In relation to banking, tasks like account statements, checking CIC debt, temporary account locking, and more are always subjects of concern. In today’s article, we will delve into the topic of temporary account locking and whether you receive money when you temporarily unlock your account.
What is Temporary Account Locking?
According to Article 16 of Circular 23/2014/TT-NHNN, temporary account locking is defined as follows: “Payment service providers perform a temporary lock on the payment account of a customer (suspending transactions) partially or entirely for the amount in the payment account upon a written request from the account holder (or their legal representative) or as agreed in writing between the account holder and the payment service provider.”
Put simply, temporary account locking means temporarily locking the account, suspending card transactions in cases where the account holder reports a lost or stolen card, or instances of impersonation to conduct transactions.
The process of temporary account locking or ending the temporary lock on a payment account, as well as handling outgoing/incoming payment orders during the temporary lock, will be carried out as per the account holder’s request. Alternatively, it can also be executed through a written agreement between the account holder and the payment service provider.
Will You Receive Money When You Temporarily Unlock Your Account?
After the bank decides to temporarily lock the account based on the account holder’s decision, the temporarily locked account will not receive any funds from others until it is unlocked again.
However, if someone sends money to the locked account during the temporary lock period and is unaware of it, the funds will remain pending in the system. The bank will not process the transaction and it won’t be listed in the transaction history. After a period of 2-3 days (excluding Saturdays, Sundays, and holidays), if the account holder unlocks the temporary lock, the funds will be credited to the account. Conversely, if the temporary lock is not removed, the funds will be returned to the sender based on the account holder’s request.
It is believed that with the insights provided, you now understand what temporary account locking is and whether you receive money when you temporarily unlock your account. If you encounter any issues, it’s advisable to contact your bank where you have your account to avoid any account-related losses.