Regulatory Alerts2015-04-22 | JB-2015-3375Banking Board Resolution JB-2015-3375
The Banking Board of Ecuador rejected the administrative review appeal filed by Banco Pichincha C.A. regarding a customer complaint about unauthorized debit card transactions. The Board confirmed the previous decision ordering the bank to refund USD $1,998.40 to the customer, Fausto Amilcar Acosta Arellano, for purchases made at two commercial establishments. The ruling was based on the bank's failure to ensure that the affiliated merchants verified the cardholder's identity and signature against the customer's ID, constituting a breach of contractual and regulatory obligations.
Share