Regulatory Alerts2015-05-08 | JB-2015-3400Resolution No. JB-2015-3400 of the Banking Board of Ecuador
The Banking Board of Ecuador issued Resolution No. JB-2015-3400 to reject the appeal filed by Banco Nacional de Fomento regarding a consumer complaint about unauthorized ATM withdrawals. The Board confirmed the Regional Intendence's order requiring the bank to reimburse US$ 874.50 to account holder María Dolores Mosquera Andrade, ruling that the bank failed to prove the customer breached security obligations. The decision affirms that the bank, as the depositary and service provider, bears the operational risk of ATM transactions and must ensure optimal service quality without shifting liability to customers.
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