Article 3. Rights and obligations of the Bank

1.    Rights of the Bank

a)     To be exempted from liabilities in case data processing or communication system failure or for any reasons beyond the proper control of VPBank makes the Client’s Card or PIN unable to transact, causes losses, advantages or if VPBank Timo fails to send or sends but not but the Client fails to receive messages or notices related to Card’s account balance changes or other Card-related details due to system error, transmission error, technical error, problems of service provider/VPBank or for any other objective reasons; in other cases of Client’s faults.

b)    To be exempted from liabilities for: (i) any losses, theft, proper or improper use of the Card or disclosure of the Cardholder’s PIN and Card details (ii) Any acts of fraud or forgery incurred by VPBank due to the Client’s violations or faults (iii) Any harm to the Cardholder’s prestige, image and reputation related to VPBank recovery or request that the Cardholder should stop/suspend.

c)     To bear no responsibility for delivery and quality of goods and services paid by the Card. Not to involve in the dispute settlement between the Cardholder and the Merchant and to be entitled to debit the Card Account the value of goods and services whether or not goods and services have been delivered or carried out.

d)     To handle the Cardholder’s reconciliation and complaints under the method, documents, and reconciliation request submission time as prescribed by VPBank and the domestic/international card institution which VPBank is a member from time to time.

e)     To be held harmless in case complaints and reconciliation requests submitted by the Cardholder are not successfully handled by the paying bank/domestic/international card institutions under their provisions.

f)     To change the limit of Card use in accordance with the VPBank policies from time to time.

g)    To request the Cardholder to make full payment for Card-based expenditures, relevant interests and fees in the period not later than the due date.

h)    To perform remote debt reminder, including, but not limited to, the form of sending debt recovery notice, SMS direct call, etc. In case the Cardholder fails to make full payment for his payable obligations, debt recovery measures may be taken to request the Cardholder to fulfill the payment obligations under the Contract.

i)      If the Cardholder fails to make timely payment to VPBank as prescribed, VPBank is entitled to collect the debt from the Cardholder’s collaterals or other assets, including the deposit balance on any accounts opened at VPBank (term deposit, non-term deposits) and other Cardholder’s deposited assets at VPBank without the Cardholder’s signature/confirmation. If debt is collected from the Cardholder’s current account and/or savings account and/or term deposit account to pay the incurred debts, such deposits will be considered to be pre-maturely withdrawn and interest will be calculated in accordance with VPBank’s pre-mature withdrawal regulations at of deduction date. In that case, VPBank is released from liability for changing the Cardholder’s deposit term. In the event that foreign currency current account, savings account, and term deposit account, the exchange rate shall be transformed as released on conversion date by the Bank.

j)      VPBank may collect and verify any Cardholder-related information from any units that VPBank is deemed to be fit (including but not limited to any credit institutions or any other institutions or companies established for the purpose of assessing the credit rating for individuals and/or banks or credit institutions in Vietnam or elsewhere).

k)     To provide the authorized parties with information on the Cardholder, the Card Account for reconciliation, claims on the Card transactions in accordance with the laws and/or for other purposes as prescribed herein.

l)      To terminate the Cardholder’s use of the Card by cancelling or withdrawing the Card or closing/locking the Card on the system if the Cardholder violates conditions and terms of the Card use under these General Terms and Conditions and/or VPBank’s regulations, uses the forged Card or suspected Card.

m)    To use the information of the Cardholder, his/her credits, account balances, transactions, including all information from documents and recorded provided by the Cardholder; contracts and documents made and entered by and between the Cardholder and VPBank to offer to the credit information service providers and/or credit rating entities legally operating in Vietnam, or the competent authorities with information as prescribed by the law or related parties in cooperation with VPBank to develop and provide products and services.

n)     To temporarily lock, extract, close (the Cardholder’s current account, Card Account, savings deposit account, term deposit account and other accounts) opened at VPBank, other deposits, other deposited assets at VPBank or prepare the receipt order, requesting the credit institutions to open the account for the Cardholder to extract money to VPBank to make: (i) payment of due and overdue debts, interests, and other financial obligations during the Card use; (ii) payment and compensation of the Cardholder’s due and overdue debts, interests and other financial obligations at VPBank and handle other cases as agreed by the Cardholder and VPBank.

o)     To notify the Cardholder about the concerned products, services, promotions, risk warnings during launching the Service, and other notices on Service Use in the manner that Timo channel deems to be appropriate (including but not limited to sending SMS, emails, notices on the website, etc.) with unlimited quantity and time.

p)     To actively decide application and non-application of incentives (accumulative points, refunds, accumulative points for miles, etc.) for the Cardholders in accordance with VPBank’s regulations from time to time.

q)     To amend and/or adjust any terms and conditions hereof from time to time that VPBank deems appropriate at its sole discretion. The mode of sending and receiving notices on amending and supplementing the General Terms and Conditions between VPBank and the Cardholder shall be complied with Article 17 herein. The Cardholder is considered to accept all contents of the amendment and adjustment according to VPBank’s notice if the Cardholder continues using VPBank Services.

r)     Other rights in accordance with the T&C and the laws.

2.     Obligations of the Bank

a)     To respect the Cardholder’s rights and benefits prescribed herein.

b)     To make timely and fully payment orders after legality and validity of the payment orders are successfully checked and controlled.

c)     To keep confidential the Cardholder’s Card information as specified herein.

d)     To compensate for actual damages arising out of the VPBank’s violations to the regulations on supplying services as prescribed in these T&C and the laws.

e)     Other obligations as prescribed by these T&C and the laws.