Regulatory Alerts2015-05-13 | JB-2015-3413Resolution No. JB-2015-3413 of the Banking Board
The Banking Board of Ecuador issued Resolution No. JB-2015-3413 to reject a review appeal filed by Banco Nacional de Fomento regarding unauthorized ATM withdrawals from a customer's account. The Board ruled that the bank remains liable for operational risks and custody of deposited funds, clarifying that using ATMs from associated banks does not constitute user negligence or shift liability to the customer. Consequently, the resolution ratifies the previous order requiring the bank to refund the specific disputed amount of USD 1,165.00 to the claimant.
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