Regulatory Alerts2015-06-04 | JB-2015-3461Resolution No. JB-2015-3461 of the Banking Board of Ecuador
The Banking Board of Ecuador rejected a review appeal filed by Banco Nacional de Fomento to uphold a regional order requiring the bank to refund US$ 362.00 to a customer for unauthorized ATM withdrawals. The Board determined that the bank failed to provide evidence of customer negligence and is legally responsible for operational risks associated with ATM services, thereby violating consumer protection principles. Consequently, the decision mandating the reimbursement of funds due to the bank's failure to apply basic security recommendations was confirmed.
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