Regulatory Alerts2015-07-15 | JB-2015-3519Banking Board Resolution JB-2015-3519
The Banking Board of Ecuador issued Resolution JB-2015-3519 to deny Banco Pichincha C.A.'s motion for reconsideration and confirm its order requiring the bank to return $30,530.00 from a deceased customer's savings account to his legitimate heirs. The resolution establishes that the bank violated Civil Code provisions on mandate termination upon death, rendering the sister's subsequent withdrawals legally improper and justifying the fund restitution. It further corrects prior administrative imprecisions by clarifying that partial acceptance applies and that heirs may access the funds without awaiting a formal judicial declaration.
Share