Regulatory Alerts2016-03-08 | Circular 1/2012Added
Circular 1/2012 — Modifies Circular 22/2010
This circular modifies the definition of "Payroll Basic Account" and updates rules for basic accounts exempt from fees within Circular 22/2010. It expands eligibility for Payroll Basic Accounts to include individuals receiving pensions, allows credit institutions to convert inactive payroll accounts (no deposits for six months) into general public basic accounts with 30 days' notice, and permits the closure of general public basic accounts if the minimum average balance is not maintained for three consecutive months, subject to a 60-day warning period. The modifications establish that notifications via automated teller machines must be demonstrably delivered, with timeframes calculated from the customer's use of the machine, and the circular enters into force on April 30, 2012.
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