Regulatory Alerts2015-04-01 | JB-2015-3336Banking Board Resolution JB-2015-3336
The Banking Board of Ecuador issued Resolution JB-2015-3336 to deny a review request filed by Banco Pichincha and confirm the previous order requiring the bank to refund US$ 778.95 plus interest to cardholder Sofía Daniela Sierra Peñaranda. The Board determined that the bank failed to ensure the affiliated merchant verified the cardholder's identity and signature, constituting a procedural error that invalidated the disputed transaction. Consequently, the resolution mandates the reversal of the charge and the removal of the negative credit report associated with the unauthorized consumption.
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