laws by VPBank.

j.      Freely transfer money (Debit) in the following case: (i) Collect due, overdue debts, interest and other costs arising during managing account and providing payment service according to agreement with Customer and under provisions of laws; (ii) At the request of State competent authority in forcing to execute decision of administrative violation punishment, decision of judgment execution, decision of tax collection or performing other obligations under laws; (iii) Adjust items accounted incorrectly, or not complied with the using content of spend account under laws and notice Customer to know; (iv) When finding out Crediting incorrectly into Customer’s Account or at the request of canceling Credit Remittance Order of organization providing remittance payment service because such organization discovers inaccuracy in comparison with payment order of remitter; (v) Make regular, periodical payment under agreement of account holder and organization providing remittance payment service; (vi) Offset obligations of Customer at VPBank and handle other case under agreement between Customer and VPBank.

k.    Notify changes of Service, promotion programs of Service, warn the risks when performing Service and other notice serving for use of Service to Customer in the forms that Timo finds suitable (such as send message via telephone, email, document, via website, at Timo’s transaction points and media).

l.      Request Customer to provide relevant information when using payment service under regulation.

m.  Request Customer to compensate all actual damage arising from Customer’s violation of regulations about use of account under this agreement and stipulations of VPBank and provisions of laws.

n.    Refuse the request of temporarily locking, closing spend account of Customer or not block common spend account according to regulations of laws when Customer has not implemented payment obligation under forcing decision of state competent authority or not paid fully all payable debts to VPBank.

o.    Regulate the minimum balance in spend account and notify publicly, guide specifically for Customer to know.

p.    Regulate and apply measures to ensure safety and security during opening and using spend account in accordance with provisions of laws.

q.    Other right under the General Transaction Terms and Conditions and laws.

2. Obligations of VPBank

a.       Respect rights and benefits of Customer under the General Transaction Terms and Conditions.

b.      Fully and promptly perform payment orders after checking, inspecting legality, validity of such payment orders.

c.       Protect the information about Account of Customer, not transfer the information of Customer to the third party without approval of Customer unless required by state competent authority and/or regulated specifically in the General Transaction Terms and Conditions.

d.      Compensate the actual damage arising from VPBank’s violation of regulations about providing account service under this agreement and regulations of laws.

e.       Other obligations under provisions of laws.

1.      Interest: The balance in Spend Account of Customer (with the condition that the balance is larger than the Minimum Balance under regulation of VPBank) is entitled to receive non-term deposit interest rate. The non-term deposit interest rate shall be fixed, announced and listed publicly by VPBank on the website of Timo and/or Timo Application in each period. The interest rate may be adjusted on the basic of market and on the principle of not exceeding the maximum non-term deposit interest rate under regulations of State Bank of Vietnam in each period. At the time of adjusting interest rate, Timo shall send a notice to Customer in the forms regulated in the General Transaction Terms and Conditions. In case the deposit balance in Spend Account of Customer is temporarily locked, blocked or deposited for certain purposed, applied interest rate shall be performed under regulations of VPBank or agreement between VPBank and Customer (if any).

2.      Method of calculating non-term depostion interest

a.    Factor of calculating interest:

(i)        Duration of calculating interest: is determined from the day that VPBank receive the deposit to the close of the day before the day that VPBank pays fully the deposit (including the first day, excluding the final day of duration of calculating interest). The time to determine the balance to calculate interest is at the end of each day in the duration of

(ii)     Actual balance: is the daily closing balance of the deposit balance that VPBank must pay to Customer, used to calculate under agreement in Contract.

(iii)   Number of days to maintain actual balance: is the number of days that the actual balance at the end of each day unchanged.

(iv)    Interest rate of calculating interest is on the basic of percentage (%)/year (annual interest rate); one year is three hundred sixty five days.

b.   Formula of calculating interest: For each deposit, the interest shall be calculated according to the following formula:

c.    For each deposit, in case the duration from the day when VPBank receives the deposit to the day when Customer withdraw the deposit is under one day, Parties agree that Duration of calculating interest and Number of days to maintain actual balance is determined 01 (one) days, Actual balance to calculate interest is the balance at the end of day in Duration of calculating interest. To clarify, Parties agree that in case Customer deposits then withdraws in the same working day, there shall be no interest to paid to Customer.

d.   Converting interest rate

Parties agree that the interest rate of calculating interest stated in Clause 1 of this Article shall be equal to the respective annual interest rates according the method of calculating interest using Duration of calculating interest determined from the next day of the day receiving the deposit to the close of the day paying fully the deposit (excluding the first day, including the final day) and the balance to calculate interest is the balance at the beginning day of calculating interest. To clarify, converting interest rate under this Point d is intended to make clear interest rate, not to apply to calculate interest according to the method of calculating regulated in Clause 2 of this Article.

3.      Customer shall be responsible to pay to VPBank fees in Schedule of fees for account service of Timo in accordance with laws, including the following fees:

a.       Fees related to opening and use, management of Account according to regulations of VPBank in each period.

b.      Fee of transaction statement issuance: is the fee that Customer must pay when requesting VPBank to issue statement of transaction(s).

c.       Fee of confirmation for account balance: is the fee that Customer must pay when requesting VPBank to confirm the balance in Spend Account.

d.      Other fees in accordance with regulations of laws and specified at Schedule of fees for account service of VPBank.

4.      In case Schedule of fees for account service changes, VPBank shall list publicly on the website of Timo and/or Timo Application. The new schedule shall be applied from the date of Timo’s notice.

1.      To ensure safety and security in use of Account, Customer must be responsible to:

a.  Protect the information about Customer’s Account, not transfer Customer’s Account to the third party unless required by state competent authority and/or regulated specifically in Contract.

b.  Not allow other to use Account, not transfer Account to other, pledge/mortgage Account to any organization, individual.

c.  Comply with guidance, transaction process of VPBank when performing Account transaction. Customer must sign in accordance with the specimen signature at VPBank when performing Account transaction required Customer’s signature. Customer agrees that to ensure safety for asset and transaction of Customer, Customer shall request VPBank to perform necessary measure of verification and/or temporarily lock, refuse transaction when VPBank finds out the Customer’s signature on transaction document does not match the specimen signature registered at VPBank.

d.  In case Customer performs transaction via Card connected with Account or via electronic instruments, depending on each transaction, service performed by Customer, Customer shall require to use one or some of security factor respectively with customer verification method that such transaction, service requires including but not limited to information of account number, name of account holder, telephone, email registered by Customer at VPBank. Customer must be responsible to protect the above security factors, as well as take appropriate measures to prevent illegal use of such above security factors. Customer shall take responsibility for damage due disclosed, stolen, misused, etc security factors.

e.  Customer shall take responsibility to preserve electronic devices used to connect to the system of VPBank and perform account transactions (computer, telephone, etc), Customer should not leave such devices that Customer uses for transaction in any time or allow any other person to use such devices until Customer signs out the system, transaction interface.

f.   Notice and co-operate promptly with VPBank to handle the matters related to safety and security assurance of Account during using Account. To ensure safety of asset and transaction of Customer, Customer requests VPBank to perform reasonable measures such as temporarily locking Account, refusing account transaction when security factors of Customer are checked and replied inaccuracy after some certain accesses by the system.

g.  Comply with other obligations, responsibilities under regulations of law on safety assurance and information security during using Account.

2.      To ensure safety and security in use of Account, VPBank must be responsible to:

a.  Perform measures of safety assurance, risk prevention for account transaction under rules, regulations of laws

b.  Secure the information related to account activity in accordance with the General Transaction Terms and Conditions and provisions of laws.

c.  Comply with other obligations, responsibilities under regulations of law on safety assurance and information security during using Account.

3.      When the information about Account, about security factors of Account are disclosed, misused, Customer must promptly inform Timo via phone number (+8428) 7300 8466 (overseas) /1800 6788 (fee free) /other number under notice of Timo in each period or the nearest Timo’s transaction points. Customer requests VPBank to temporarily lock Account immediately when receiving notice of Customer or apply other measures of risk prevention and co-operate with relevant parties to perform other necessary professional measures to prevent possible damages.

1.      Handling remaining balance after closing Account: The remaining balance (the amount) after closing Account shall be used to pay for due financial obligations of Customer at VPBank, the remaining amount not fully used has VPBank (i) paid at the request of Customer ; (ii) guardian, legal representative of Customer in case Customer (account holder) is under 15 years old, limited civil capacity, lost civil capacity, difficult in awareness, controlling behavior; or (iii) inheritor, inheriting representative in case Customer dies, is stated to die; or (iv) paid under decision of Court. Depending on request of VPBank, Customer/legal beneficiary of the balance in Account must sign relevant documents when receiving the amount.

2.      In case Customer, legal beneficiary of balance in Account have been noticed but not received, the whole balance after closing Account (if any) shall be managed by VPBank and not receive interest or handled under regulations of laws in each period.