Regulatory Alerts2015-04-30 | JB-2015-3392Banking Board Resolution JB-2015-3392
The Banking Board of Ecuador partially ratified a regional directive ordering Banco Pichincha to restitute funds withdrawn by an authorized signatory after the account holder's death. The Board determined that the bank violated the Civil Code by allowing withdrawals after the mandate extinguished upon the client's death, constituting an incorrect procedure. The resolution rejects the bank's appeal but clarifies that the returned funds must be delivered only to heirs who prove effective possession and meet legal requirements for administering the estate.
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