Circular OPASI 2 - 128. REMON 1 - 719. Regulation of common and deferred payment checking accounts. (Law 24.452)

BANCO CENTRAL DE LA REPUBLICA ARGENTINA
__________________________________________________________________ COMUNICACION " A " 2329 21/04/95 __________________________________________________________________ TO FINANCIAL ENTITIES:
Ref.: Circular
OPASI 2 - 128.
REMON 1 - 719.
Regulation of common checking and deferred payment accounts. (Law 24.452)

We address you to inform you that this Institution adopted the following resolution:

"1. Approve, effective from May 1, 1995, the rules on the regulation of checking accounts and the use of common and deferred payment checks contained in the Annex to this communication.

2. Establish that, in accordance with what arises from Law 21.526, checking accounts with common checks may only be opened in commercial banks.

Checking accounts with deferred payment checks may be operated by all financial entities, regardless of their class.

3. Provide that until December 31, 1995, 2 (two) endorsements will be admitted to transfer common checks. The signature of the holder to deposit or collect that instrument does not constitute an endorsement for the purposes of the limitation established.

4. Establish that the calculation of check rejections and reports of loss referred to in points 1.4.2.1., 1.5.1.4. and 1.5.1.5. of Chapter I of Circular OPASI - 2 (text according to this communication), will be carried out with respect to situations that arise from May 1, 1995.

5. Repeal, with effect from May 1, 1995, the provisions on the issuance of sight drafts for the withdrawal of funds deposited in savings accounts referred to in point 1. of the resolution disseminated through Communication "A" 2092.

6. Render ineffective, with effect from April 1, 1995, the obligation to return to their drawers the paid checks, referred to in point 4. of the resolution disseminated through Communication "A" 2057, as well as its modifications.

7. Determine that, from May 10, 1995, the documents that make up the checkbooks that entities deliver to their clients must contain printed the address that the holder has registered with the drawee entity, in addition to the other required data, as established in the regulation.

8. Clarify that entities must record on the back of rejected checks the last address of the drawer that they have registered when that data does not coincide with the one printed on the front of the document. This obligation will also apply to rejections of checks issued in books where that data is not printed on the front of the document.

9. Provide that entities must adopt the necessary precautions so that, within 60 calendar days, they notify their clients about the validity of the new regulation on the functioning of the checking account, adjusting to the conditions established therein regarding the fixed requirements and formulate, if applicable, new agreements with checking account holders.

10. Establish that the monthly average of daily balances registered in deferred payment checking accounts will be subject to a 0% reserve requirement.

11. Clarify that, with respect to what is provided in Article 1 of Law 24.452, the provisions on the maximum amount of bearer checks and sight drafts against fractional shares of common investment funds have become ineffective."

We remind you that the rules on functioning, account closure, disqualification, procedural rules and models contained in the annexed regulation are applicable with respect to the issuance of sight drafts against fractional shares of common investment funds referred to in the provisions made known through Communication "A" 2092.

We salute you very attentively.
BANCO CENTRAL DE LA REPUBLICA ARGENTINA
Alfredo A. Besio Miguel A. Kiguel
Manager of Standards for General Manager
Financial Entities Area of Economics and Finance

ANNEX

+----------+-----------------------------------+------------+ I B.C.R.A. I REGULATION OF THE CHECKING AC- I Annex to I RRIENT. CHAP. I, CIRC. OPASI -2 ICom."A" 2329I +----------+-----------------------------------+------------+

1. Checking account.
   1.1. Opening.
   1.1.1. Application.
   To proceed with the opening of an account of these characteristics, which necessarily must have the possibility of using checks, an application will be presented in the formula that the entity provides for the purpose and in which the following will appear at minimum:
   1.1.1.1. The following data, corresponding
   to the applicant and, if applicable, to each of the persons to whose order the account will remain:
   1.1.1.1.1. Full names and surnames.
   1.1.1.1.2. Date and place of birth.
   1.1.1.1.3. Marital status.
   1.1.1.1.4. Profession, trade, industry,
   commerce, etc., which constitutes their main activity, determining the branch or specialty to which they are dedicated.
   1.1.1.1.5. Real and special addresses,
   the latter being mandatory constituted in the Argentine Republic.
   In the case that there is more than one holder, a single special address will be constituted, which will be considered for all legal and regulatory effects derived from the functioning of the account, including those arising from the check.

1.1.1.1.6. Unique Tax Identification Key
(C.U.I.T.) or Unique Labor
Identification Code
(C.U.I.L.), as applicable.
1.1.1.1.7. Names and surnames of the
spouse.
1.1.1.1.8. Names and surnames of the
parents.
1.1.1.1.9. Type and number of the docu-
ment presented to establish their identification, as provided for in Chapter XIII of Circular RUNOR - 1.
1.1.1.2. The names and addresses of 2 (two)
or more persons who, to the satisfaction of the entity, can provide sufficient references on the moral and material solvency of the applicant.
1.1.1.3. The commitment of the applicant and of
the persons to whose order the account will remain not to issue checks in a currency other than that in which the account is open and to rewrite them in the national language and not to issue common checks without sufficient funded provision credited or without the corresponding written authorization to draw on overdraft. In the case of deferred payment checks, their issuance will be conditioned on the existence of sufficient registration margins, as well as on the adequate provision or agreement to draw on overdraft at the time of maturity.
1.1.1.4. The client's consent for the checking
account to be debited with the commissions freely agreed upon at the time of opening or subsequently, for the services provided by the entity, and the operations contracted with it or with third parties (automatic debits) that the checking account holder has contracted.

It cannot generate a debit balance -even if the client has given their consent-, the debit of amounts instrumented through titles that in themselves do not possess executive force. The preceding limitation is excepted for debits originating from services provided by the entity itself, from automatic debits and from foreign trade operations, purchase and sale of securities and foreign currency. Debits for capital and interest, effected at maturity according to agreed conditions, linked to advances in the checking account duly credited and for interest accrued on overdrafts are included in that exception. For the purposes established in this point, the debits corresponding to the operations included in the second paragraph must be registered in the last term of the sequence of operations of each day.
1.1.1.5. The detail of commissions and
expenses, with mention of amounts, percentages, etc., for the services provided by the entity, as well as the dates and/or periodicity of those debits.
1.1.1.6. The list of debits that may not
require prior and express authorization from the applicant, such as the fines provided for in the Check Law. Debits for these last concepts may generate a debit balance in the checking account.
1.1.1.7. When it concerns legal persons, the
following will also be recorded:
1.1.1.7.1. Name or corporate name and
legal address.
1.1.1.7.2. Date of contract or
statutes and duration term of the society
1.1.1.7.3. Date and number of
registration in the pertinent official registry.

When registration in the Public
Registry of Commerce is not required because -in a habitual manner- acts of commerce are not carried out in the country, this requirement may be supplemented with the certificate that accredits that the society is registered before the competent official control body of the Argentine Republic, according to its specific activity. When it concerns foreign firms that do not comply with what is indicated in the previous paragraph, they may only open accounts to the order of their components or legal representatives.
1.1.1.7.4. List of authorities and
representatives who have authorization to use the account, it being necessary to record with respect to each of them the data established in point 1.1.1.1.
1.1.1.8. Forming part of said documentation
(application), the entity must deliver the complete text of the regulatory rules applicable in the matter. The checking account holder will leave record of said receipt, signing for the purpose a complete text of the aforementioned normative body.
1.1.2. Consultation of the "Database of
disqualified checking account holders".
Prior to compliance and verification of the accuracy of the requirements indicated in point 1.1.1. and before resolving favorably the application for opening a checking account, the entity must proceed to consult if the applicant is included in the "Database of disqualified checking account holders", with the scope provided for in point 1.8.4.

1.1.3. Signature registration.
Once the application is approved, the entity will require, in the presence of the official or officials that it has authorized or authorizes for the purpose, that the signer or signers of the application for opening the account stamp by hand and in person, on cards or special formulas, the signatures that will bear the checks they issue or the instructions they impart. The same formality will be required with respect to all persons who are authorized to draw against the account. To this end, the unification of the registration in a single card for all accounts opened by the same holder will be admitted.
1.1.4. Delivery of checkbooks.
Once the account is enabled through the initial deposit agreed upon or the corresponding authorization to draw on overdraft, the entity will deliver to the checking account holder, against receipt, checkbooks, in accordance with the legislation and the text of the applicable regulatory provisions. If the aforementioned book was not picked up personally by the account holder, the drawee will not pay the checks presented for collection if there is no confirmation from the holder regarding the receipt of said element. The drawee entity will proceed to reject by formal defect each of the checks contained in the checkbook for which the holder's confirmation of receipt has not been received. Checkbooks will not be delivered in a quantity greater than that justified by the account activity.
1.2. Contract conditions.
1.2.1. Obligations of the checking account holder.
1.2.1.1. Maintain sufficient provision of funds
so that the entity fulfills the payment orders issued against the account and, in case of failure, not issue checks departing from the conditions agreed upon in writing.
1.2.1.2. Upon receiving the statements, send
to the entity their confirmation of the balance or any observations that may arise, within the terms established in point 1.2.2.3.
1.2.1.3. Update the registered signature, each
time the entity deems it necessary.
1.2.1.4. Notify the entity, in writing, of the
loss, theft or alteration of blank check formulas or of issued checks not delivered to third parties or of the special formula to request them, as well as of the nominative registration certificates of deferred payment checks, according to the procedure established in point 1.3.9. They must proceed in the same way when they have knowledge that an already issued check has been lost, stolen or altered. The notice can also be given by the dispossessed holder.
1.2.1.5. Report to the entity, in writing,
any change of address and return the checkbooks where the previous address appears.
1.2.1.6. Communicate to the entity any
modification of their social contracts, statutes or powers and the revocations of the latter.
1.2.1.7. Upon requesting the closure of the
account or within 5 (five) days of the date of having received the communication of the suspension of the check payment service as a prior measure to the closure of the account or of the closure of the account, return to the entity all blank checks that they keep. If this requirement is not met, what is provided for in point 1.4.2.2. will be applied.
1.2.1.8. Complete the checks as provided in
point 1.1.1.3. and sign them by hand and in person.
It will not be admitted that checks carry more than 3 (three) signatures.

1.2.2. Obligations of the entity.
1.2.2.1. Keep the accounts up to date.
1.2.2.2. Credit on the day the amounts
delivered to them for the credit of the checking account.
1.2.2.3. Send to the checking account holder,
as a maximum 8 (eight) days after the end of each month and/or the shorter period that is established and in the conditions agreed upon, a statement of the account with the detail of the deposits, withdrawals, etc. and balances registered in the period it comprises, subscribed by authorized signatures of the entity unless mechanized security systems are used, asking for their written confirmation. In the case of the fines provided for in the Check Law, mention will be made, in the description of the codes used in the statement, of the destination of the funds. If the checking account holder does not receive the statement within 15 (fifteen) days of the closing of the month or the agreed period, they must claim it within the following 15 (fifteen) days. Confirmation with the movement registered in the bank will be presumed if within 60 (sixty) days of the expiration of the respective period the claim has not been formulated in the possession of the financial intermediary.
1.2.2.4. When it concerns deferred payment
check accounts, information must be sent to the account holder which will contain as a minimum, in addition to the verified fund movement, a detail of the registered checks, maturity and amount, subject to the conditions stipulated in the previous point.
1.2.2.5. Inform the checking account holder
the balance registered in the corresponding accounts in the entity's offices and/or in the places indicated by the holders, including through electronic means.
1.2.2.6. Pay at sight the checks regularly
issued in the formulas delivered to the checking account holder, in accordance with the legal and regulatory provisions in force on the date of issuance of the check, taking into account in matters of presentation terms those established in Article 25 of the Check Law. Checks with general or special crossing may be paid directly to clients, for which purpose they will be understood as such the holders of checking accounts -of common or deferred payment checks- and/or savings accounts of the drawee entity.
1.2.2.7. Verify, before paying a check, that
it corresponds to the book delivered for the drawing of the account and verify the signature of the drawer with the scope of law.
1.2.2.8. Identify the person presenting the
check for collection at the counter, even when it is issued to bearer, whose signature, clarification and address, and the type and number of civic document or, in its defect, the identity document that corresponds according to what is provided in
Chapter XIII of Circular RUNOR - 1,
must be recorded on the back of the document.
1.2.2.9. Verify the regularity of the series
of endorsements but not the authenticity of the signature of the endorsers and verify the signature of the holder, who must insert it as a receipt. When it concerns an agent or beneficiary of the ordinary assignment, in addition the instrument by which the mandate was granted or the assignment made must be verified, except when the collection management is carried out by a financial entity not authorized to capture deposits in common checking accounts, as provided for in point 1.3.8.4. These obligations fall on the drawee entity when the check is presented for collection at or on the entity where the check is deposited when it is not the drawee.
1.2.2.10. Communicate to the checking account
holder and obtain their consent, with at least 5 (five) days of prior notice to its application, regarding the changes that affect the functioning of the account -partially or totally-, particularly when the cost of the services provided is modified.
1.2.2.11. Inform the Central Bank of the
rejections of common checks for formal defects, for rejection of registration in deferred payment checks and those produced by insufficient provision of funds in the account or by not having authorization to draw on overdraft.
1.2.2.12. Notify the Central Bank of the
unpaid fines by the responsible parties for not having effected the debit in the account due to being closed by decision of the checking account holder or of the entity.
1.2.2.13. Communicate to the Central Bank, upon
its express request, the reports of loss, theft or alteration -reported by the checking account holder- of checks -including those created but not issued- of unused check formulas and/or of the special formula to request those, as well as of the nominative registration certificates of deferred payment checks. The entity must keep the information available -in case it is requested by the Central Bank- for a term of one year counted from the date of receipt of the notice sent by the drawer.

1.2.2.14. Adopt the precautions it deems
necessary for the purpose of ensuring that the checking account holder has received the requested checkbook.
The reports referred to in points
1.2.2.11. and 1.2.2.12. inclusive, must
adjust to procedures stipulated in the respective operational guide.
In said reports, the Unique Tax
Identification Key (C.U.I.T.) or Unique
Labor Identification Code (C.U.I.L.), as applicable, must be mentioned.
The information will be presented to the
Central Bank on the dates and form established in said operational regime.
The data supplied, referred to each of the situations provided for in said points, cannot register an age superior to 8 (eight) banking business days previous to the date of expiration for that presentation.
1.3. Functioning.
1.3.1. Common banking checking accounts and
deferred payment check accounts will be credited:
1.3.1.1. Through deposits through receipts
that meet, as a minimum, the characteristics listed below:
1.3.1.1.1. Name of the financial
entity.
1.3.1.1.2. Names and surname or
corporate name of the holder and account number.
1.3.1.1.3. Amount deposited.
1.3.1.1.4. Place and date.
1.3.1.1.5. When it concerns deposits
of deferred payment checks, the receipt or attached detail must contain the name of the drawee entity and the amount of each of the deposited checks.

1.3.1.1.6. Compensation term.
The copy to be delivered to the depositor will carry the stamp of the receiving house, unless mechanized security writings are used.
1.3.1.2. Through transfers, internal credits,
operations in automatic teller machines, etc.
1.3.2. Common checking accounts will be
debited through:
1.3.2.1. Checks whose characteristics
will adjust to the essential statements required in articles 2° and 4° of the Check Law, according to the common check models inserted in point 16. of
Chapter I of Circular CAMCO - 1.
1.3.2.2. Transfers, which must be ordered
by the checking account holder.
1.3.2.3. Internal debits, which will be
admitted under the conditions referred to in points 1.1.1.4. to
1.1.1.6. of this regulation.
1.3.2.4. Withdrawals through automatic
teller machines and/or terminals at points of sale.
1.3.3. Deferred payment check accounts will
be debited at the moment those instruments are presented, registered without guarantee, provided that such presentation is not made before their maturity. In the case that the registration has been produced with guarantee, the debit will be carried out against the presentation of the pertinent nominative registration certificate, carried out under equal conditions in temporal matters. Checks of this character must adjust to the provisions provided for in
Article 54 of the Check Law, according
to the model inserted in point 16. of
Chapter I of Circular CAMCO - 1.
In addition to the debit for the payment of those checks, 4 (four) withdrawals per calendar month (one per week) will be admitted, regardless of the modality by which they are instrumented.

mente that it cannot take the form of a check, including in such calculation the concepts referred to in points 1.3.2.2. to 1.3.2.4. For these purposes, withdrawals shall not be considered debits for services provided by the en- tity -including the automatic debit of im- posts, fees, and public utility bills- that the account holder has contracted with it, and the withdrawal of funds that allows closing the account.

1.3.4. Endorsement.

1.3.4.1. A check issued to a specific person, which does not bear the clause "not to order," shall be
transferable by endorsement.
The signature inserted on a check solely for the purpose of its collection or deposit shall serve as a receipt, and therefore shall not be counted as an endorsement.

1.3.4.2. The endorsement must be pure and simple and shall contain the signature of the endorser, their
full first and last names, and, if applicable, the name of the legal entity represented and the capacity invoked.

1.3.4.3. Partial endorsements and endorsements by the drawee are null.

1.3.4.4. An endorsement that does not contain the specifications established in point 1.3.4.2. shall not
prejudice the instrument or its transferability.

1.3.4.5. A crossed-out endorsement counts for the purpose of calculating the maximum amount
established.

1.3.4.6. The addition of sheets for the purpose of transferring or guaranteeing the instru-
ment shall only proceed for reasons of space. For these purposes, the inter- vening party responsible for its addition must sign covering both the exhausted element and the new one.

1.3.4.7. In other aspects related to the figure of endorsement, the provisions of the Check Law apply.

1.3.5. Certification of common checks.

1.3.5.1. Banks that, in exercise of the powers conferred by articles 48 and 49 of the Check Law, certifi-
y a check at the request of the drawer or the bearer, shall insert on its reverse the text that appears in point 1.9.2.

1.3.5.2. Such certification implies that the drawee debits and reserves the pertinent amounts for an agreed period that shall not exceed 5 (five) banking business days.

1.3.5.3. Upon expiration of the agreed term without the check having been presented for collection, the account shall be credited again.
A certified check, expired as such, subsists with all effects inherent to a check.

1.3.5.4. The drawee bank, in its capacity as certifier, shall issue and deliver, simultaneously, to the drawer or the bearer of the check the "certification formula," according to the model inserted in point 1.9.3., duly integrated and signed by officials authorized for such purpose.

1.3.5.5. The certification formulas shall observe the same requirements regarding dimension, format, paper quality, and security measures as those adopted with respect to checks in use by each entity.
Additionally, they shall be duly identified by series and number. Within each series, the numbering shall be consecutive.

1.3.5.6. The certification formulas shall also include a stub that will serve as control for the drawee bank, regarding the certifications issued, with the minimum data established in point 1.9.3. This stub may be replaced, at the bank's option, by a duplicate of the "certification formula."

1.3.5.7. Entities shall adopt all measures aimed at keeping unused integrated certification formulas safely stored.

1.3.5.8. When the check is presented for collection through a financial entity, its stamp shall attest that the corresponding "certification formula" is in its possession, which must be retained until the drawee gives approval for the check issued against it.

1.3.6. Guarantee (Aval).
It shall contain, at minimum, the expression "for guarantee" or other equivalent; the signature of the guarantor, with indication of their full first and last names, and, if applicable, the name of the legal entity represented and the capacity in which they act, their domicile, and if applicable, the type and number of identity document, as provided in Chapter XIII of Circular RUNOR - 1. In the case where the guarantee corresponds to deferred payment checks -whether granted by the drawee entity or the depository entity-, such circumstance shall be recorded in the registration certificate that the guaranteeing entity must issue.

1.3.7. Deferred Payment Check.
In addition to the provisions contained in the previous points of this regulation that are pertinent, the following norms apply:

1.3.7.1. Checkbooks shall only be delivered to clients to whom an operational limit has been assigned, according to the study conducted by the entity, applying the criteria regarding credit policy and in general terms established by each entity.

1.3.7.2. Financial entities that receive deferred checks for deposit shall intervene the relevant deposit slip and check, and shall record the date on which such presentation occurs, from which both the term provided in the cited legal device to overcome possible formal errors and the term for its collection for deferment shall run.
Deferred payment checks must be presented for registration within the maximum term of 30 days -counted from the date of their issuance- provided in article 25 of the Check Law.

1.3.7.3. In the event that the depository entity is not the drawee, the latter shall forward the received document to the former for registration.

1.3.7.4. The drawee entity shall verify the existence of formal defects in the creation of the instrument, in which case it shall notify the drawer immediately so that they may cure them, retaining the deferred payment check for a term that shall not exceed 2 (two) banking business days counted from the date of notification. In no case shall the registration of the check be delayed more than 7 (seven) banking business days.
For the formulation of the aforementioned notice, the model contained in point 1.9.7 shall be taken into account.

1.3.7.5. The drawee entity shall proceed with the relevant registration, if applicable, once such deficiencies are overcome, returning the instrument -unless the entity grants its guarantee- with the record that attests to such circumstance, through a legend that includes:
a) registered -without guarantee-. Article 57 of the Check Law; b) expiration date of the deferment term of the document, and c) two signatures -with their pertinent clarifications- of authorized officials responsible who commit the entity.

1.3.7.6. The nominative registration certificate shall be issued only when a guarantee is granted on deferred payment checks, according to the model contained in Circular CAMCO - 1.
The depository entity may issue nominative registration certificates, with its guarantee, regarding deferred payment checks presented through its intermediation and registered without guarantee by the drawee entity. The certificates referred to may be issued -at the request of the check depositor- individually for each of them or for a set. The certificates shall be delivered to the presenter of the deferred payment check, under receipt according to the model contained in point 1.9.8. In the event that the check has been presented through a depository entity, such instrument shall be archived in the possession of the latter.

1.3.7.7. Such certificate shall be transferable indefinitely by endorsement under identical conditions, scope, and terms as those applicable to the check that originates it, both from the formal and essential points of view.

1.3.7.8. Certificates deposited in account or as value for collection through intermediaries included in the Financial Entities Law shall be subject to the same treatment as that corresponding to checks. Presentation for collection shall be considered not made before the expiration date inserted in the document.

1.3.7.9. When the drawee entity rejects the registration, it shall record, according to the model inserted in Circular CAMCO - 1, such determination in the body of the check and return it to the presenter (beneficiary of the instrument or depository entity, as applicable) and proceed to inform the Central Bank as established in the relevant operational regime.

1.3.7.10. The holder of a deferred payment checking account may directly request the registration of a check of these characteristics issued by them, receiving, if there are no objections from the drawee, the instrument or, when a guarantee is granted, the nominative registration certificate issued in their name.

1.3.8. Rejection of Checks.

1.3.8.1. Drawee entities shall refuse to pay a check and proceed to its rejection in the following cases:

1.3.8.1.1. When there are not sufficient available funds credited in the account and the account holder lacks authorization to draw in overdraft, without prejudice to what is provided in article 31 of the Check Law, in which case it shall be optional to make or not make partial payment.

1.3.8.1.2. When they present formal errors in their preparation, for which purpose formal errors shall be understood as those originating in the creation of the document.

1.3.8.1.3. If the check contains propaganda inscriptions or additions that condition, directly or indirectly, its negotiation to other requirements than those established by the Commercial Code, which shall be considered a formal defect.
The expression "propaganda inscriptions" does not refer to the characteristics or distinctive features of financial entities, such as monograms or so-called security or protection backgrounds.

1.3.8.1.4. When the checking account is closed or suspension has been ordered prior thereto.

1.3.8.1.5. When the common check contains endorsements exceeding the limit established by this regulation.

1.3.8.1.6. When there is a report of loss, theft, or alteration (made under the conditions provided in the Check Law and in this regulation) of the formula on which it is issued.

1.3.8.1.7. When it is drawn against the drawer, unless it were a check drawn between different establishments of the same drawer.

1.3.8.1.8. When there are force majeure causes at the time of presentation of the check that prevent payment (i.e., that constitute impediments motivated by an insurmountable obstacle, such as, legal prescription of any State or others of a category assimilable at the discretion of the Central Bank).

1.3.8.1.9. When irregularities in the chain of endorsements are verified.

1.3.8.1.10. In other cases determined in the legal regime of the check.

1.3.8.1.11. Without prejudice to what is established in the previous points, rejection shall not correspond when:

1.3.8.1.11.1. The amount written in letters differs from that expressed in numbers, circumstance in which the first shall prevail.

1.3.8.1.11.2. The place of creation has been omitted, in which case it shall be presumed as such the domicile of the drawer that appears in the body of the check.

1.3.8.1.11.3. Contains crossed-out endorsements or that lack the formal requirements established, always that it does not imply converting the chain of endorsements into irregular.

1.3.8.2. When a financial entity refuses to pay a check -common or deferred payment-, before returning it, it must record that refusal on the back of the same instrument or in an addendum related to it, with express mention of the grounds for it, the date and time of presentation, the name of the account against which it was drawn, the domicile registered at the drawee bank when this does not coincide with that inserted in the body of the check, and the full first and last names of the signer(s) of the check, which must be countersigned by an authorized person under penalty of the entity being liable for damages caused.
This record must also be noted when the check is returned through a clearing house, in which case the date and time shall refer to the moment when the rejection occurred by the drawee entity.

1.3.8.3. If a check is rejected because there were not sufficient available funds in the respective account at the time of its presentation, the mention of the reason by the drawee entity shall be "Insufficient available funds in account."
A note shall be taken, in a registry authorized for this purpose, of the data that individualize the account, the check, and the person(s) who issued it, which may be replaced by computerized means or by archiving in sequential order of the relevant rejection notices. In the event that the return is due to another cause, the reason originating it shall be recorded, and under no circumstances may terms not provided for in the Check Law or this regulation be used. If the cause of return is concurrent with that of "Insufficient available funds in account," without prejudice to mentioning the cause, the aforementioned legend shall invariably be recorded, in which case the provisions of point 1.4 shall apply.

1.3.8.4. Checks received by financial entities not authorized to capture deposits in checking accounts (common checks), issued in the name of their clients, to apply the corresponding funds to admitted operations, when for their collection such entities proceed by virtue of a mandate, granted by the respective client through a private instrument, with a collection management clause to credit the checking account of the mandatee, shall not be susceptible to rejection under the cause provided in point 1.3.8.1.5.
On the back of the check, the existence of such act shall be recorded, followed by the endorsement to the paying entity, and only authorized personnel of the receiving entity shall sign.

1.3.8.5. A common check rejected for formal reasons shall generate the fine imposed on the drawer provided in article 2° -in fine- of the Check Law and shall determine the obligation of the entity, as established in point 1.2.2.11., to inform the Central Bank, according to the operational regime that shall be established.
The fine shall be equivalent to 2% of the rejected value -with a minimum of $ 100 (one hundred pesos) and a maximum of $ 50,000 (fifty thousand pesos) and reduced by 50% when the drawer credibly proves to the drawee that they paid the check within 7 banking business days of having been notified of the rejection or when the check was paid by the drawee through a second presentation by the holder. Such amount shall be debited directly from the checking account of the entity, opened at the Central Bank, on the last banking business day of the month following that in which the respective rejection occurred. The refund of amounts corresponding to reductions of fines due to the application of legal provisions in this matter shall be effected independently, according to the procedure established separately. If the fine cannot be debited due to the respective account being closed, the account holder shall be disqualified as provided in point 1.4.2.3., and the Central Bank must be notified according to the operational regime that shall be communicated.

1.3.8.6. Rejection due to insufficient provision of funds in the account to cover the debit of common checks or deferred payment checks, or rejection of the registration of the latter, shall give rise to the application of the fines provided in article 62 of the Check Law and, therefore, to the application of the procedure mentioned in the previous point.
The fine shall be equivalent to 4% of the rejected value -with a minimum of $ 100 (one hundred pesos) and a maximum of $ 50,000 (fifty thousand pesos) and reduced by 50% when the drawer cancels the check subject to the sanction within 30 days of the rejection.

1.3.8.7. When rejection occurs concurrently for formal reasons and for insufficient provision of funds, the provisions of article 62 of the Check Law regarding fines and the term to cancel the check shall apply, which shall also be valid for the purpose of curing such defects.

1.3.8.8. The holder of a check rejected under the causes referred to in point 1.3.8.6. may verify the communication of such circumstance to the Central Bank by submitting a consultation request, with charge, according to the instructions that will be made known by the operational guide.

1.3.9. Loss, theft, or alteration of checks -including unused ones and those created but not issued-, of check formulas and/or the special formula to request them, as well as of deferred payment checks and, if applicable, of nominative registration certificates.

1.3.9.1. In such circumstances, the holder or, if applicable, the dispossessed bearer, must:

1.3.9.1.1. Immediately communicate to the entity the contingency that occurred, by telephone or other appropriate means.

1.3.9.1.2. Personally ratify the complaint on the day at the branch where the account is located, through a note with the following minimum data:

1.3.9.1.2.1. Name of the entity and of the branch where the account is open.

1.3.9.1.2.2. Number and name of the account.

1.3.9.1.2.3. Reason for the complaint.

1.3.9.1.2.4. Type and numbers of the affected documents.

1.3.9.1.2.5. Full first and last names of the complainants, type and number of the document presented to establish their identification as provided in Chapter XIII of Circular RUNOR - 1.

1.3.9.1.3. Add, within 48 banking hours of presenting the note referred to in point 1.3.9.1.2., the minutes of the corresponding police and/or criminal complaint, according to the typification of the event that occurred.

1.3.9.2. Once the entity becomes aware, at any of its steps, of the situation described in point 1.3.9.1, it must:

1.3.9.2.1. Reject payment of the checks, under the responsibility of the complainant, that are presented for collection, retaining the respective instrument.

1.3.9.2.2. Record on the back of the rejected checks or nominative registration certificates: "Check or nominative registration certificate (lost, stolen, or altered), according to complaint. Signature of the drawer differs. (With or without) sufficient available funds in account", in these last two cases if applicable.

1.3.9.2.3. Photocopy in duplicate the front and back of the rejected check or nominative registration certificate.

1.3.9.2.4. Identify the presenter of the rejected check or nominative registration certificate, who must sign on the back of the corresponding photocopy, with indication of the identity document exhibited.
When the collection management of the check or nominative registration certificate has been carried out with the intervention of a clearing house, the drawee entity shall forward 2 photocopies of the value whose payment is rejected, and the depository entity shall take charge of the identification task referred to in the previous paragraph, with subsequent return of one of those copies to the drawee entity. In both cases, the presenter shall be the recipient of the other photocopy, certified by the drawee entity, as established in article 63 -in fine- of the Check Law.

1.3.9.2.5. Archive the proceedings related to the received complaint and the rejections made for such reason.

1.3.9.2.6. After the first rejection has occurred, formally request that the account holder, within 10 calendar days, prove the filing of the relevant complaint before the competent Judge, by presenting a certified copy.

1.3.9.2.7. The drawee entity shall send the rejected check or nominative registration certificate -retained as provided in point 1.3.9.2.1.- to the intervening Court.

1.3.9.2.8. Inform the Central Bank regarding the rejection of checks due to insufficient provision of funds in the account, when the account holder does not prove the filing of the judicial complaint.
To this end, it corresponds that at the moment when the relevant information becomes available in the "Database of Disqualified Account Holders," the Superintendence of Financial and Exchange Entities -Financial Entities Technical Department- has the detail of the actions taken and the respective proofs. The filing of the aforementioned complaint outside the term established in point 1.3.9.2.6. may give rise to actions to achieve the eventual reopening of the account(s) and the removal from the "Database of Disqualified Account Holders." The notification to the Central Bank of cases of loss or theft communicated by the drawer shall only proceed upon express request of this Institution as provided in point 1.2.2.13.

1.4. Database of Disqualified Account Holders.

1.4.1. Upon each of the rejections provided in points 1.3.7.9., 1.3.8.1.1., and 1.3.8.1.2., the drawees shall proceed to notify the account holder, mandatee, attorney, administrator, etc., leaving a record in their respective file, and to the Central Bank at the opportunity and through the technical specifications included in the operational guide communicated by this Institution.
Each communication to the Central Bank shall include information, regarding these situations, with an age not greater than 8 banking business days. The notice shall be sent to the account holder according to the model in point 1.9.4.1. when it concerns the situations provided in points 1.3.7.9 and 1.3.8.1.1., while the model in point 1.9.4.2. shall be used in the cases referred to in point 1.3.8.1.2. Simultaneously, it shall proceed to notify the holder or presenter with indication of the date and number of the aforementioned communication to the Central Bank, which shall be considered fulfilled if such data are included in the returned check or the notice is formulated

according to the model referred to in point
1.9.6.
1.4.2. Based on the information provided by
the entities, as established in point 1.4.1., the resolutions adopted by the Central Bank regarding the topic and the disqualifications of judicial order, this Institution will administer a "Database of disqualified account holders", in which will appear the list of natural and legal persons in the private sector that have incurred the situations detailed below in each case:
1.4.2.1. 4 (four) rejections for issuance
of checks -common or deferred payment- or other payment documents against checking accounts and bearer drafts against shares of common investment funds without sufficient funds available in the account and/or by rejection of registration of deferred payment checks. To this end, the situations that each person registers in the entire financial system, in pesos and/or in United States dollars, will be counted, within a period of one year counted from the first rejection that occurs. In the case of rejections of checks signed by the person to whose order an account is held, agent, attorney-in-fact, administrator, etc., it will also be necessary to make effective the count in relation to the respective holder, principal, grantor, administrator, etc. to the extent that they are documents drawn against that account. For the calculation of time, the provisions of article 25 of the Civil Code shall apply.
1.4.2.2. Not having attached the list of
checks issued -common and deferred payment- in the last 60 days even if not yet presented for collection or registration and/or not having returned the check formulas -common and delayed payment- unused, in the time and manner established in point 1.5.2.
1.4.2.3. Failure to pay the corresponding
fine, within 30 days of the rejection due to the cause provided for in point 1.4.2.1. or for formal defect.
1.4.3. The notification to this Institution
of rejections motivated by:
1.4.3.1. The forgery or adulteration of
checks.
1.4.3.2. The payment of forged or
adulterated checks.
1.4.3.3. Errors attributable to the drawee
entity itself. The rejection of the check shall not be considered an error with respect to which verbal authorization had been given to draw in overdraft.
1.4.3.4. Having disposed of precautionary
measures on the funds destined for the payment of the check, as long as this circumstance has been unknown by the drawer at the time of its issuance, which must be sufficiently proved by him, to the satisfaction of the drawee entity. In the circumstances provided for in point
1.4.3.1. it is an indispensable requirement that the
account holder comply with the requirement referred to in point 1.3.9.2.6. In the case of adulteration, the rejection of the check will not be counted when there are sufficient funds to pay it had the fraudulent act not occurred. Furthermore, in the cases of points 1.4.3.2.,
1.4.3.3. and 1.4.3.4. the rejections will not be
counted, only, up to the concurrence of their amounts with the balance that the account would have had had the payment not been made, the error incurred or the precautionary measure disposed of.

1.4.4. For the purposes of the application of this regime,
all information sent to the
Central Bank must be sent through the means and under the conditions established in the operational guide.
1.4.5. Under no circumstances will the entities leave without
effect the rejection communications subject to the present provisions, except when it comes to any of the causes provided for in point 1.4.3. in so far as the drawee had ignored such circumstances, which must be sufficiently proved by said drawee to the satisfaction of this Institution. In these situations, the relevant communication must be made in writing to the Central Bank in which it will be specified in detail what happened, for the purposes of enabling its subsequent verification. Likewise, the communications made to cancel such rejections must be resolved by the boards of directors or administrative councils of the entities, or by the highest authority in the case of local branches of foreign entities, that make the presentations and signed by personnel of level no lower than Deputy General Manager. In the event that such bodies and/or hierarchy do not exist, the relevant resolutions and communications will be the responsibility of the higher authority and the senior administrative official, respectively. In support of such communication and with identical purposes the entity must attach to this request the following documentation:
1.4.5.1. Photocopy of the Board of Directors or
Administrative Council minutes or highest authority in the case of local branches of foreign entities, as appropriate, in which its number and date and the reasons that give rise to the request for cancellation of the rejection must appear.
1.4.5.2. Detail (date, number and amount)
of all the rejected checks that the checking account registered, with express mention of the signatory of each of them and the reason that originated it.

1.4.5.3. Photocopies of the pages of the register
required in point 1.3.8.3., where all the rejected checks referred to in point
1.4.5.2. appear.
1.4.5.4. Photocopies of the "signature
register" cards of all persons authorized to sign checks of the account in question.
1.4.5.5. Photocopies of all rejected checks
(front and back) referred to in point 1.4.5.2.
To this documentation, the elements of judgment that are considered appropriate will be added, such as: photocopies of requests for authorization by the account holder to draw in overdraft and of the corresponding entity agreement (date, amount, term and maturity); or of the order of transfer of funds or of the uncomputed deposit slip that gave rise to the rejection of checks and of the account statement (with the clarification of the codes used), which includes from the date on which issuances above the registered balance should have been admitted or the funds credited, as appropriate, and the rejections of the checks. Once the presentation has been analyzed, the Central Bank will order the rehabilitation and consequent removal from the "Database of disqualified account holders".
1.5. Closure of accounts or suspension of the check payment
service as a prior measure to the closure of the account.
1.5.1. Causes.
The checking account will be closed:
1.5.1.1. By decision of the entity or of the
account holder, with prior notice with
10 days in advance, unless otherwise agreed.
1.5.1.2. By having been included any of its
members in the database of disqualified account holders.
1.5.1.3. By legal causes or by order
of competent authority, in which case the entity will immediately close the account after having knowledge, by any reliable means, of the aforementioned causes.
1.5.1.4. When 8 (eight) rejections for formal reasons occur, per account, within a period of one year, counted from
the date of the first of them.
In these cases the client cannot operate in checking account or in savings account with the entity for the period of one year, counted from the date on which the closure becomes applicable. The entity is authorized to keep the client's accounts open provided there is a founded resolution of the board of directors or of the administrative council or of the highest authority in the case of branches of foreign banks.
1.5.1.5. By having presented 2 (two) complaints
by the account holder due to loss, theft or adulteration of checks -including those unused and those created but not issued-, of check formulas and/or of the special formula for requesting those as well as of the certificates for the registration of deferred payment checks within a period of one year, counted from the date of the first of the complaints. In these situations, the provisions of the last two paragraphs of the previous point will apply.
1.5.2. When any of the causes provided for in
point 1.5.1. is verified, the account holder must attach the list of checks issued in the last 60 days not yet presented for collection or for registration with indication of the amounts. In the case of common checking accounts, the sum of the aforementioned documents must be credited in the account at the time of that presentation. In addition, the unused ones must be returned, with the entity issuing a receipt in which the numbering of such formulas will appear.

Both obligations must be fulfilled within
5 banking business days, counted from the date of notification. The closure will take place after a period equal to that established for the validity of the checks, counted from the date of that notification. If, after the expiration of this 5-day term, compliance with these obligations has not been given, the entity will notify the Central Bank for the purpose of including it in the "Database of disqualified account holders." In the case of deferred payment checking accounts, as a prior measure to the final closure of the account, it will be admitted that the customer makes the necessary deposits for the coverage of registered documents not yet due and other charges or commissions associated.
1.5.3. The entities must verify if the persons
included in the "Database of disqualified account holders" have accounts open or are authorized to issue checks from accounts in the name of third parties. If so, they will close those accounts (even those in which they appear with other holders) or cancel the authorizations, unless it concerns accounts opened in the name of public entities, and will send the corresponding notices.
1.5.3.1. When such inclusion corresponds to
a natural person, it will lead to its removal from any other account in which it appears as co-owner or member, attorney-in-fact, administrator, legal representative, etc., of a legal person. Likewise, the closure of accounts opened in the name of a holder and to the order of another, originated by the disqualification of the person to whose order the account is open, by agent, attorney-in-fact, administrator, etc., will lead to the entities notifying the Central Bank, for the purpose of inclusion in the "Database of disqualified account holders" referred to in point 1.4. of the person in whose name the account is held, principal, grantor, administrator, etc.

Likewise, the disqualification of a legal person will also give rise to the obligation to notify this Institution regarding the individual accounts or of another nature that its legal representatives and the signatories of the rejected checks might have, for the same purposes provided for in the previous paragraph.
1.5.3.2. In the information whose transmission
to the Central Bank is provided for in points
1.4.1. and 1.5.3.1, the identifying data will be provided, as provided for in the relevant operational regime -based on the number of
C.U.I.T. or C.U.I.L.- of the holders of the checking accounts whose closure or suspension of the check payment service as a prior measure to the closure of the account was ordered and of the legal representatives, if any, as well as those of the natural persons who signed the checks that gave rise to the application of the measure, in accordance with the provisions of the aforementioned point 1.5.3.1.
1.5.3.3. If there were pending operations
for the concepts referred to in points 1.1.1.4. to 1.1.1.6, inclusive, with the account holder, the account may remain open by adopting the figure of suspension prior to the cessation of the check payment service. This figure has been created exclusively for such circumstances and for the sole purpose of settling those operations, upon completion of which the final closure will be ordered. The entity will be jointly liable for the payment of a rejected check when the cause argued is the suspension of the payment service, if it is an account holder who does not appear in the database of disqualified persons, unless the entity has already sent the information of 4 (four) rejected checks due to lack of funds.

This decision may also be adopted by the other entities in which the persons included in the database have other checking accounts open.
1.6. The closure of said accounts or the cancellation of the
authorizations referred to must be carried out, according to the option formulated by the entity, within the periods set forth below:
1.6.1. 10 calendar days from the date on which the information is available for
system users in the database of disqualified account holders, or
1.6.2. 72 business hours counted from the last
business day of each of the periods referred to in point 1.6.3.
1.6.3.
Periods Calendar days of each month that comprises 1st 1 to 10 2nd 11 to 20 3rd 21 to the last Each entity must inform in writing the option taken. Upon the closure of the account or the suspension prior to the cessation of the check payment service, the drawees will send -with reliable notification- the respective notice according to the model inserted in point 1.9.5., to the account holders affected by the measure. The failure to receive by the account holder the notices referred to in point
1.4.1. will not negate the effects of the measures provided for in point 1.4.2.
The communications referred to in points 1.4. and 1.5. will be sent through the respective head office of each entity, except for those corresponding to the branches of foreign banks, which must be sent through their main house in the country.

1.7. Controls and documentation.
The entities will adopt measures that ensure the strict compliance with the provisions of points 1.4. and 1.5. and will keep, properly ordered, the proceedings that arise from their application, in order to facilitate the verifications carried out by the Central Bank.
1.8. Cessation of disqualification.
1.8.1. The effects of the disqualification to operate
in checking account due to the cause referred to in point 1.4.2.1. will cease after 60 months counted from its inclusion in the "Database of disqualified account holders" or, if applicable, according to the periods of authorization ordered by the judicial authority. The disqualification period will be reduced to 12 months if the account holder demonstrates having cancelled the common or deferred payment checks returned for lack of funds or registration and paid all deferred payment checks registered -including those not yet due- within 30 days of the first rejection, having paid the fine established in
article 62 of the Check Law, having reintroduced the blank check formulas and proved the non-existence of checks not presented.
The respective request must be filed with the Central Bank together with the record of having deposited an administrative fee of $ 3,000.- (three thousand pesos) according to the procedure referred to in point 1.8.4.1.
1.8.2. The effects of the disqualification to operate
in checking account due to the causes referred to in points 1.4.2.2. and 1.4.2.3. will cease after 24 months counted from its inclusion in the "Database of disqualified account holders", unless the provisions of point
1.8.1. are applicable.
1.8.3. During the periods referred to in
points 1.8.1. and 1.8.2. no entity in the country will process requests for the opening of checking accounts filed by the affected natural and legal persons.

1.8.4. To be in a position to reuse the
checking account service, once the periods referred to in points 1.8.1. and 1.8.2. have elapsed, the interested parties must comply with the requirements established in point 1.1.1. In addition, the account holders included in points 1.8.1. and 1.8.2., except those disqualified by judicial decision, must:
1.8.4.1. Deposit in a commercial bank to the
order of the Central Bank of the Republic of Argentina a fee of $ 1,000.- (one thousand pesos).
This fee will be paid when the opening of one or more checking accounts is requested before one year has elapsed, counted from the moment when the effects cease referred to in points 1.8.1. and 1.8.2., except in the situation provided for in the last two paragraphs of point 1.8.1. With respect to this, the procedural rules contained in point 1.12. will apply.
1.8.4.2. Justify before the respective bank,
by exhibiting the corresponding credit note, the compliance with the payment required in point 1.8.4.1. A copy of this receipt will be attached to the request referred to in point 1.1.1.
1.9. Models.
They will be disseminated only through the text of the present regulation which will be distributed in printed form.
1.10. Codes according to Argentine political division.
Code
Federal Capital 01
Province of Buenos Aires 02
Province of Catamarca 03
Province of Córdoba 04
Province of Corrientes 05
Province of Chaco 06
Province of Chubut 07
Province of Entre Ríos 08

Province of Formosa 09
Province of Jujuy 10
Province of La Pampa 11
Province of La Rioja 12
Province of Mendoza 13
Province of Misiones 14
Province of Neuquén 15
Province of Río Negro 16
Province of Salta 17
Province of San Juan 18
Province of San Luis 19
Province of Santa Cruz 20
Province of Santa Fe 21
Province of Santiago del Estero 22
Province of Tucumán 23
Province of Tierra del Fuego,
Antarctica and South Atlantic Islands 40
1.11. Country codes.
The codes established by this Institution for the purposes of the "Permanent Survey of External Debt" will be used.
1.12. Procedural rules for the receipt of deposits for compensation of expenses originated by rehabilitation of account holders and reopening of accounts and for the legally provided fines.
1.12.1. The entities will open two special accounts
with the following denominations:
1.12.1.1. "CENTRAL BANK OF THE ARGENTINE REPUBLIC - Circular OPASI", in which the responsible parties will deposit (in cash or with a check drawn on the house receiving the deposit) the sum they must enter for the concepts referred to in points 1.8.1. and 1.8.4.
1.12.1.2. "CENTRAL BANK OF THE ARGENTINE REPUBLIC - Arts. 2° and 62 Check Law", in which the entities will register the amounts debited from the relevant checking accounts by application of what is provided for in
points 1.3.8.5. and 1.3.8.6.
1.12.2. In cases where it is not possible to make
the debits directly from the checking accounts, the common deposit slips that each entity has in use for its clients will be used, which will be integrated by quadruplicate. The copies will have the following destinations:

Original: for the house receiving the deposit, as a cash receipt.
Duplicate: to be sent by the depositing entity to the Central Bank at the time of the transfer of the funds.
Triplicate: to be delivered by the depositor to the entity in which he requests the opening of the checking account. In the event of making similar requests in other entities, a copy of that slip will be delivered, which will be certified by them prior to exhibition of the quadruplicate by the obligated party. Quadruplicate: for the depositor.
1.12.3. To transfer to the Central Bank the balance at the end of each month of the special accounts, to the extent that their debit in the entity's checking account opened at this Institution does not apply, the entities will use Formula 4128, the model of which is inserted in point 1.12.4., which must be presented until the 20th (or the next business day if it is a holiday) of the month following the one corresponding.
It will be sent to General Services (Reception Desk) together with Formula 3143 (waybill). Formula 4128 is subject to the regime on the presentation of information (Chapter II of Circular RUNOR - 1). With the amount to be transferred, a debit note (Formula 3030) will be attached, indicating as the concept of the operation "Passive temporary accounts - Compensation of expenses - Circular OPASI - 2, Chapter I, point 1.12.", and the duplicates of the corresponding deposit slips (point 1.12.2.). The amounts not entered in time and form are subject to the interest provided for in point 3.2.3. of Chapter V of Circular LISOL - 1 (text according to Communication "A" 2019).

1.12.4. Reopening of the bank checking account (Formula 4128)
It will be made known only through the text of the present regulation which will be distributed in printed form.
1.13. Period for conservation of documents.
1.13.1. General provisions.
To the extent that they do not oppose legal provisions, financial entities may, under their exclusive responsibility, opt for the procedures and terms they consider most convenient for the conservation, storage or archiving of the vouchers related to checking accounts.
1.13.1.1. Financial entities are authorized to conserve, in substitution of the originals, photographs, microfilming or electronic reproductions of the following documents:
a) Internal documentation, from
2 years after its accounting registration. b) Documentation signed by third parties, except checks, from 2 years after the conclusion of the operation to which it refers, links or accesses, under the responsibility of the financial entities for the maintenance of the originals, except that documentation with respect to which there was an administrative or judicial proceeding pending, in which case the originals must be conserved. c) Any copy of information sent to the Central Bank, from 30 days after receipt by this regulatory body.
1.13.1.2. The Central Bank will consider the
requests that financial entities formulate to apply the procedure provided for in point
1.13.1.1. with respect to other documents, requests that must be

presented to this Institution through the associations or chambers that group them.

1.13.1.3. The photograph, microfilm, or "diskette" must be authenticated by 2 officials designated by the board of directors or equivalent authority of the financial entity, who must mention in the certification the roll number, tape, or "diskette" number respectively.

Likewise, they must maintain a record of the reproductions and will be responsible for their custody, keeping them in adequate security conditions.

The reproductions must be preserved by the financial entities until the fulfillment of the 10-year term established by Article 67 of the Commercial Code.

Any original documentation whose reproduction is admitted or may be admitted according to the foregoing provisions, prior to its physical destruction, must be made available to interested parties through reliable notification, for a period of 6 months counting from said notification.

1.13.2. Common checks may be returned to the drawers under the conditions agreed upon by the entities with their clients, prior to the photograph, microfilming, or electronic reproduction of the cartulars.

1.14. Interest.

Interest may be recognized on current account deposit balances under the conditions freely agreed upon with clients.

Interest on current account deposit balances - in pesos and in United States dollars - will be settled and capitalized for periods not less than 30 days, nor more than one year.

Upon the closing of the account, interest will be settled until the day prior to such circumstance occurring.