Can One Spouse Withdraw Money from a Joint Savings Deposit in Vietnam?
A joint savings deposit in Vietnam has two or more depositors. Whether one spouse can withdraw it alone depends on their agreement, the information registered with the bank and applicable rules. Being a named depositor alone does not establish the right to withdraw the full amount.
Whether one spouse can withdraw a savings deposit held in both spouses’ names alone depends on the joint holders’ agreement and whether the bank’s conditions and procedures for withdrawals are met. Being a named depositor does not, by itself, establish the right to withdraw the entire deposit alone.
Clause 2, Article 5 of the State Bank of Vietnam’s Circular No. 48/2018/TT-NHNN defines a joint savings deposit as a savings deposit held by two or more depositors. A deposit in both spouses’ names falls into this category.
Article 18 of the circular sets out the procedures for withdrawing savings deposits at a credit institution’s branch. For a joint savings deposit, the bank requires identification documents for all depositors, the savings certificate and a withdrawal slip bearing signatures that match the specimens registered with the bank. The bank must also consider the parties’ agreement, the registered records and relevant rules when processing the transaction.
If one spouse cannot visit the bank in person, Thời báo Ngân hàng advised the reader that both spouses should contact the bank holding the deposit to learn what transaction options are available. If the legal conditions are met, they can also ask about the procedures for valid authorization. When opening a joint deposit, both spouses should clearly agree on who may conduct transactions, the conditions for withdrawals and what to do if one of them cannot attend in person.
Source: VietVance
