Technical Standards for the Transparency and Disclosure of Information on Banking Financial Services

Alameda Juan Pablo II, between 15 and 17 Av. Norte, San Salvador, El Salvador.
Tel. (503) 2281-8000 www.bcr.gob.sv
CNBCR-15/2018
NCM-02
TECHNICAL STANDARDS FOR THE TRANSPARENCY AND DISCLOSURE OF INFORMATION ON BANKING FINANCIAL SERVICES Approval: 12/20/2018 Validity: 01/07/2019

THE COMMITTEE OF STANDARDS OF THE CENTRAL RESERVE BANK OF EL SALVADOR,

CONSIDERING:
I. That Article 2 of the Law on Supervision and Regulation of the Financial System establishes that the Financial Supervision and Regulation System aims to ensure the efficiency and transparency of the financial system, as well as the adoption of the highest standards of conduct in the development of its business.

II. That Article 32 of the Law on Supervision and Regulation of the Financial System establishes that the Superintendence may require supervised entities direct access to all data, reports, or documents regarding their operations through the means and form it defines.

III. That Article 35 of the Law on Supervision and Regulation of the Financial System establishes that directors, managers, and other officials holding management or administrative positions in the members of the financial system must conduct their business, acts, and operations complying with the highest ethical standards of conduct, and must ensure the efficient functioning of systems for recording, processing, storing, transmitting, producing, securing, and controlling information flows.

IV. That Article 99 of the Law on Supervision and Regulation of the Financial System, in subsection a), establishes that it is the responsibility of the Committee of Standards of the Central Reserve Bank to approve technical standards and provisions that must be issued in accordance with the laws regulating supervised entities, especially those related to information transparency requirements.

V. That Article 99 of the Law on Supervision and Regulation of the Financial System, in subsection b), establishes that it is the responsibility of the Committee of Standards of the Central Reserve Bank to approve technical standards that provide the public with sufficient and timely information about the products and services offered by members of the financial system.

VI. That the transparency of financial services information seeks to improve access to it, so that the general public can make informed decisions regarding the banking financial products and services they wish to acquire or contract.

VII. That it is necessary to establish minimum conditions to promote a framework of transparency for the benefit of the general public.

THEREFORE,

by virtue of the regulatory powers conferred by Article 99 of the Law on Supervision and Regulation of the Financial System,

IT AGREES to issue the following:

TECHNICAL STANDARDS FOR THE TRANSPARENCY AND DISCLOSURE OF INFORMATION ON BANKING FINANCIAL SERVICES

CHAPTER I
OBJECT, SUBJECTS, AND TERMS

Object
Art. 1.- These Standards aim to define the minimum transparency measures that the obligated subjects of these Standards must comply with, as a mechanism for users of financial services and the general public to make informed decisions responsibly regarding the operations and services they wish to contract.

Subjects
Art. 2.- The subjects obligated to comply with the provisions established in these Standards are:
a) Banks incorporated in El Salvador; b) Branches of foreign banks established in El Salvador; c) Offices of foreign banks authorized by the Superintendence of the Financial System to place funds in El Salvador; d) Cooperative banks; e) Savings and credit societies; and f) Development Bank of the Republic of El Salvador, insofar as it does not contradict its creation law or what is provided by the Court of Accounts. (4)

Terms
Art. 3.- For the purposes of these Standards, the terms indicated below have the following meaning:
a) Central Bank: Central Reserve Bank of El Salvador; b) Third-party charges: amounts of money that the obligated subjects under these Standards collect from the user or client for services provided by third parties to meet requirements linked to operations that, according to the agreement, will be the responsibility of the user or client; c) Client: the natural or legal person with whom the obligated subjects under these Standards establish relationships of legal or contractual origin for the supply of products or services in the course of their activities; d) Commission: amount of money that the obligated subjects under these Standards charge the client for the provision of an operation or an additional service effectively provided, identified and described in the contract, and which is not inherent to the contracted product or service; e) Contract: an adhesion contract drafted unilaterally by the entity, which regulates legal relationships between the entities and their clients; f) Disclosure: publications in newspapers, websites, any other medium or electronic device, as well as displays on physical or electronic bulletin boards by the obligated subjects under these Standards; g) Entity: subjects referred to in Article 2 of these Standards; h) Administrative Body: a collegiate body that performs the administration function of the entity; for the purposes of these Standards, this refers to the Board of Directors or Administrative Council as applicable; i) Surcharge: an economic penalty applied by the entity to the client for failing to fulfill contractual obligations, due to facts attributable to the client; the description or definition of the surcharge must be included in the contract; j) Superintendence: Superintendence of the Financial System; k) Interest rate: the price paid or received for the use of money, which is established as a percentage of the capital based on the days the debtor or depositor has or makes it available from the date of disbursement or deposit; l) Effective interest rate or EIR: the annualized interest rate that allows equating the present value of all installments and other payments to be made by the client with the amount they will effectively receive as a loan; m) Nominal interest rate: the annualized active or passive interest rate established freely by the entity and accepted by the client; n) Reference rate: a single rate that will serve as the basis for contracting active operations with adjustable interest rates and will be established by each entity; and o) Users: any natural or legal person who operates with the entities or uses the services they provide to the general public, without any contractual relationship with the entity.

CHAPTER II
TRANSPARENCY OF INFORMATION

Principle of information transparency
Art. 4.- The principle of transparency aims to strengthen relationships between entities and clients, in order to generate mutual trust through the disclosure of information regarding the application and modification of interest rates, commissions, surcharges, third-party charges, associated with active and passive operations carried out, as well as the services provided by the entities. This information must be accessible to the general public in formats that allow for easy comprehension.

Information for users
Art. 5.- The entity must provide users and clients with all the information they request prior to the execution of any contract.
The foregoing may be carried out through physical delivery or electronic availability of information regarding interest rates, commissions, third-party charges, and surcharges of the products and services offered by the entity. As well as whether they enjoy or not the benefit of deposit insurance. In order to facilitate the comparison of similar products offered by other entities.

Regarding the formal service of attention
Art. 6.- The entity must inform the public about the formal service of attention, to handle complaints and inquiries from its clients by any means. Likewise, it must inform about the mechanisms and procedures for attention, as well as response times. The most frequent questions from users and clients, with their respective answers, regarding the product or service, or user attention, must be available on the Website and visible at all times in the entity's branches, as part of the dissemination of the products and services they offer.

Art. 7.- The entity will ensure that in its branches and other public attention channels, a notice is posted, with legible font size visible to the naked eye, containing information about the mechanism the entity has implemented to handle complaints and inquiries from its clients, specifying the schedule for public attention and communication means, such as: attention phone; email; physical address of the attention office, among others.

Training of personnel related to the formal service of attention Art. 8.- The entity must train employees related to client and user attention, or product placement, on these provisions, operational procedures, and interest calculations of the financial products they offer. The training program and the training provided to the aforementioned personnel must be duly documented in the personnel information files, which must be available to the Superintendence at all times.

Information on promotional conditions
Art. 9.- Promotional conditions that incentivize the contracting of certain active, passive operations, or services, must be informed to the public and maintained by the entity during the offered period, and if applicable, for the number of units offered or for some other circumstance subject to the promotional condition; likewise, these promotional conditions must be informed adequately and timely, including the nominal and effective interest rates of credit operations, as well as commissions, third-party charges, and surcharges.

CHAPTER III
OF ADHESION CONTRACTS

Deposit of contract models
Art. 10.- The entity must submit to the Superintendence, prior to its offering to the public, the model of the adhesion contract and its annexes, for their respective review, deposit, and registration, complying with what is stipulated in subsection l) of Article 56 of the Banks Law, third paragraph subsection h) of Article 37 of the Cooperative Banks and Savings and Credit Societies Law, Article 22 of the Consumer Protection Law, Articles 22 to 28 of the Regulation of the Consumer Protection Law, and considering the content of Annex No. 1 of these Standards. (6)

Regarding the deposit of adhesion contract models, the entity must expressly indicate whether it corresponds to a new contract model or a modification of a previously deposited model with the Superintendence. (6)

In the case of modifications to previously deposited contract models, the entity must clearly and visibly identify the provisions or clauses that have been modified, for the corresponding review by the Superintendence, without prejudice to the comprehensive review powers that correspond to it. (6)

Deadline for authorization of adhesion contracts Art. 11.- The Superintendence will verify jointly with the Consumer Ombudsman that the adhesion contracts comply with current legislation and for their deposit, they will have a deadline not exceeding thirty days counted from the submission of the same by the entity to the Superintendence. When the entity intends to modify the adhesion contract or its annexes, it must previously submit it to the Superintendence for joint review with the Consumer Ombudsman, for the deposit and registration of the modifications and the substitution of the previously deposited one. In accordance with what is established in Article 22 of the Consumer Protection Law, if after thirty days of presenting the adhesion contract models and their annexes or modifications and they have not been objected or observed, it will be understood that they comply with the corresponding regulations and consequently can be used.

Content of the contract
Art. 12.- The contract and its annexes must provide clear, truthful, sufficient, and easy-to-understand information, allowing full knowledge of the duties and rights of the entity and the client. The contract, in addition to what is established in Article 10 of these Standards, will contain as a minimum, the following: (6) a) Amount of credit granted, expressed in letters and numbers; b) Nominal interest rate, effective interest rate, penalty interest rate or surcharge for non-payment; and c) Any information that is useful and important to the client.

CHAPTER IV
CREDIT APPROVAL LETTER AND INFORMATION ON PASSIVE OPERATIONS

Information on the credit approval letter
Art. 13.- The entity, prior to the execution of adhesion contracts, at the request of the credit applicant, will deliver by physical or electronic means, a credit approval letter in the terms and conditions established in subsection “p” of Article 19 of the Consumer Protection Law. The approval letter will be an extract of the contract, so its content must not differ from it. For the purposes that the credit approval letter is clear and complies with the principle of information transparency and to facilitate user comprehension, the entity must create a format that includes distinguishable sections, ordered in rows, whose type and size of font is legible to the naked eye, not less than 3 millimeters.

Documents to include in the active operations file Art. 14.- The credit approval letter along with the copy of the contract will form part of the client's file as well as the corresponding scheduled amortization table, if applicable. The client's acceptance may be documented by physical or electronic means. (4)

Art. 15.- The entity will make available to the general public through its physical or electronic bulletin boards, the information indicating the place or means by which complaints can be filed, the attention hours, and the steps to follow in case of not obtaining a response or not considering it satisfactory.

Minimum information in passive operations
Art. 16.- The entity, prior to the execution of passive operation contracts, must deliver a form in physical or electronic format, according to user instructions, with the following minimum information:
a) Nominal interest rate that will be applied for the deposit; (1) b) Cut-off dates or periodicity for interest crediting; c) The amount and detail of any commission charge, expense, or fee passed on to the client except taxes or special contributions; d) Penalties that will be applied for non-compliance with contracted obligations; e) Warnings about penalties for minimum movements on debit cards when applicable, provided they have been agreed upon in the contract; and f) Other information that the entity considers relevant. In addition to what is established in this article, the entity must inform the maturity date of the deposit, if applicable, and the time the user has to cancel it before its automatic renewal. Notwithstanding what is established in this article, physical delivery of the form is exempted for accounts for the payment of wages to workers, including labor indemnities, through fund transfers from a special deposit account of the employer, in which the special account of the employer and the holder of the deposit account are identified. If this type of account is associated with the use of a debit card, the entity must inform about what is established in subsection e) of this article. The information required in this article must be complete, accurate, truthful, clear, and timely.

CHAPTER V
OF INTEREST RATES

On active interest rates
Art. 17.- The entity must establish and make public a single reference rate expressed in percentage, for its loan operations in legal tender currency and another for its loan operations in foreign currency, in accordance with legal requirements. The calculation methodology must be documented and available to the Superintendence when requested.

Regarding the nominal interest rate, it must be clearly differentiated, in the disclosure of the products offered and in the contractual document, whether it is fixed or variable or a combination of both; which must consider the Maximum Legal Rates, in accordance with what is established in the Law Against Usury and its technical regulations. The entity must inform the effective interest rate or EIR within the credit approval letter, contractual documents, and in all advertising of credit operations carried out by any mass or individual medium, with similar emphasis in the publication of other financial variables such as the amount and term of the credit, installment amount, and total amount to be paid at the end of the term. In order to facilitate user decision-making regarding products offered by entities, they may publish on their website the corresponding formula for the calculation of periodic interest, the formula and method of calculating the EIR, the method of amortizing loans with corresponding principal payments, interest, and other applicable expenses, making available to users and clients examples of such calculations and financial calculators for simulation purposes.

Method of calculating interest
Art. 18.- For the computation of interest on active or passive operations, the entity must apply the exact simple interest method, which consists of counting the days of use of money based on the calendar year and using the divisor of 365 or 366 days, as applicable, using the following formula:
I = P * i * n
Where:
I = Interest to be paid
P = Outstanding capital i = Current nominal interest rate percentage n = The factor established by the relationship of elapsed time divided by 365 or 366 if the year is a leap year For the calculation of interest on active and passive operations carried out through computer systems, six decimals must be used to compute interest, the last retained digit must be rounded up to the immediate upper digit when the first lost digit is equal to or greater than five; the same criteria will be used for the storage of information.

Effective Interest Rate
Art. 19.- The calculation of the EIR (TIE) shall take into account all charges that the entity will charge the client, including mandatory third-party charges for financing according to the contract models deposited with the Superintendency, except for notarial expenses, payment of taxes, fees, and contributions, incorporating the term and modalities to redeem the obligation and expressing it in percentage terms on the principal.

The entity must calculate the annualized EIR for each type of operation, according to the following methodology:
a) Determination of the maximum effective interest rate for publication purposes:
For active operations, the maximum annualized effective interest rate shall be understood as that which takes into account all charges that the entity will charge the client, incorporating the term and modalities to redeem the obligation and expressing it in percentage terms on the principal. For each type of active operation financial product offered to the public, the entity must publish monthly the maximum annualized effective rate, which in terms of amounts and term represents the highest effective rate. The publication must contain a clarification of the parameters considered for the calculation of the aforementioned rate, based on what is established in the second subsection of this article. b) Determination of the annualized effective interest rate for contract purposes:
It will be determined with the amount authorized to the debtor and will include all charges that the entity will charge the client, including third-party charges, mandatory for financing according to the contract models deposited with the Superintendency, except for notarial expenses, payment of taxes, fees, and contributions.

Method of calculating the Effective Interest Rate Art. 20.- For each active operation financial product offered to the public, the entity must calculate and publish a maximum annualized effective rate, which will be determined based on the following procedure:
a) First, the effective interest rate will be determined by equating the present value of all capital installments, interest, commissions, and other payments that will be made by the user, except for the payment of taxes, with the loan amount. Its formula is expressed as follows:

∑ Dn (1+ ik )^-tn = ∑ Rm (1+ ik )^-tm n =1 m =1

Where:
D: amount of disbursements, net of commissions, surcharges, and other charges related to the same. n: number of disbursements. tn: time elapsed from the chosen calculation date (at the start) to the date of disbursement n. R: payments for amortization, which includes interest, commissions, surcharges, and other charges included in the effective yield of the operation. m: number of payments. tm: time elapsed from the chosen calculation date (at the start) to the date of payment m. ik: effective rate per unit, referred to the chosen time period to express tn and tm in whole numbers. b) Repealed (3) c) The effective interest rate will be calculated using the following formula (3):

TIE = TIR * p * K

Where:
TIE: annual effective interest rate.
TIR: internal rate of return. p: periodicity.
K: number of payments or installments during a year.

Periodicity (p) Number of payments (K)
Daily 365
Weekly 52
Fortnightly (14 days) 26
Bi-weekly 24
Monthly 12
Bimonthly 6
Quarterly 4
Four-monthly 3
Semi-annual 2
Annual 1

Periodicity (p) Number of payments (K)
At maturity 365/Number of days*

Number of days between the granting date and the maturity of the credit.

CHAPTER VI
ON THE TRANSPARENCY OF COMMISSIONS, SURCHARGES, AND THIRD-PARTY CHARGES On commissions Art. 21.- Commissions must have a clear denomination and a concept or meaning for greater clarity and transparency to the general public. The terms and forms related to commissions must be previously known, accepted, and contracted; in addition, they must correspond to an additional service effectively provided by the entity and not be inherent to the product or service contracted by users in accordance with current legislation.

Charging for facilities such as VIP attention, air conditioning, water, coffee, or others that the entity makes available to clients for the provision of services in a comfortable and safe manner do not conform to the nature of a commission.

Two or more commissions cannot be charged for the same concept, nor can surcharges or third-party charges be applied for the same fact or act.

The entity must be as specific as possible in the publication of its commissions, guaranteeing the transparency of the charges it makes to users. (5)

On surcharges
Art. 22.- The terms and form that give rise to surcharges must be available to the general public; and must be read and explained, accepted, and contracted by clients in accordance with current legislation.

The denominations of surcharges must allow for easy identification and understanding by the general public and must not lend themselves to confusion with commissions or third-party charges.

Disclosure of rates for products and services on debit cards Art. 23.- Without prejudice to, according to the applicable legal framework, there is freedom to establish the commissions and surcharges deemed convenient, the entity must disclose the rediscount and interchange rates applied to clients' debit cards, in accordance with Annex No. 2 of these Standards.

The entity will disclose these rates through its website.

On third-party charges
Art. 24.- In no case shall third-party charges be applied for concepts not previously agreed upon with the client. Instructions for charges related to the contracting of products and services that the client has authorized third parties to perform on their accounts, such as payments for water, electricity, telephone, municipal taxes, insurance, among others, are excepted.

Regarding insurance premium charges in cases of collective policies contracted with the entity, the entity will deliver to the client an extract of the policy that will be provided free of charge by the insurer and that will contain a detail of the risks covered, the rights and obligations of the client, the form of renewal, and modifications to which the policy is subject. In any case, both the entity and the insurer must deliver a free copy of the policy upon the client's request.

In the case where the client pays an amount for appraiser services for the valuation of movable and immovable property as a requirement linked to the operations to be contracted, the entity or the appraiser will deliver to the client an original of the valuation performed and the payment receipt for this service.

Art. 25.- All disclosed information on interest rates, nominal and effective, commissions, surcharges, and third-party charges, even those of a commercial nature, must refer to a specific financial product or service when applicable or when it is appropriate to differentiate, so as not to mislead or confuse the public.

All commercial publications that disclose interest rates must indicate the nominal rate and the effective rate in effect at the same frequency with the same font size, clearly establishing the corresponding restrictions. Entities may make this information available to the general public through their website.

Likewise, entities must refrain from publishing commissions or surcharges that have been declared inappropriate in a final judgment by the competent authority.

Commissions, surcharges, or third-party charges must have the backing that allows proving the effective existence of the service or penalty and justifies the charge to the client.

The aforementioned backing must be available to the Superintendency at all times.

CHAPTER VII
SUBMISSION OF ENTITY INFORMATION TO THE SUPERINTENDENCY

Submission of information to the Superintendency Art. 26.- The entity must submit to the Superintendency, in electronic media or in the form it determines, in the last three business days of each month, the information regarding interest rates, commissions, surcharges, and third-party charges, which will be published on the first day of the following month, in accordance with what is established in these Standards.

Art. 27.- For the purpose of promoting greater transparency, the entity must have policies on commissions and surcharges authorized by the Administration Body, in which each of the commissions, third-party charges, and surcharges, their meaning, the operations on which they apply, the maximum to be charged, and the frequency of charging, among others, are defined and clarified; these policies must be submitted to the Superintendency within the first thirty days of the current year.

When new commissions, third-party charges, and/or surcharges are added, the entity must update the policies and submit them to the Superintendency within ten business days following approval by the Administration Body.

CHAPTER VIII
CONTRACTUAL CONTENT

Contract for active operations with fixed interest rate Art. 28.- In the case of active operations contracted with the fixed interest rate modality, it must be established in the contract regarding the same that the interest rate will remain fixed during the established term.

Contracts for active operations with adjustable interest rate Art. 29.- In the case of active operations contracted with the adjustable interest rate modality, it must be established in the contract regarding the same the differential with respect to the reference rate that will be applied during the validity of the operation, the periodicity of the adjustments, and the default interest that will be charged in cases of default. The established differential will be the maximum, and the default interest will remain fixed until the total extinction of the respective credit obligation.

Prior to the contracting of the operation, the user must be explained the fluctuations to which the interest rate of the contracted operation may be subject when the reference rate varies.

Modifications to the reference rate of active operations will affect all contracts that have been agreed upon with an adjustable rate, in accordance with the frequency established in the credit contract.

Any increase in the active interest rate must be communicated directly and in writing to the client, by any means available to the entity, fifteen days in advance of being applied, without prejudice to the publications that the entity must make in accordance with the Banks Law and the Cooperative Banks and Savings and Credit Societies Law.

In any case, there must be physical or electronic evidence that the corresponding communication has been made.

Loan contracts with resources from specific institutions Art. 30.- When medium and long-term loans with adjustable interest rates are contracted, financed with resources from other specific financial institutions, the contract must specify that the adjustments will be linked to the cost of the financial resources.

Prior to the contracting of the operation, the user must be explained that the adjustments to the interest rate will depend on changes in the costs of the financial resources provided by the specific entity.

Contracts under special loan programs
Art. 31.- When loans are contracted under the modality of special programs with adjustable interest rates that are not linked to the reference rate, the interest rate and commissions will be established uniformly for all loans in accordance with what was contracted with the corresponding creditor entity.

The entity must communicate to the Superintendency five business days in advance the opening of each special program, detailing the product to be offered, the duration of the program, the form of adjustment of interest rates, the commissions to be charged, the maximum and minimum term of the operation, and the maximum effective rate, calculated as indicated in these Standards.

Condition of interest on active operations
Art. 32.- In the contracting of active operations, interest will be subject to the following provisions:
a) In contracts with active operations, the entity must state the nominal and effective rates, in this order, expressed in annualized form, in letters and numbers of larger size; b) Interest that has not accrued cannot be charged, notwithstanding contrary agreement; the exception is discount operations of documents; c) It is not possible to agree on the charging of interest on interest, nor interest on commissions and third-party charges or surcharges; d) The computation of interest will be made from the day the resources are delivered to the client until one day before the repayment date, unless otherwise provided for the benefit of the debtor; and e) Interest will be applied only on outstanding capital balances during the time they have been pending, and in the case of default interest, it will be applied on the outstanding capital balance that has failed to be paid and not on the total debt.

Any amount received in concept of active operations will be imputed first to interest and the remainder, if any, to capital, unless otherwise provided for the benefit of the debtor.

When the payment deadline is a bank closing day, a holiday, a national day of rest, the weekend, or if the computer system or the possibility to make the payment is not enabled, the payment deadline will be extended to the next business day.

Condition of interest in passive operations
Art. 33.- In the contracting of passive operations, interest will be subject to the following:
a) In savings deposits, interest will be computed from the day of receipt of the deposit or remittance, until the day prior to the date of withdrawal of the funds; and b) In other deposits, the computation of interest will be made from the day following the receipt of the funds, until the day of maturity of the term agreed for payment or cancellation.

CHAPTER IX
RELATING TO DISCLOSURE

Monthly disclosures
Art. 34.- The entity must publish on the first day of each month, in two newspapers of national circulation, clearly and legibly, the reference interest rates, the nominal and effective rates, the commissions, the surcharges, and the third-party charges, which will be in effect for that month, taking as a basis the formats described in Annexes Nos. 3, 4, and 5 of these Standards, except for cooperative banks, who must display them on bulletin boards in their branches. (1)

The entity must display, starting from the first day of each month, on the bulletin boards installed in its central offices, branches, and on its website in a clear, legible, and visible manner, the interest rates, commissions, surcharges, and third-party charges applicable to its operations, which will be in effect for that month.

The interest rates of active and passive operations that are disclosed must be annual.

The information through the website must be shown through a link with a name related to information on products and services. This link will provide information on the rates charged by the entity as well as the model contracts of adhesion for the different products and services that the entity commercializes. The contracts, regulations, or annexes published on the websites must be updated and have the date of the last update, which must be identical to the information the entity disseminates in its customer service offices and in the newspapers.

Art. 35.- The disclosed nominal and effective interest rates must be the maximum for each type of credit operation, presented in percentage form, with two decimal places.

Art. 36.- Interest rates, commissions, surcharges, and third-party charges will be in effect from the day of their disclosure and those that have not been disclosed cannot be applied, except in the case of increases in interest rates on passive operations or decreases in interest rates on active operations and commissions for services or surcharges.

Information on commissions, surcharges, third-party charges, and other relevant conditions referred to products and the provision of services must be detailed in order to allow users to have full knowledge of them, perform the corresponding verifications, and understand the cost involved.

Insurance policy information
Art. 37.- Information regarding insurance that the entity offers, whether or not associated with credit operations, must indicate previously, in a clear and detailed manner, the risks covered, the amount of the premium or the way it will be determined, the exclusions of the insurance, the form and term to make the claim. The user has the right to freely contract with the insurance company for the acquisition of their insurance policy to be granted as collateral, which meets the risk parameters of the corresponding entity, in accordance with the entity's internal policies.

In the event of death or disability of the holder of an insurance policy offered by the entity, it will inform the user to notify the claim if this product or service has an associated insurance.

The entity must inform the beneficiaries of said insurance policy, within a maximum of five business days, the name, address, and claims attention telephone number of the Insurance Company with which said policy was contracted and the procedure to follow to make the claim effective.

Disclosure of modifications
Art. 38.- Increases in interest rates on active operations, commissions for services, third-party charges, as well as decreases in interest rates on passive operations, occurring after the monthly disclosure, must be disclosed eight days in advance of their validity, in the same way as described in the second subsection of article 34 of these Standards. These disclosures must refer exclusively to the changes to be made.

When it concerns active operations that belong to special programs with interest rates not linked to the reference rate, interest rate increases must be disclosed thirty days in advance.

Decreases in interest rates on time deposits that are renewed automatically must be disclosed eight days in advance of maturity. The notice of decrease must indicate that those who do not accept the new interest rate have a term of fifteen days counted from the maturity to withdraw it.

The disclosures referred to in this article will be made through the monthly publications and through subsequent publications, whenever there is a decrease in passive rates.

Correction of publications
Art. 39.- The Superintendency may require new publications in cases where the requirements established by the Banks Law and the Cooperative Banks and Savings and Credit Societies Law, as well as what is established in these Standards, have not been met.

Public offer
Art. 40.- The disclosures will have the character of a public offer and will bind the entity under the terms of article 64, subsection three of the Banks Law and article 42, subsection three of the Cooperative Banks and Savings and Credit Societies Law.

Disclosure of passive conditions

Alameda Juan Pablo II, between 15 and 17 Av. Norte, San Salvador, El Salvador.
Tel. (503) 2281-8000 www.bcr.gob.sv
CNBCR-15/2018
NCM-02
TECHNICAL STANDARDS FOR TRANSPARENCY AND DISCLOSURE OF INFORMATION ON BANKING FINANCIAL SERVICES Approval: 12/20/2018 Validity: 01/07/2019

Art. 41.- The entity must disclose information concerning terms, interest rates, interest capitalization, surcharges, commissions, and other conditions that imply significant benefits or costs for clients. The entity shall publish such information in two newspapers of national circulation, at least three times a year, and it shall be fully available to users in their customer service offices, website, and other communication media that the entity deems appropriate.

At the bottom of the disclosure of passive interest rates, it must be indicated that the different deposit modalities offered have been approved by the Central Bank, regarding transferability or negotiability and the term.

Notwithstanding what is established in the first paragraph of this article, Cooperative Banks are excluded from publication in newspapers of national circulation.

CHAPTER X
ON COLLECTION MANAGEMENT BY THIRD PARTIES

Provision of services by third parties
Art. 42.- The entity must establish appropriate policies and procedures to evaluate and monitor the outsourcing of administrative collection management services. To this end, the entity must formalize contracts that include the scope and clearly define the responsibilities of the service provider and the entity.

Additionally, the contracts must include at minimum the following clauses:
a) Confidentiality of information; b) The provider's obligation to comply with applicable legal provisions and the penalties for non-compliance; c) In cases where administrative collections are performed, a detailed description of the administrative collection or delinquency collection treatment to be applied to the client, as well as the fee schedule for the management performed. The charge made to the client must be in accordance with the costs incurred by the entity; and d) The provider's obligation to document the services provided in a manner that facilitates adequate review of the service provision by the entity and the Superintendence.

Collection management companies
Art. 43.- The entity must have available to its clients the updated data of the collection management offices, which must include at minimum the following: office name, address, phone numbers, and the hours during which collections will be performed. This information must be available to clients through electronic means and in their agencies.

CHAPTER XI
OTHER PROVISIONS, REPEAL AND VALIDITY

Generation of statistical information
Art. 44.- The entity must have an automated system for recording, processing, storing, transmitting, producing, securing, and controlling complaints or management involving any complaint or disagreement expressed by the client received in the previous month, related to financial products or services, which must contain among other things, the number of cases, reason for complaints, cases in process or completed, according to the format described in Annex No. 6 of these Standards. (1) The system will generate statistics to determine which products offered by each entity have the highest number of complaints or management involving any complaint or disagreement expressed by the client received in the previous month, related to financial products or services, with the objective that the Administration Body takes decisions based on relevant and timely information in accordance with what is established in article 35 letters d), e), h) and j) of the Law on Supervision and Regulation of the Financial System. (1) The Superintendence may request direct real-time access to said system in accordance with article 32 of the Law on Supervision and Regulation of the Financial System.

Special attention to the elderly (5)
Art. 44-A.- With the objective of guaranteeing attention to the elderly in accordance with the Law on Comprehensive Attention for the Elderly Person, entities must use electronic or digital means of attention channels for the elderly, especially regarding the opening and updating of savings or current account information, considering the guarantees of authenticity, confidentiality, integrity, availability, and preservation of information, which allow for the safeguarding of information sent by the elderly, with the aim of safeguarding their right to privacy. (5)

This enablement implies that the entity can receive digital copies, through scanning or photography of the documents necessary for the updating of information.

Likewise, entities may apply communication means such as telephone calls, video calls, or biometric mechanisms, with the objective that the elderly person does not have to travel to an entity establishment. (5)

Entities are obligated to guarantee that acts of communication and acceptance originate from the account holder. (5)

For the compliance with this article, entities must disclose through the means they consider pertinent the expansion of attention channels for the elderly. (5)

Likewise, entities must consider in the application of these procedures the cognitive capacity of the elderly person. (5)

Accounts for Pensioners (5)
Art. 44-B.- According to the Comprehensive Law of the Pension System, the Pension constitutes a right in favor of the affiliate which, for its enjoyment, requires the use of the means made available by the entities of the Financial System. (5)

With the objective of contributing to facilitate the payment of the old-age pension, which is performed by crediting an account in the name of the beneficiary, through a deposit in a current or savings account, entities must implement a free regime for cash withdrawals at the entity's ATM network nationwide, considering the first 10 monthly withdrawals free of charge; account management fees will not apply to these accounts, and these accounts will serve for the collection of the pension. (5)

These accounts will apply to pensioners of the different pension regimes applicable nationwide, and may cover disability and survivorship pensions when the user utilizes them solely for the collection of the referred pension. (5)

Entities may adapt their products to these characteristics or create a product in accordance with what is established in this article. (5)

On Access to Financial Products and Services (6) Art. 44-C.- In consideration of what is established in article 18, letter e) of the Consumer Protection Law, entities, in their corresponding policies and procedures, must guarantee access to financial services and products, ensuring equitable, equal, and transparent conditions in attention and provision of information to users, avoiding restricting access and use of services to users for reasons not supported by legal or regulatory criteria. (6)

On User Attention (6)
Art. 44-D.- Entities regarding user attention must consider the following: (6)

a) Provide the user with clear, truthful, and timely information about the requested product or service; (6) b) Equal and equitable treatment to users; (6) c) Avoid any form of discrimination in access to and use of financial services and products; and (6) d) Special attention in agencies and establishments to users considering their age and disability. (6)

Art. 44-E.- Entities may not restrict or limit access to bank agencies or establishments to persons wishing to use the financial products and services they offer, except in those cases where there are objective and duly justified reasons related to situations that compromise the safety and protection of the physical integrity of the persons located inside them. (6)

Likewise, they must guarantee that the user is attended to with respectful, professional, and equitable treatment, regardless of the following aspects: (6) a) That they maintain a prior contractual relationship; (6) b) The type of operation they intend to perform; (6) c) The amount of the transaction; (6) d) Personal appearance; (6) e) Clothing; and (6) f) Socioeconomic condition. (6)

Role of the Internal Auditor
Art. 45.- The Internal Audit of the obligated subjects must ensure compliance with these Standards.

Disclosure to the public about statistical summary Art. 46.- The entity must disclose on its website a link that directs to the statistical summary regarding the reasons for complaints or management involving any complaint or disagreement expressed by the client received in the previous quarter, related to financial products or services, as well as efficiency indicators of resolved cases and the maximum times for their resolution. (1)

Entities must present the statistical summary taking into consideration what is established in Annex No. 6 of these Standards.

Submission of information to the Superintendence Art. 47.- The entity must submit monthly to the Superintendence within a period of five business days following the month in reference, the statistical control established in the

Annex No. 6 of these Standards.

Likewise, in the case that a client presents a complaint regarding operations, services, and/or financial products without a valid contract with the entity, this must be registered with code 26 "Other reasons", from Annex No. 8 of these Standards. (4)

In the event that there are no complaints or management involving any complaint or disagreement expressed by the client received in the previous month, related to financial products or services, the entity will submit to the Superintendence a note stating such situation. (1)

Technical details for the submission of information to the Superintendence Art. 48.- The Superintendence will submit to the entities, with a copy to the Central Bank, within a maximum period of thirty days following the effective date of these Standards, the technical details related to the sending of the information requested in article 47 of these Standards.

The technical details will be limited to the collection of information in accordance with what is regulated in these Standards.

Sanctions
Art. 49.- Non-compliance with the provisions contained in these Standards will be sanctioned in accordance with what is established in the Law on Supervision and Regulation of the Financial System.

Repeal
Art. 50.- These Standards repeal the "Standards for the Transparency of Information on Financial Services" (NPB4-46), approved on July 7, 2010, by the Board of Directors of the Superintendence of the Financial System, whose Organic Law was repealed by Legislative Decree No. 592 containing the Law on Supervision and Regulation of the Financial System, published in Official Diary No. 23, Volume No. 390, dated February 2, 2011.

Transitory Provisions
Art. 51.- Entities must submit to the Superintendence Annex No. 1 of the "Standards for the Transparency of Information on Financial Services" (NPB4 -46), titled "Complaint or Complaint Control" until the month of January 2020, with the information corresponding to the month of December 2019. (1) Art. 51-A.- Entities, with the objective of implementing what is established in articles 44-A and 44-B, will have a period of one month from the validity of the referred modifications. (5)

For the implementation of the regime for the charge of commission for balance inquiry in accordance with Annex No. 1 of these Standards, entities, while they do not modify the ATM network indicating the message of the charge for this service or that this service may generate charges or commissions, must offer it free of charge. (5)

While the implementation process lasts, societies that offer complementary services to the financial services of the subjects of these Standards must adapt their services to what is provided in this provision. (5) Art. 52.- Entities subject to these Standards will have up to six months from the communication of the technical details by the Superintendence to adapt and comply with what is established in articles 44, 46, and 47 of these Standards.

Entities must submit to the Superintendence in the first five business days of the month of March 2020, the first report containing the information relative to the months of January and February 2020 in accordance with Annex No. 6 of these Standards. (1) (2)

Art. 52-A.- To comply with what is established in article 20, letter c) of these Standards, entities will have an adaptation period of seventy-five business days counted from January 16, 2023, to make changes in their information systems, as well as in their loan portfolios. (3)

Unforeseen Aspects
Art. 53.- Unforeseen aspects in regulatory matters in these Standards will be resolved by the Central Bank through its Standards Committee.

Validity
Art. 54.- These Standards will enter into force from January 7, 2019.

MODIFICATIONS:
(1) Modifications to articles 16, 34, 44, 46, 47, 51, and Annexes No. 6, No. 7, and No. 8, approved by the Central Bank of Reserve of El Salvador through its Standards Committee, in Session No. CN-17/2019, dated October 23, 2019, with validity from November 14, 2019. (2) Modification to article 52 approved by the Central Bank of Reserve of El Salvador through its Standards Committee, in Session No. CN-02/2020, dated February 4, 2020, with validity from the day of its communication. (3) Modifications in article 20, letter c) and Annex No. 6, addition of article 52-A, and repeal in article 20, letter b), approved by the Central Bank of Reserve of El Salvador through its Standards Committee, in Session No. CN-11/2022 dated December 30, 2022, with validity from January 16, 2023. (4) Modifications to articles 2, 14, 47, and Annex No. 7, approved by the Central Bank of Reserve through its Standards Committee, in Session No. CN-04/2023, on June 28, 2023, with validity from July 14, 2023. (5) Modification in article 21 and incorporation of articles 44-A, 44-B, 51-A, and item 7 of Annex No. 1, approved by the Central Bank of Reserve through its Standards Committee, in Session No. CN-07/2024, on August 22, 2024, with validity from September 6, 2024. (6) Modifications in articles 10 and 12 and incorporation of articles 44-C, 44-D, and 44-E, approved by the Central Bank of Reserve through its Standards Committee, in Session No. CN-04/2026, on May 25, 2026, with validity from June 9, 2026.

Annex No. 1

COMMISSIONS AND SURCHARGES
Commissions and Surcharges whose charge is appropriate, under the indicated conditions:

COMMISSION FOR PAYMENT OF COLLECTION AGENCIES: Its charge proceeds only if it is applied to the company to which the bank provides the collection service and not to the general public, provided that in the contracts with those companies the charge of this commission is agreed upon, also determining that, if the bank intends to provide such service only to its own clients, this must be stated in the collection contracts that banks sign with companies;
COMMISSION FOR DOCUMENT REGISTRATION PROCESSING: The charge of this commission proceeds upon proving that banks manage the registration of documents that, ultimately, also results in a benefit for the client, by achieving promptness in the registry service and the retrieval of documents that are in problems;
COMMISSION FOR COUNTING SUBDIVIDED CURRENCY: The charge of this commission proceeds provided that it is applied only to clients who, due to their commercial activity and handling of high volumes of subdivided currency, require such service;
COMMISSION FOR NOTATION OR REASON APPLIED TO NON-PAYABLE CHECKS: Its charge proceeds when using the bank's services for this purpose, considering that the interested party may well request the professional services of a Notary for this purpose, as an option;
COMMISSION FOR MAINTAINING THE VALIDITY OF EXTERNAL POLICIES: Its charge proceeds considering that some banks perform a management for this effect, which translates into the payment of a premium on behalf of the client, to keep the respective Policy valid, which is external to the one commercialized by the same bank or by entities belonging to the same financial conglomerate, which results in a benefit for the client;
SURCHARGE FOR EARLY PAYMENT: The charge of this surcharge proceeds only in the exceptional cases foreseen in letter m) of article 19 of the Consumer Protection Law, considering the terms of the respective obligations according to what is provided in the last paragraph of article 59 of the Banks Law; and
SURCHARGE FOR REJECTED CHECKS: The charge of said surcharge proceeds only if it is applied to the issuer of the non-payable check due to a cause attributable to him, without its charge being transferred to the beneficiary thereof.

Commissions and Surcharges whose charge is inappropriate, with the exceptions indicated:

COMMISSION FOR INSURANCE POLICY ADMINISTRATION: The charge of a commission with such denomination does not proceed, since banks do not administer Policies;
COMMISSION FOR TRANSACTIONS PERFORMED AT THE COUNTER: It was determined that, by definition, the charge of this commission does not proceed, since counter transactions are part of the operational business of banking entities;
COMMISSION FOR CASH REMITTANCES EXCEEDING AN AMOUNT DETERMINED BY THE BANK: The charge of this commission does not proceed, since the receipt of remittances in cash, regardless of their amount, are part of the operational business of banking entities;

COMMISSION FOR CHECK PROTEST: The charge of this commission does not respond to what the banking operation implies, which is a special notation or reason stamped that each bank places on checks that it does not pay for various lawful reasons;
SURCHARGE FOR PAYMENT OF CHECKS IN A NUMBER GREATER THAN ESTABLISHED BY THE BANK: By definition, the charge of this surcharge does not proceed, since the receipt of checks by a client, regardless of their amount, are part of the operational business of banking entities; and
SURCHARGE FOR INACTIVITY IN DEPOSIT ACCOUNTS: It was determined that the charge of such surcharge does not proceed by virtue of the legal aspects inherent to the topic, that is, it is a case that already has specific treatment in the Banks Law.
COMMISSION OR SURCHARGE FOR BALANCE INQUIRIES AT ATMS, ATM OR OTHER ELECTRONIC MEANS: the first 10 operations related to balance inquiry will be free, provided that a receipt of the account balance is not required to be printed on the device through which the inquiry is made. Entities must implement messages in their ATM network regarding charges or commissions for the service, if any. The provisions of this item will apply to debit products and in the entity's own network. (5)

Likewise, commissions declared as such by jurisprudence will be considered inappropriate.

Annex No. 2
Alameda Juan Pablo II, between 15 and 17 Av. Norte, San Salvador, El Salvador.
Tel. (503) 2281-8000 www.bcr.gob.sv
CNBCR-15/2018
NCM-02
TECHNICAL STANDARDS FOR TRANSPARENCY AND DISCLOSURE OF INFORMATION ON BANKING FINANCIAL SERVICES Approval: 12/20/2018 Validity: 01/07/2019

EXCHANGE RATES FOR DEBIT CARDS RECEIVED IN THE MONTH (a)

TYPE OF COMMERCE
DISCOUNT RATE (ACQUIRER) ISSUER EXCHANGE RATE
MINIMUM RATE MAXIMUM RATE AVERAGE RATE
DEBIT CARD
Large distribution companies (b)
Supermarkets
Gas stations
Retail trade (c)
Hotels and similar accommodations
Restaurants, cafeterias, bars and similar establishments Travel and entertainment (d) Public Services (Electricity and Water) Rest of the categories (e)

(a) The data to be reported by the entity are those corresponding to payment operations carried out in the month to which the data refer, on debit cards of clients. The rates shall be declared in percentages with two decimal places and the amount in thousands of dollars.

(b) Large distribution companies for food products, appliances, clothing, toys, books, or sports articles, among others.

(c) Small-format businesses of any nature, including those for daily use (such as pharmacies, jewelry stores, shoe stores, and gift shops, among others), unless due to their small amount they must be classified as "Other categories".

(d) Businesses focused on travel, leisure, and entertainment, except hotels and restaurants (such as travel agencies, passenger transport, vehicle rental, casinos, shows, massages, saunas, and nightclubs), unless due to their small amount they must be classified as "Other categories".

(e) Other commercial activities not included in the above categories (such as pharmacies, companies dedicated exclusively to non-presence sales, public services, charitable and non-profit societies, and health services), as well as commercial activities whose prices are conditioned by a specific regulatory framework (for example, urban transport, parking, etc.) and which, in general, present a low average amount in purchases with payment cards.

Annex No. 3
Alameda Juan Pablo II, between 15 and 17 Av. Norte, San Salvador, El Salvador.
Tel. (503) 2281-8000 www.bcr.gob.sv
CNBCR-15/2018
NCM-02
TECHNICAL STANDARDS FOR THE TRANSPARENCY AND DISCLOSURE OF INFORMATION ON BANKING FINANCIAL SERVICES Approval: 20/12/2018 Validity: 07/01/2019 NOMINAL AND EFFECTIVE INTEREST RATES FOR ACTIVE OPERATIONS REFERENCE RATE FOR ACTIVE OPERATIONS ___% ANNUAL ACTIVE OPERATIONS LOANS PRODUCTIVE LOANS LOAN FOR MICRO AND SMALL ENTERPRISES CONSTRUCTION HOUSING ACQUISITION CONSUMPTION REVOLVING INDIVIDUALS DISCOUNT OF DOCUMENTS CREDIT CARD CREDIT WITH GUARANTEE OF TIME DEPOSIT OTHER DESTINATIONS Nominal Rate Effective Rate Nominal Rate Effective Rate Nominal Rate Effective Rate Nominal Rate Effective Rate Nominal Rate Effective Rate Nominal Rate Effective Rate Nominal Rate Effective Rate Nominal Rate Effective Rate Nominal Rate Effective Rate Nominal Rate Effective Rate a) Up to one year term Own funds External funds Special programs b) More than one year term Own funds External funds Special programs c) Loans with resources from BANDESAL d) Overdrafts e) Extra-financing credit card f) Guarantees g) Automatic loans h) Special programs LATE INTERESTS PAYMENT PLAN a) Amortization tables b) At maturity Note: The names of the products in the column titles are exemplary; the entity must name its own products.

Annex No. 4
Alameda Juan Pablo II, between 15 and 17 Av. Norte, San Salvador, El Salvador.
Tel. (503) 2281-8000 www.bcr.gob.sv
CNBCR-15/2018
NCM-02
TECHNICAL STANDARDS FOR THE TRANSPARENCY AND DISCLOSURE OF INFORMATION ON BANKING FINANCIAL SERVICES Approval: 20/12/2018 Validity: 07/01/2019 COMMISSIONS FOR INTERNATIONAL TRADE OPERATIONS A. COMMISSIONS AT SIGHT FOR MINIMUM MATURITY CONCEPT*

Import Letters of Credit
Opening % S/the base % S/the base
Increase in value SAME SAME
Extension SAME SAME
Acceptance SAME SAME
Amendments and discrepancies SAME SAME
Cancellation SAME SAME
Export Letters of Credit
Advice and Confirmation % S/the base % S/the base Extension SAME SAME Acceptance, negotiation, or payment SAME SAME Amendments and discrepancies SAME SAME
Issuance of drafts SAME SAME
Transfers SAME SAME
Collections
Imports % S/the base % S/the base
Exports SAME SAME
Other Commissions
Remittances of cash dollars % S/the base % S/the base Suspension of payment of drafts plus expenses SAME SAME Orders for payment from abroad SAME SAME Sale of traveler's checks SAME SAME B. EXPENSES AT THE USER'S ACCOUNT Specify the cost of the service Specify the cost of the service Communications, mail, and stationery Others (detail) Note: The names of the commissions and expenses are illustrative; therefore, the entity must publish them according to the name by which it denominates them. *The concept of the commissions will only be published on the website and in publications at the respective agencies

Annex No. 5
Alameda Juan Pablo II, between 15 and 17 Av. Norte, San Salvador, El Salvador.
Tel. (503) 2281-8000 www.bcr.gob.sv
CNBCR-15/2018
NCM-02
TECHNICAL STANDARDS FOR THE TRANSPARENCY AND DISCLOSURE OF INFORMATION ON BANKING FINANCIAL SERVICES Approval: 20/12/2018 Validity: 07/01/2019 COMMISSIONS AND CHARGES FOR SERVICES AND INTEREST RATES FOR PASSIVE OPERATIONS COMMISSIONS FOR SERVICES AMOUNT CHARGES AT THE ACCOUNT OF THIRD PARTIES AMOUNT SURCHARGES AMOUNT INTEREST RATES FOR PASSIVE OPERATIONS PRODUCTS Annual interest rate (%) Note: The deposits described above are subject to the Standards approved by the Central Reserve Bank of El Salvador, regarding terms, transfer, and negotiability.

Annex No. 6 (1)
Alameda Juan Pablo II, between 15 and 17 Av. Norte, San Salvador, El Salvador.
Tel. (503) 2281-8000 www.bcr.gob.sv
CNBCR-15/2018
NCM-02
TECHNICAL STANDARDS FOR THE TRANSPARENCY AND DISCLOSURE OF INFORMATION ON BANKING FINANCIAL SERVICES Approval: 20/12/2018 Validity: 07/01/2019 COMPLAINT OR DENUNCIATION CONTROL No. Requirement Description 1 Agency that received the complaint Name of the agency, branch, office, unit, or channel in which the complaint was received by the entity. 2 Control Number Number of tracking or control assigned by the entity to reference the complaint. 3 Date of the complaint Date on which the client or user presented their complaint. 4 Name of the user or client Name of the user or client who presents the complaint. 5 Nationality of the user or client Nationality of the user or client who presents the complaint. 6 Type of person (Natural or Legal) If the person presenting the complaint is Natural or Legal. 7 Tax Identification Number Tax Identification Number. (Which will be required in cases defined by the Tax Administration). (3) 8 Type of Identity Document Document by which one identifies:
Unique Identity Document, Passport, or resident card.
9 Identity Document Number Number of Identity Document.
10 Sex Sex of the person (provided that this is a natural person).
11 Product, service, or operation related to the complaint Code of the product, service, or operation related to the complaint according to Annex No.
7.
12 Reason for the complaint Code of the complaint according to Annex No. 8.
13 Status of the complaint Status in which the complaint is: in process or finalized.
14 Result of the resolution
Result of the resolution of the complaint:
favorable, unfavorable, or withdrawn by the client.
15 Date of the resolution Date on which the complaint management was finalized.
16 Name of the unit Name of the unit responsible for resolving the complaint.
17 Operational risk generating factors
Factors generating operational risk.

Annex No. 7 (1)
Alameda Juan Pablo II, between 15 and 17 Av. Norte, San Salvador, El Salvador.
Tel. (503) 2281-8000 www.bcr.gob.sv
CNBCR-15/2018
NCM-02
TECHNICAL STANDARDS FOR THE TRANSPARENCY AND DISCLOSURE OF INFORMATION ON BANKING FINANCIAL SERVICES Approval: 20/12/2018 Validity: 07/01/2019 OPERATIONS – SERVICES – PRODUCTS CODES CODE OPERATIONS – SERVICES – PRODUCTS 1 Savings Deposits 2 Time Deposits 3 Current Account 4 Deposits for Compensation for Time of Services 5 Debit Cards 6 Corporate Credits 7 Consumer Credits 8 Mortgage Credits 9 Factoring and/or Discount 10 Surety Letters / Guarantees 11 Guarantees and Other Collateral 12 Trusts 13 Safe Deposit Boxes 14 Fund Transfer 15 Electronic Banking 16 Automated Teller Machines 17 Problems related to the user attention service of the financial system 18 Insurance 19 Program for protection against theft, fraud, robbery, and loss of debit card 20 Collection 21 Money sending and receiving services (Payment and receipt of Remittances) 22 Other Operations, Services, and/or Financial Products (4)

Annex No. 8 (1)
Alameda Juan Pablo II, between 15 and 17 Av. Norte, San Salvador, El Salvador.
Tel. (503) 2281-8000 www.bcr.gob.sv
CNBCR-15/2018
NCM-02
TECHNICAL STANDARDS FOR THE TRANSPARENCY AND DISCLOSURE OF INFORMATION ON BANKING FINANCIAL SERVICES Approval: 20/12/2018 Validity: 07/01/2019 COMPLAINT REASON CODES CODE COMPLAINT REASON DETAIL 1 Contract clauses, policies, conditions, agreements 2 Information on operations, products, and services 3 Charges of interest, commissions, surcharges, and charges at the account of third parties 4 Interest rates, commissions, or other agreed conditions 5 Account overdraft 6 Account operations (withdrawals and deposits) 7 Fund withholdings for credit and debit products 8 Account cancellation 9 Problems with checks (badly issued, rejected, duplicated, false) 10 Incorrect settlements 11 Problems related to insurance or information about the contracted insurance 12 Problems in the execution or appraisal of collateral 13 Problems in the custody service of securities in accordance with letter l) of article 51 of the Banks Law 14 Unrecognized account operations (consumptions, cash withdrawals, withdrawals, charges, credits, and balances) 15 Sending of correspondence (account statements, charge notes, payment schedule, among others) 16 Information in the Risk Central and/or rectification of the information 17 Unprocessed transactions (includes problems in the functioning of Internet operations, problems in exchange rate differential, others) 18 Rectification of service payment (client/company) 19 Delay or lack of return of valued documents/goods 20 Problems related to electronic cash dispensers (did not dispense cash, voucher) 21 Problems with services provided through electronic channels 22 Computer system failures that hinder operations and services 23 Disclosure of operation information without client authorization 24 Delivery to beneficiaries of funds 25 Quality in user attention 26 Other reasons

Technical Standards for the Transparency and Disclosure of Information on Banking Financial Services

Lineage: In force

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