Sunday , May 9 2021

The central bank has launched new rules for protecting bank and card users

Monetary authority has set deadlines and ways in which financial institutions have to respond to the demands of their users

The Central Bank of the Argentine Republic (BCRA) has solved a number of regulatory changes to increase the financial protection of users.

The changes are in Communication A6664, and the following are the main ones:

– Rehabilitation services. Financial institutions and non-financial companies issuing credit cards, who for security reasons must block the use of services, will now have to inform the user of this situation.

It will also need to enable the rehabilitation of products or services through some electronic means of communication used by the bank to communicate with its client.

– Response time. These entities must ultimately resolve all consultations or requests before financial entities within a maximum of 10 business days. This measure implies reduction and adjustment in response times, since the entities had a maximum time of 20 days before the entities.

– bank and card summaries. Banks will have to make available to their clients the last 12 monthly summaries of deposit accounts and cards via the web site. The same right extends from this rule to non-bankcard users.

– Refunds. Every time a bank has to compensate a client for a certain amount of money for incorrectly paid promotions, discounts or other benefits, it must do so within 10 business days of the filing date.

– Automatic updating of user data. If a bank's customer reports change personal data for the product, the bank shall apply it to all contracted products and services.

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