Regulatory Alerts2020-12-30
Transferring Activity and Closing a Customer’s Account
The Supervisor of Banks issued this directive to regulate the procedures for closing customer accounts or transferring banking activity to a new institution. Banks are required to facilitate these processes efficiently by providing detailed periodic reports and guides, while ensuring customers retain benefits and can act remotely. The regulation also mandates specific timelines for executing transfers, handling outstanding liabilities, and managing the transition of credit card transactions between old and new issuers.
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