The State Bank of Vietnam (SBV) will begin imposing penalties of VND10-15 million on banks with ATM machines that run out of money or are taken out of service without a 24-hour warning.
An ATM with "out of service" note.
The decree on administrative fines in the banking sector takes effect today, December 12. Banks will be fined VND15 million (700 USD) for ATM machines that run out of cash. A fine of VND10-15 million will be imposed on banks that suspend ATM operations without at least 24 hours notice.
Banks that fail to maintain customer services, as well as those that install, move ATM locations or suspend operations of ATMs, will also be fined if they have not done so in accordance with regulations. The SBV has asked banks to maintain good customer service during the time of soaring demand at the year's end.
Banks have also also required to raise awareness about criminal activities and expeditiously deal with complaints from customers and the media.
In recent years, customers have had great difficulties withdrawing their money from ATMs as the demand for cash skyrockets with the approach of Tet.
Vietnamese workers waiting to draw money before Tet holiday.
The banks were are allowed to increase service fees with the expectation that they would improve services. However, complaints have continued to file in about various problems with ATM machines, especially during holiday seasons.