II. Terms and Conditions on opening and using Spend account

Article 1. Rights and obligations of the Members

1. Rights of the Member

• To use the amount in the Member’s account to make payment orders in legal and eligible manner.
  To use payment means, services and utilities provided by VPBank Timo under request, capacity and legal
  regulations.
• To use the Spend account to make a deposit, withdrawal in cash and request VPBank Timo to carry out
  incurred payment orders in legal, eligible way in scope of credit balance and overdraft limit (if permitted).
• To request VPBank Timo to provide information on payment transactions and balance of the spend
  account.
• To request VPBank Timo to close, temporary lock or change the manner to use the account where required in accordance with the laws and relevant regulations.
• To give a notice to VPBank Timo on any disputes in regard of the common spend account among common account users (if any).
• To participate in the incentive programs for Member opening the spend account as stipulated by VPBank
  Timo.
• To entitle to interest rate for the amount at the Spend account under the interest rate regulated by VPBank Timo in accordance with the Account’s features, balance and regulations on interest rate management by the State Bank from time to time.
• Other rights under provisions of the Terms & Conditions, and of law.

2. Obligations of the Member

• To monitor the account balance by Timo application.
• To make timely notice to VPBank Timo upon detecting errors or mistakes on his/her account or the account being taken advantage of. Any notices, claims, tracer request in regard of the Account and transactions shall be made by the Member within 07 (seven) days from the date of card transaction incurred. After this period, if the Member fails to notify to VPBank Timo, the Member shall assume liabilities, damages and accept any possible consequences.
• To refund or cooperate with VPBank Timo to refund amounts wrongly credited to the account of the Card
  holder.
• To fully, clearly and accurately provide and update and inform VPBank Timo of changes in registration information upon request use of the Service or during use of the Service. In case of no notice from the Member, if any risks or losses arise, the Member shall bear all responsibilities for errors, benefits or frauds during use of services due to his own fault or absence of true, complete, correct and timely information changes; committed to all risks including financial losses and costs incurred due to wrong or inconsistent information provided.
• To be fully aware of and committed to risks where payment, remittance transactions by the Member are
  confiscated, sealed or suspended by any foreign organization or country (for involving factors of embargo,
  crime, terrorism, financing of terrorism, money laundering, subjects applicable to court orders, overseas offices or other reasons).
• To register the sample signature to be used on documents for transaction performed with VPBank Timo as signature on the Application for Registration.
• To make full and timely payment to VPBank of fees incurred from the opening and use of the account,
  account management, issuance of debit card, services as stipulated by VPBank Timo from time to time and
  in accordance with the laws. The fee schedule is published by VPBank Timo on the official website and/or
  at Transaction points of VPBank Timo.
• To ensure the account always to have the balance needed to perform payment orders. In case of overdraft
  agreement with VPBank Timo, the Member shall perform relevant obligations when paying over the credit balance of the account.
• To keep the minimum balance on the spend account as prescribed by VPBank Timo.
• To be responsible to VPBank Timo and the law for acts of frauds, forgery of the Card by the Card holder and card transactions involving fraud and forgery.
• To observe VPBank Timo’s instructions on making payment orders and using payment means, making payment transaction through account; using, moving, storing transaction documents; to guarantee safety measures on payment as stipulated by VPBank Timo.
• Not to lease, lend the account or use the account to perform payment transactions for amounts proved as
  illegal origin.
• Not to use the spend account to perform transactions for purpose of money laundering, financing of
  terrorism, frauds or other legal violations.
• To comply with provisions of the Terms & Conditions and other legal regulations in regard of opening and using the Spend account.
• Other obligations under provisions of the Terms & Conditions, and of law.

3. Request and confirmation of the Member

• The Member requests VPBank Timo to carry out buying and selling the foreign currency with the Member
  when having any foreign currency amounts remitted to VPBank Timo and details of beneficiary account as
  the Member’s Spend account by Vietnam dong opened at VPBank, the Member agrees to sell such amount to VPBank Timo with the following specific contents:
  i) The Buyer: Vietnam Prosperity Joint Stock Commercial Bank – including Branches/ Transaction
  offices/Business units deployed by VPBank Timo.
  ii) The Seller: Member
  iii) Date of transaction, payment: mean the date when the Seller has foreign currency amounts remitted to
  VPBank Timo.
  iv) Type of transaction: immediate delivery.
  v) Currency of transaction: VND/Foreign currency
  vi) Foreign currency amount: means the foreign currency amount remitted to VPBank as recognized on
  each Remittance order.
  vii) Exchange rate: as published by VPBank Timo at the date of payment.
  viii) Recipient account by VND: the Member’s Spend account by Vietnam dong opened at VPBank.
• VPBank Timo is deemed to agree the arrangement on foreign currency transaction in case of crediting by
  VND to the Member’s account.

Article 2. Rights and obligations of VPBank Timo

1. Rights of VPBank Timo

• To be exempt from liabilities in case processing system or communication system failing or for any reason beyond the control of VPBank Timo makes the account of the Member unable to perform transactions, causes losses, theft, advantages or in other cases of fault of the Member.
• To be exempt from liabilities for: (i) any proper or improper use of the Member’ account purpose (ii) Any acts of fraud or forgery caused to VPBank Timo due to violation acts or faults of the Member (iii) Any harm to credit, image and reputation of the Account user related to request by VPBank Timo the Account user to stop/suspend due to violation acts or faults of the Member.
• To bear no responsibility for delivery, quality of goods and services paid by account (if any).
• To refuse performance of the Member’s payment orders in case (i) the Member fails to fulfill requirements on payment procedures; invalid payment order, not in accordance with the registered details or agreements between VPBank Timo and the Member; (ii) the Member has not balance enough at the account to ensure performance of payment orders or exceed overdraft limit to pay in case of overdraft arrangement with VPBank Timo; (iii) when having request in writing from the competent State authorities or evidence on payment transaction for purpose of money laundering, financing of terrorism as stipulated by the law on prevention of money laundering; (iv) the Spend account is being suspended, freezed in whole or a part in which the part of suspension, freezing has no balance enough.
• Where detecting the Member violates existing regulations or the Terms & Conditions, or there are signs of law violation, VPBank Timo may not fulfill request to use payment services by the Member, retain exhibits and advise competent agencies for review and handling.
• To use details and credits of the Card holder, including all information from documents provided by the Member; contracts and documents signed between the Member and VPBank Timo to provide to agencies with function to provide credit information services and/or credit rating legally operating in Vietnam, or provide to competent agencies requesting information in accordance with the law.
• To provide competent parties with details of the transaction account for the purpose of tracer and complaint of card transactions in accordance with the law.
• To have right to temporarily lock, close the spend account in case: (i) the Member requests and fulfills all obligations in regard of spend account; (ii) the Member passes away, misses or lose civil behavior capacity; (iii) VPBank Timo suspects that there are mistakes, errors in performing transactions related to the Account;  (iv) when having disputes on the Account; (v) the Member violates regulations in connection with the policies on Account maintenance, management of VPBank Timo; (vi) the Member violates regulations on opening and using the Spend account set forth at the Terms & Conditions; (vii) For purpose of guarantee of payment obligations, debts, other financial obligations of the Member with VPBank; (viii) other cases as stipulated by the laws and published on the official website and/or transaction points of VPBank Timo.
• To be entitled to freeze a part or the whole for the amount at the spend account if: (i) there is a written request from the competent authority as stipulated by the law, (ii) VPBank Timo detects any mistakes, errors to credit to the Member’s Account or at the request on refunding from the institution supplying remittance payment services; (iii) VPBank Timo finds out any frauds, legal violations related to the Account; (iv) other cases as regulated by the law.
• To automatically extract (debit) the Member’s account in the following cases: (i) payment of due and overdue debts, interest, and other valid costs incurred during account management and payment service supply as previously agreed with the Member under the law; (ii) according to the written request from the competent State authorities in enforcement of decision on administrative violation penalty, execution, tax payment or other payment obligations as stipulated by the law; (iii) adjustment for items being wrongly accounted or not suitable for the use content of the spend account as prescribed by the law and giving notice to the Member; (iv) VPBank Timo detects any mistakes, errors to credit to the Member’s Account or at the request on cancelling credit remittance order from the institution supplying remittance payment services since that institution finds out mistake against the remitter’s payment order; (v) payment of regular, periodic amounts as agreed between the account user and institution supplying remittance payment services; (vi) Compensation of obligations of the Member at VPBank Timo and to handle other cases as agreed between the Member and VPBank Timo.
• To make notice on changes for Services, promotional programs, make warning of risks upon performing Services and other notices serving the use of Services to the Member in the manner deemed fit by VPBank Timo (including but not limited to sending messages, email, documents, notices via website, at transactions points and communication media).
• To request the Member to supply relevant information when using the payment service as regulated.
• To ask the Member to make compensation for actual damages arising out of the Member’s violations on the use of the Account under this agreement, VPBank Timo’s regulations and the law.
• To request the Member to pay penalties due to the Member’s violations on the use of the Account under the Terms & Conditions and the law.
• To refuse the request on freezing, closing the Member’s account or fail to freeze the common spend account as stipulated by the law when the Member fails to complete the payment obligations under the enforcement regulation by the competent State authorities or has unpaid debts to VPBank Timo.
• To specify the minimum balance on the spend account and give public notice, specific instructions to the Member.
• To regulate and apply the safety, security measures during the process of opening and using the Spend account in accordance with the laws.
• Other rights under provisions of the Terms & Conditions, and of law.

2. Obligations VPBank Timo

• To respect rights and benefits of the Member under the Terms & Conditions.
• To make timely, fully payment orders after checking, controlling legality, validity of the payment orders.
• To keep details of the Member’s Account, not to disclose the Member’s details to the third party without the Member’s approval unless the competent State authorities request and/or specified at the Terms & Conditions.
• Other obligations under provisions of the law.

 

Article 3. Handling in case the Member’s Account has no regular transactions

1. On basis of the Account’s operation frequency, VPBank Timo will divide the Member’s Account status into: Active, Sleeping, Inactive or other status as stipulated by VPBank Timo from time to time. Conditions, forms and matters related to the Member’s Account status under VPBank Timo’s regulations are published on the official website and/or at the transaction points of VPBank Timo from time to time.
2. VPBank Timo is entitled to collect fees to manage, maintain the Member’s Account under the fee schedule and principle on fee collection as stipulated by VPBank Timo from time to time. The fee schedule is published on the official website and/or at the transaction points of VPBank Timo from time to time.
3. VPBank Timo is entitled to close the Member’s Account when it fails to meet conditions under the regulations on the status management of the Member’s Spend account as regulated and published on the official website and/or at the transaction points of VPBank Timo from time to time.
4. VPBank Timo has obligation to notify to the Member when changing the account’s status, closing the Member’s Account set forth this Article. At the VPBank Timo’s decision at the time of notice, VPBank Timo may give notice to the Member via one or some forms as follows: public notice on the official website and/or at the transaction points of VPBank Timo and/or by email and/or message to address, phone number registered with VPBank Timo and/or other forms registered by the Member and accepted by VPBank Timo from time to time and in accordance with the law.