RegAlertRule · BCRA · 14 Feb 1997 · A 2514
Circular OPASI 2 - 161. Regulation of the Bank Current Account. Its Modifications
Entities must ensure deferred payment checks have adequate funds or overdraft agreements at maturity, verify endorsement regularity, and report rejections to the Central Bank. Drawees must notify account holders of rejections using specific models and inform the Central Bank via technical specifications. Account holders reporting lost or stolen checks within one year must provide a list of valid checks and credit sums within five banking business days; failure results in disqualification from opening new accounts for sixty months and inclusion in a disqualified database. Commercial banks must deliver new check models within thirty banking business days.
BANCO CENTRAL DE LA REPUBLICA ARGENTINA
__________________________________________________________________ COMUNICACION " A " 2514 14/02/97 __________________________________________________________________ TO FINANCIAL ENTITIES:
Ref.: Circular
OPASI 2 - 161.
Regulation of the bank current account. Its modifications
We address you to inform you that this Institution, in accordance with Article 11 of Law 24.760, has adapted the norms on the regulation of the bank current account disseminated through Communication "A" 2329 and complementary ones, in accordance with the resolution transcribed below:
"1. Replace in the regulation of the Bank Current Account, inserted in Circular OPASI 2, Chapter I (text according to Communications "A" 2329 and complementary ones), the following points:
"1.1.1.3. (second paragraph)
In the case of deferred payment checks, their issuance will be conditioned by the existence of an adequate provision of funds or an agreement to draw in overdraft, at the time of maturity."
"1.1.3. Registration of signatures.
Once the application is approved, the entity will require, in the presence of the official or officials it has authorized or authorizes for this purpose, that the applicant or applicants for the opening of the account stamp by hand and in their own handwriting, on cards, special formulas or legally authorized substitutes, the signatures that will appear on the checks they issue or the instructions they give. The same formality will be required with respect to all persons authorized to draw against the account. To this end, the unification of the registration in a single card, special formula or legally authorized substitute for all accounts opened by the same holder will be admitted."
"1.1.4. Delivery of checkbooks. (second paragraph) These checkbooks may be constituted with formulas of common checks or deferred payment checks, exclusively, or contain both types of documents.
If the aforementioned checkbook was not picked up personally by the account holder, the drawee will not pay the checks presented for collection (whatever their class) nor register the deferred payment checks presented for such purposes, if its consent regarding the receipt of said item is not available."
"1.2.1.4. (first paragraph)
Notify the entity, in writing, of the loss, theft or adulteration of blank check formulas or of checks issued and not delivered to third parties or of the special formula to request them, as well as of the transferable nominative certificates of deferred payment checks, according to the procedure established in point 1.3.9."
"1.2.1.8. Integrate the checks as provided in point 1.1.1.3 and sign them by hand and in their own handwriting or through the use of electronic systems, or their substitutes, authorized by the Central Bank in accordance with what is provided in item 6. of Article 2° of the Check Law. It will not be admitted that checks carry more than 3 (three) signatures."
"1.2.2.4. When it concerns accounts in which deferred payment checks are used, a detail of the registered checks must be sent to the account holder, subject to the conditions stipulated in the previous point."
"1.2.2.6. (second paragraph)
In the case of deferred payment checks, this period will be calculated from the date of their maturity.
Checks with general or special crossing may be paid directly to the clients, for which purpose they will be understood as such the holders of current accounts and/or savings accounts of the drawee entity."
"1.2.2.9. (first paragraph)
Verify -both on checks and on transferable nominative certificates- the regularity of the series of endorsements but not the authenticity of the signature of the endorsers and verify the signature of the presenter, which must be inserted as a receipt."
"1.2.2.11. Inform the Central Bank of check rejections for formal reasons, including rejections of the registration of deferred payment checks, as well as those produced by insufficient provision of funds in the account or by not having authorization to draw in overdraft. In the event that the information referred to in the previous paragraph is omitted -in a timely and proper manner- the principle of solidarity in the payment of the instruments applies, for a maximum of up to $ 5,000 (five thousand pesos) per account, provided for in Article 62, second paragraph, of the Check Law."
"1.2.2.13. (first paragraph)
Communicate to the Central Bank, upon its express request, the reports of loss, theft or adulteration -reported by the account holder- of checks -including those created but not issued- of unused check formulas and/or of the special formula to request them, as well as of the transferable nominative certificates of deferred payment checks."
"1.3.1. Bank current accounts will be credited:
..."
"1.3.2. Bank current accounts will be debited by:
1.3.2.1. Checks whose characteristics adjust to the models of checks -common and deferred payment- inserted in Circular CAMCO - 1.
..."
"1.3.3. Deferred payment checks will be debited at the moment they are presented to the drawee -whether by the beneficiary or the depositary entity- provided that such presentation is not made before the maturity written in the instrument.
Entities (drawees or depositaries) will not be able to receive deferred payment checks presented for crediting to the account or payment at the counter before their maturity.
In the event that it had been extended with the guarantee of the drawee entity, the debit will be made upon presentation of the relevant transferable nominative certificate, carried out under the same conditions in terms of timing."
"1.3.4.1. (second paragraph)
The signature to be inserted on a check solely for the purpose of its collection or deposit -which may be admitted under the conditions established in item 6. of Article 2° of the Check Law- will serve as a receipt, for which it will not be counted as an endorsement."
"1.3.6. (second paragraph).
In the event that the guarantee corresponds to deferred payment checks -whether granted by the drawee entity or by the depositary-, this circumstance will be recorded in the transferable nominative certificate that the guarantor entity must issue according to the model inserted in Circular CAMCO - 1."
"1.3.7.1. It will be admitted that clients operate with deferred payment checks, which will be delivered at their mere request and that -once issued- can be presented for registration until the day before their maturity. In the event that such presentation is made in any of the 6 days immediately preceding the maturity, the procedure and deadlines provided for in point 1.3.7.4 remain in effect. Collection will be carried out through a separate presentation."
"1.3.7.2. The drawee entities that receive deferred payment checks for their registration will intervene in the relevant application and will record the date on which such presentation takes place, from which the period provided for in the cited legal device to overcome possible formal errors begins to run."
"1.3.7.3. In the event that an entity receives deferred payment checks drawn against another bank for their registration, it will forward them to the latter, prior to compliance by the client with the formalities provided for in the previous point."
"1.3.7.4. (first paragraph)
When the relevant registration is requested, the drawee entity will verify the existence of formal defects in the creation of the instrument, in which case it will notify the drawer immediately so that he can cure them, retaining the deferred payment check for this purpose, for a period that cannot exceed 2 (two) banking business days counted from the date of notification. In no case will the registration or rejection of the registration of the check extend beyond 7 banking business days."
"1.3.7.5. The drawee entity will 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 accredits such circumstance, through the following legend inserted on the back of the check according to model:
a) registered -without guarantee- with date ../../..
Article 57 of the Check Law;
b) two signatures -with their pertinent clarifications- of authorized officials responsible that commit the entity."
"1.3.7.6. (first, second and last paragraphs) The guarantee referred to in the second paragraph of point 1.3.6. may be granted on deferred payment checks registered or not.
The depositary entity may issue transferable nominative certificates, with its guarantee, regarding deferred payment checks presented through its intermediation and registered without guarantee by the drawee entity, in which case the instruments will be deposited with the guarantor. The certificates in question may be extended -at the request of the depositor of the checks- individually for each of them or for a set. ... The transferable nominative certificate will be paid to the presenter -at its maturity- by the guarantor entity. When the latter is not the drawee entity, the deferred payment checks will be presented for collection by the guarantor (depositary of the values) for crediting on the day of maturity."
"1.3.7.9. When the drawee entity rejects the registration, it will proceed to record such determination on the back of the check and return it to the presenter (beneficiary of the instrument or depositary entity, as the case may be) and will proceed to inform the Central Bank in accordance with what is established in the relevant operational regime."
"1.3.7.10. The holder of a current account in which deferred payment checks are used or the holder of one of them may -indistinctly- request directly, by integrating the relevant application, the registration of a check of these characteristics issued by the former, receiving, if there are no objections from the drawee, the instrument or when the guarantee is granted, the transferable nominative certificate extended in the name of the applicant. The cost for the check registration service in case the entity decides to charge it, will be borne by the person requesting the registration."
"1.3.8.1.5. When the check contains endorsements that exceed the limit established by the regulation."
"1.3.8.1.11.4. Deferred payment checks are presented for collection before the date of their maturity, in which case the provisions of point 1.3.3. (second paragraph) must be followed."
"1.3.8.1.11.5. It concerns deferred payment checks registered (with or without guarantee), at their maturity, for formal reasons."
"1.3.8.1.11.6. The checks have lost their legal validity at the time of their presentation for collection as a consequence of the date of issuance or maturity, as applicable."
"1.3.8.5. (first and second paragraphs)
The common check rejected for formal reasons will generate a fine at the expense of the holders of the current account and will determine the obligation of the entity, according to what is established in point 1.2.2.11, to inform the Central Bank, according to the operational regime that is established. The fine will be equivalent to 2% of the rejected value -with a minimum of $ 50 (fifty pesos) and a maximum of $ 25,000 (twenty-five thousand pesos) and reduced to 1%, with a minimum of $ 25 (twenty-five pesos) and a maximum of $ 12,500 (twelve thousand five hundred pesos), when the check has been paid within 7 banking business days of having been notified of the rejection or when the check has been paid by the drawee through a second presentation by the holder, a circumstance that must be reliably accredited before the drawee."
"1.3.8.6. (second paragraph)
The fine will 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 to 2%, with a minimum of $ 50 (fifty pesos) and a maximum of $ 25,000 (twenty-five thousand pesos), when the check that is the subject of the sanction is cancelled within 30 days of the rejection, a circumstance that must be reliably accredited before the drawee."
"1.3.9. Loss, theft or adulteration of checks -including unused ones and those created but not issued-, of check formulas and/or of the special formula to request them, as well as of deferred payment checks and, if applicable, of the transferable nominative certificates.
..."
"1.3.9.2.2. Record on the back of the rejected checks or transferable nominative certificates:
"Check or transferable nominative certificate (lost, stolen or adulterated), according to report. Differs from the signature of the drawer. With (or without) sufficient funds available in account", if applicable."
"1.3.9.2.3. Photocopy the front and back of the rejected check or transferable nominative certificate in duplicate."
"1.3.9.2.4. (first and second paragraphs)
Identify the presenter of the rejected check or transferable nominative 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 transferable nominative certificate has been carried out with the intervention of a clearing house, the drawee entity will send 2 photocopies of the value whose payment is rejected and the depositary entity will take charge of the identification task referred to in the previous paragraph, with subsequent return of one of those copies to the drawee entity."
"1.3.9.2.7. The drawee entity must send the rejected check or transferable nominative certificate -retained as provided in point 1.3.9.2.1.- to the intervening Court."
"1.4.1. (first and third paragraphs)
Upon each of the rejections provided for in points 1.3.7.9., 1.3.8.1.1., 1.3.8.1.2. and 1.3.8.1.4., the drawees will proceed to notify the account holder, agent, 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 that this Institution communicates.
....
The notice will be sent to the account holder according to the models found in points 1.9.4.2. and 1.9.4.3. when it concerns the situations provided for in points 1.3.7.9., 1.3.8.1.1. and 1.3.8.1.4., as applicable, while the model of point 1.9.4.1. will be used in the case referred to in point 1.3.8.1.2."
"1.5.1.5. For having presented 2 reports by the account holder due to the loss, theft or adulteration of checks -including unused ones and those created but not issued- of check formulas and/or of the special formula to request them, as well as of the transferable nominative certificates of deferred payment checks within a term of one year, counted from the date of the first of the reports. In these situations, what is provided for in the last two paragraphs of the previous point will apply."
"1.5.2. Upon verifying any of the causes provided for in point 1.5.1., the account holder must attach the list of checks issued, even not presented for collection or for their registration, that at the time of the information retain their legal validity, according to their type and dates of issuance or maturity, respectively, with indication of their corresponding amounts and return the unused ones, giving the entity a receipt in which both details including the numbering of such formulas will be recorded.
The sum of the common checks thus declared must be accredited in the account at the time of that presentation.
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 common checks, counted from the date of that notification.
If after the expiration of the said term of 5 (five) days compliance with said 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.
Without prejudice to proceeding to the closure of the account, the drawee entity must inform the account holder of the amount of deferred payment checks registered prior to said closure, even not matured, for the purpose of making the fund provisions that allow the drawee entity to face each maturity, which must be credited in accounts specially authorized for that sole effect."
"1.5.3. (second paragraph)
The failure to comply with this requirement will make the entity subject to the sanction provided for in point 1.6.4."
"1.6.4. Entities that maintain current accounts open when their closure is required by the application of the norms of the Check Law and its regulation or that open them to disqualified account holders while the measure is in force, will be subject to a daily fine of $ 500 (five hundred pesos), up to a maximum of $ 15,000 (fifteen thousand pesos) for each current account in those conditions. For these purposes, cases are excluded where the account is kept open under the figure of suspension of the check payment service solely to settle certain operations provided for in the first and second paragraphs of point 1.5.3.3. Without prejudice to this, they will also be jointly responsible for the payment of checks rejected for lack of funds drawn against said accounts up to a maximum of $ 30,000 (thirty thousand pesos) per account, in accordance with what is provided in Article 62 "in fine" of said legal device."
"1.8.2. (third paragraph)
When the situation provided for in the second paragraph of point 1.4.2.3. is verified, the disqualification period of 60 (sixty) months and the procedure contained in point 1.8.1. will apply."
"1.8.3. During the periods referred to in points 1.8.1. and 1.8.2., no entity in the country will process applications for the opening of current accounts submitted by the affected natural and legal persons, under penalty of becoming subject to the sanctions referred to in point 1.6.4."
"1.9.1. Models of common check, deferred payment check and transferable nominative certificate of the latter.
The models contained in Circular CAMCO - 1 will be observed."
"1.13.1.3. (second paragraph)
Likewise, they must keep a record of the reproductions and be responsible for their custody, in adequate security conditions."
"1.13.2. Checks may be returned to the drawers under the conditions agreed by the entities with their clients, prior to photography, microfilming or electronic reproduction of the instruments."
- Leave point 1.3.7.11 of Chapter I of Circular OPASI - 2 (text according to Communication "A" 2334) without effect.
- Replace the models referred to in points 1.9.4. to 1.9.8. of Chapter I of Circular OPASI - 2 (text according to Communication "A" 2329) by those contained in the annex that forms part of this resolution.
- Leave without effect, as a consequence of the provisions of Article 11 of Law 24.760, the second paragraph of point 2. of the resolution disseminated through Communication "A" 2329."
We highlight that, as a consequence of what is provided in point 4. of the resolution transcribed above, deferred payment checks can only be drawn against bank current accounts, with the delivery of new formulas of this type of document reserved for commercial banks. The remaining intermediaries who have implemented the operation to date must cease doing so, not being able to deliver new formulas even if they correspond to accounts opened during the regime that is now repealed.
The holders duly authorized may continue to issue new checks of this type in accordance with the regulations in force at the time they withdrew the corresponding checkbooks, until exhausting the stock in their possession as of 12.1.97, which will imply for the drawer or holder the mandatory registration of such instruments.
On the other hand, commercial banks must deliver deferred payment checks adjusted to the new models within 30 banking business days, counted from the day following the date of this communication.
Finally, we urge your collaboration to disseminate among your clientele the modifications in question, especially those related to the loss of the character of common check of the formulas extended with a date subsequent to their presentation, according to the provisions of Article 23 of the Check Law that will govern from 13.1.98. This, for the purpose of preventing unwanted effects in the commercial, industrial and service sectors taking into account that the new legal and regulatory wording will widely favor the generalized acceptance of the deferred payment check.
In annex we send you the updated text of the regulation of the bank current account.
We greet you very attentively.
BANCO CENTRAL DE LA REPUBLICA ARGENTINA
ANEXO
Juan Carlos Isi Alfredo A. Besio
Subgerente de Normas Gerente de Normas para para Entidades Financieras Entidades Financieras
+----------+---------------------------------------+-------------+ I B.C.R.A. I UPDATED TEXT OF THE REGULATION OF I Annex to I THE BANK CURRENT ACCOUNT ICom. "A" 2514I +----------+---------------------------------------+-------------+
- Current account.
1.1. Opening.
1.1.1. Application.
To proceed to 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 this purpose and in which it will contain 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.
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., that constitutes their main activity, deter- mining the branch or specialty to which they are dedicated.
1.1.1.1.5. Real and special addresses, de-
bing this last one necessarily constituted in the Argentine Republic.
In the event 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 operation of the account, including those emerging from the check.
1.1.1.1.6. Unique Tax Identification Key
(C.U.I.T.), Unique Labor
Identification Code
(C.U.I.L.) or Identification Key (C.D.I.), as applicable.
1.1.1.1.7. Full names and surnames of the spouse.
1.1.1.1.8. Full names and surnames of the parents.
1.1.1.1.9. Type and number of the document presented to establish identification, in accordance with what is provided in Chapter XIII of Circular RUNOR - 1.
1.1.1.2. The names and domiciles of 2 or more persons who, to the satisfaction of the entity, can provide sufficient references regarding 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 be, not to issue checks in a currency other than that in which the account is opened and to draft them in the national language, and not to issue common checks without sufficient credited funds or without the corresponding written authorization to overdraw. In the case of deferred payment checks, their issuance will be conditioned on the existence of adequate fund provision or an agreement to overdraw at the time of maturity.
1.1.1.4. The client's consent for the current 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 account holder has contracted. No debtor balance may be generated - even if the client has given consent - by the debit of amounts corresponding to operations instrumented through instruments that do not themselves possess executive force.
The preceding limitation is exempted for debits originating from services provided by the entity itself, automatic debits, and foreign trade operations, securities purchase-sale, and foreign currency operations. Debits for principal and interest, effected at maturity according to agreed conditions, linked to advances in the current account duly credited and for interest accrued on overdrafts, are included in this exception. For the purposes established in this point, the debits corresponding to the operations included in the second paragraph must be recorded at 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 these 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 in the Check Law. Debits for these latter concepts may generate a debtor balance in the current account.
1.1.1.7. When dealing with legal entities, the following shall also be stated:
1.1.1.7.1. Trade name or corporate name and legal domicile.
1.1.1.7.2. Date of contract or statutes and duration of the company.
1.1.1.7.3. Date and number of registration in the relevant official registry.
When registration in the Public Commerce Registry is not required because commercial acts are not carried out - in a habitual manner - in the country, this requirement may be supplemented with the certificate that
accredits that the company is registered before the competent official control body of the Argentine Republic, according to its specific activity.
When dealing with 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 state regarding each of them the data established in point 1.1.1.1.
1.1.1.8. As part of this documentation (application), the entity must deliver the complete text of the applicable regulatory rules in the matter. The account holder will record this receipt, signing for this purpose a complete text of the aforementioned normative body.
1.1.2. Consultation of the "Database of Disqualified Account Holders".
Prior to compliance and verification of the accuracy of the requirements indicated in point 1.1.1. and before resolving favorably the current account opening request, the entity must proceed to consult whether the applicant is included in the "Database of Disqualified Account Holders", with the scope provided in point 1.8.4.
1.1.3. Signature Registration.
Once the request is approved, the entity will require, in the presence of the official or officials it has authorized or authorizes for this purpose, that the applicant or applicants of the current account opening request stamp by hand and in person, on cards, special formulas, or legally authorized substitutes, the signatures that will bear the checks they issue or the instructions they give. The same formality will be required with respect to all persons authorized to draw against the account.
To this end, the unification of the registration in a single card, special formula, or legally authorized substitute will be admitted for all accounts opened by the same holder.
1.1.4. Delivery of Checkbooks.
Once the account is enabled through the initial deposit agreed upon or the corresponding authorization to overdraw, the entity will deliver to the account holder, against receipt, checkbooks, in accordance with the legislation and the text of the applicable regulatory provisions. These checkbooks may consist exclusively of common or deferred payment check formulas, or may contain both types of documents. If the aforementioned checkbook was not personally withdrawn by the account holder, the drawee will not pay the checks presented for collection (whatever their class) nor register the deferred payment checks presented for such purposes, without its consent regarding the receipt of said item. The drawee entity will proceed to reject for formal defect each of the checks contained in the checkbook for which the holder's consent on its receipt has not been received. Checkbooks will not be delivered in a quantity greater than that justified by the account's activity.
1.2. Contract Conditions.
1.2.1. Obligations of the Account Holder.
1.2.1.1. Maintain sufficient fund provision so that the entity fulfills the payment orders drawn against the account and, in case of failure, not to issue checks departing from the conditions agreed upon in writing.
1.2.1.2. Upon receiving the statements, send to the entity its consent to the balance or any observations that may arise, within the deadlines established in point 1.2.2.3.
1.2.1.3. Update the registered signature, whenever the entity deems it necessary.
1.2.1.4. Notify the entity, in writing, of the loss, theft, or adulteration of blank check formulas or of checks issued and not delivered to third parties or of the special formula to request them, as well as of the transferable nominative certificates of deferred payment checks, according to the procedure established in point 1.3.9. It must proceed in the same manner when it has knowledge that an already issued check has been lost, stolen, or altered. The notice may also be given by the dispossessed holder.
1.2.1.5. Report to the entity, in writing, any change of domicile and return the checkbooks where the previous domicile appears.
1.2.1.6. Communicate to the entity any modification of its corporate contracts, statutes, or powers and the revocation of the latter.
1.2.1.7. Upon requesting the closure of the account or within 5 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 it holds. If this requirement is not met, what is provided in point 1.4.2.2 will be applied.
1.2.1.8. Complete the checks in accordance with what is provided in point 1.1.1.3 and sign them by hand or by using electronic systems, or their substitutes authorized by the Central Bank in accordance with what is provided in item 6. of article 2° of the Check Law. 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 it for the credit of the current account.
1.2.2.3. Send to the account holder, at most 8 days after the end of each month and/or the shorter period established and in the conditions agreed upon, a statement of the account with the detail of deposits, withdrawals, etc., and balances recorded in the period it covers, signed by authorized signatures of the entity unless mechanized security systems are used, asking for its written consent.
In the case of the fines provided in the Check Law, a mention will be made, in the description of the codes used in the statement, of the destination of the funds.
If the account holder does not receive the statement within 15 days of the closing of the month or the agreed period, it must claim it within the following 15 days.
Consent to the movement recorded in the bank will be presumed if within 60 (sixty) days of the expiration of the respective period the formulation of the claim is not in the possession of the financial intermediary.
1.2.2.4. When dealing with accounts in which deferred payment checks are used, a detail of the registered checks must be sent to the account holder, subject to the conditions stipulated in the previous point.
1.2.2.5. Inform the account holder of 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 drawn on the formulas delivered to the 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 deadlines those established in article 25 of the Check Law.
In the case of deferred payment checks, this period will be calculated from the date of their maturity.
Checks with general or special crossing may be paid directly to the clients, for which purpose they will be understood as such the holders of current and/or savings accounts of the drawee entity.
1.2.2.7. Verify, before paying a check (or registering it), that it corresponds to the notebook delivered for the drawing of the account and verify the drawer's signature with the scope of the law.
1.2.2.8. Identify the person presenting the check for collection at the counter, even if it is drawn to bearer, whose signature, clarification, and domicile, 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 stated on the back of the document.
1.2.2.9. Verify -both in checks and in transferable nominative certificates- the regularity of the series of endorsements but not the authenticity of the endorser's signature and verify the signature of the presenter, which must be inserted as a receipt.
When dealing with 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 current accounts of common checks, as provided in point 1.3.8.4. These obligations fall on the drawee entity when the check is presented for collection in it or on the entity in which the check is deposited when it is not the drawee.
1.2.2.10. Communicate to the account holder and obtain its consent, with at least 5 days of prior notice to its application, regarding 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 check rejections for formal reasons, including rejections to the registration of deferred payment checks, as well as those produced by insufficient fund provision in the account or by not having authorization to overdraw.
In case of omitting the information referred to in the previous paragraph - in a timely and appropriate manner - the application of the principle of solidarity in the payment of values is proceeded, for a maximum of up to $ 5,000 (five thousand pesos) per account, provided in article 62, second paragraph, of the Check Law.
1.2.2.12. Notify the Central Bank of unpaid fines by the responsible parties.
1.2.2.13. Communicate to the Central Bank, upon its express request, the reports of loss, theft, or adulteration - informed by the account holder - of checks - including those created but not issued - of unused check formulas and/or of the special formula to request them, as well as of the transferable nominative 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 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.), Unique Labor Identification Key (C.U.I.L.) or Identification Key (C.D.I.) must be mentioned, as applicable.
The information will be presented to the Central Bank on the dates and in the form established in said operational regime. The data provided, referring to each of the situations provided in said points, may not register an antiquity superior to 8 (eight) banking business days prior to the date of expiration for that presentation.
1.3. Functioning.
1.3.1. Bank current accounts will be credited:
1.3.1.1. Through deposits through slips that meet, at minimum, the characteristics listed below:
1.3.1.1.1. Name of the financial entity.
1.3.1.1.2. Full name 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 dealing with deferred payment check deposits, the slip or attached detail must contain the name of the drawee entity and the amount of each of the checks deposited.
1.3.1.1.6. Compensation period.
The copy to be delivered to the depositor will bear the stamp of the receiving house, unless mechanized security writings are used.
1.3.1.2. Through transfers, internal credits, ATM operations, etc.
1.3.2. Bank current accounts will be debited through:
1.3.2.1. Checks whose characteristics adjust to the check models - common and deferred payment - inserted in Circular CAMCO - 1.
1.3.2.2. Transfers, which must be ordered by the 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 ATMs and/or terminals at points of sale.
1.3.3. Deferred payment checks will be debited at the moment they are presented to the drawee - whether by the beneficiary or depositing entity - provided that such presentation is not made before the maturity written in the instrument.
Entities (drawees or depositaries) may not receive deferred payment checks presented for crediting to account or payment at the counter before their maturity.
In the case where it had been extended with the guarantee of the drawee entity, the debit will be made against the presentation of the relevant transferable nominative certificate, carried out under equal conditions in terms of time.
1.3.4. Endorsement.
1.3.4.1. The check extended in favor of a specific person, which does not possess the "non to order" clause, will be transferable by endorsement. The signature to be inserted in a check solely for the purpose of its collection or deposit, - which may be admitted under the conditions established in item 6. of article 2° of the Check Law - will serve as a receipt, for which it will not be counted as an endorsement.
1.3.4.2. The endorsement must be pure and simple and contain the signature of the endorser, their full names and surnames, and, if applicable, the name of the legal person they represent and the capacity invoked.
1.3.4.3. Partial endorsement and that of the drawee are null.
1.3.4.4. The endorsement that does not contain the specifications established in point 1.3.4.2. does not prejudice the title or its transferability.
1.3.4.5. The crossed endorsement is valid for the purpose of computing the maximum quantity to be established.
1.3.4.6. The addition of sheets for the purpose of transmitting or guaranteeing the instrument will only proceed for reasons of space. For this purpose, the intervener to whom its addition corresponds must sign covering both the exhausted element and the new one.
1.3.4.7. In other aspects related to the figure of endorsement, what is provided in the Check Law applies.
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, certify a check at the request of the drawer or the bearer, must insert on its reverse the text found in point 1.9.2.
1.3.5.2. Such certification will imply that the drawee debits and reserves the pertinent amounts for an agreed period that cannot exceed 5 banking business days.
1.3.5.3. Upon expiration of the agreed term without the check having been presented for collection, the account will be credited again.
The expired certified check as such subsists with all the effects proper to the check.
1.3.5.4. The drawee bank in its capacity as certifier will 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 the officials authorized for this purpose.
1.3.5.5. The certification formulas will observe the same requirements regarding dimension, format, paper quality, and security measures regarding security measures that have been adopted with respect to the checks in use in each entity.
In addition, they will be duly identified by series and number. Within each series, the numbering will be consecutive.
1.3.5.6. The certification formulas will be composed, in addition, of 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 will adopt all measures tending to keep the integrated certification formulas unused in safekeeping.
1.3.5.8. When the check is presented for collection through a financial entity, its stamp will accredit that the corresponding "certification formula" is in its possession, which must be conserved until the drawee gives consent to the check drawn against it.
1.3.6. Guarantee (Aval).
It will contain, at minimum, the expression "for guarantee" or another equivalent; the signature of the guarantor, with indication of their full names and surnames, and, if applicable, the name of the legal person they represent and the capacity in which they act, their domicile, and if applicable, the type and number of identity document, in accordance with what is 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 by the depositary - this circumstance will be recorded in the transferable nominative certificate that the guaranteeing entity must issue according to the model inserted in Circular CAMCO - 1.
1.3.7. Deferred Payment Check.
In addition to the provisions contained in the previous points of this regulation that are pertinent, the following rules apply to it:
1.3.7.1. It will be admitted that clients operate with deferred payment checks, which will be delivered at their mere request and that - once issued - can be presented for registration until the day before their maturity. In the case where such presentation is made in any of the 6 immediate days prior to maturity, the procedure and deadlines provided in point 1.3.7.4 remain in effect. The collection will be effected through a separate presentation.
1.3.7.2. The drawee entities that receive deferred payment checks for their registration will intervene the relevant request and state the date on which such presentation takes place, from which the period provided in the cited legal device runs to overcome possible formal errors.
1.3.7.3. In the case where an entity receives deferred payment checks drawn against another bank for their registration, it will proceed to forward them to the latter, prior to compliance by the client with the formalities provided in the previous point.
1.3.7.4. When the relevant registration is requested, the drawee entity will verify the existence of formal defects in the creation of the instrument, in which case it will communicate it immediately to the drawer so that they can cure them, retaining the deferred payment check for this purpose, for a period that cannot exceed 2 (two) banking business days counted from the date of notification. In no case will the registration or rejection of the registration of the check extend more than 7 banking business days.
For the formulation of the aforementioned notice, the model contained in point 1.9.7 will be taken into account.
1.3.7.5. The drawee entity will proceed to the relevant registration, if applicable, once such deficiencies are overcome, returning the instrument - unless the entity grants its guarantee - with the record that accredits such circumstance, through the following legend inserted on the back of the check according to model:
a) registered -without guarantee- with date ../../... Article 57 of the Check Law;
b) two signatures -with their pertinent clarifications- of authorized officials responsible for committing the entity.
1.3.7.6. The guarantee referred to in the second paragraph of point 1.3.6 may be granted on deferred payment checks, whether registered or not.
The depositary entity may issue transferable registered certificates with its guarantee, regarding deferred payment checks presented through its intermediation and registered without guarantee by the drawee entity, in which case the instruments will be deposited with the guarantor. The certificates in question may be issued -at the request of the depositor of the checks- individually for each one or for a set.
The certificates will be delivered to the presenter of the deferred payment check, against a receipt according to the model contained in point 1.9.8. In the case where the check has been presented through a depositary entity, said receipt will be kept by the latter.
The transferable registered certificate will be paid to the presenter -at its maturity- by the guarantor entity.
When the latter is not the drawee entity, the deferred payment checks will be presented for collection by the guarantor (depository of the securities) for crediting on the maturity date.
1.3.7.7. Said certificate is infinitely transferable 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 an account or as a security for collection through intermediaries covered by the Financial Entities Law will be subject to the same treatment as that corresponding to checks. Presentation for collection before the maturity date inserted in the document will be considered not to have taken place.
1.3.7.9. When the drawee entity rejects the registration, it will proceed to record such determination on the back of the check and return it to the presenter (beneficiary of the instrument or depositary entity, as the case may be) and will proceed to inform the Central Bank in accordance with what is established in the pertinent operational regime.
1.3.7.10. The holder of a current account in which deferred payment checks are used or the holder of one of them may -indistinctly- request directly, by integrating the pertinent application, the registration of a check of these characteristics issued by the former, receiving, if there are no objections from the drawee, the instrument or, when the guarantee is granted, the transferable registered certificate issued in the name of the applicant.
The cost for the registration service of checks in case the entity decides to collect them will be borne by the person requesting the registration.
1.3.8. Rejection of checks.
1.3.8.1. Drawee entities will 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 Checks Law, in which case it will be optional to make or not make the partial payment.
1.3.8.1.2. When they present formal errors in their preparation, for which purpose they will be understood as those originating in the creation of the document.
1.3.8.1.3. If the check contains advertising inscriptions or additions that condition, directly or indirectly, its negotiation to other requirements than those established by the Commercial Code, which will be considered a formal defect.
The expression "advertising inscriptions" does not refer to the characteristics or distinctive features of financial entities, such as monograms or backgrounds called security or protection backgrounds.
1.3.8.1.4. When the current account is closed or prior suspension has been ordered.
1.3.8.1.5. When the check contains endorsements that exceed the limit established by regulation.
1.3.8.1.6. When there is a report of loss, theft, or alteration (carried out under the conditions provided in the Checks Law and in this regulation) of the formula in which it is extended.
1.3.8.1.7. When it is drawn on the drawer, unless it were a check drawn between different establishments of the same drawer.
1.3.8.1.8. When there are causes of force majeure at the time of presentation of the check that prevent its payment (that is, that constitute impediments motivated by an insurmountable obstacle, such as, legal prescription of any State or others of a category assimilable at the criterion of the Central Bank).
1.3.8.1.9. When irregularities are verified in the chain of endorsements.
1.3.8.1.10. In the 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 will not correspond when:
1.3.8.1.11.1. The amount written in letters differs from that expressed in numbers, in which case the first will prevail.
1.3.8.1.11.2. The place of creation has been omitted, in which case it will be presumed as such the address of the drawer that appears in the body of the check.
1.3.8.1.11.3. It contains crossed endorsements or that lack the formal requirements established, always provided that this does not imply converting the chain of endorsements into irregular.
1.3.8.1.11.4. Deferred payment checks are presented for collection before the date of their maturity, in which case the provisions of point 1.3.3 (second paragraph) will apply.
1.3.8.1.11.5. It concerns registered deferred payment checks, (with or without guarantee), at their maturity, for formal reasons.
1.3.8.1.11.6. The checks have lost their legal validity at the time of their presentation for collection as a consequence of their date of issue or maturity, as applicable.
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 on which it is based, the date and time of presentation, the denomination of the account against which it was drawn, the address registered at the drawee bank when this does not coincide with that inserted in the body of the check, and the full names and surnames of the signer/s of the check, which must be signed by an authorized person under penalty of the entity responding for the damages it causes.
This record must also be noted when the check is returned through a clearing house, in which case the date and time will refer to the moment when the rejection took place by the drawee entity.
1.3.8.3. If a check is rejected because there are not sufficient available funds in the respective account at the time of its presentation, the mention of the reason by the drawee entity will be "Insufficient available funds in account".
A note will be taken, in a registry enabled for this purpose, of the data that individualize the account, the check, and the person or persons who issued it, which may be replaced by computerized means or by archiving in sequential order the pertinent rejection notices.
In the case where the return is due to another cause, the reason that originates it will be recorded and under no circumstances may terms be used that are not provided for in the Checks Law or in this regulation.
If the cause of return were concurrent with that of "Insufficient available funds in account", without prejudice to mentioning the cause, this legend will invariably be recorded, in which case the provisions of point 1.4 will apply.
1.3.8.4. Checks received by financial entities not authorized to capture deposits in current 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 clause of collection management to credit in the current account of the mandatory entity, will 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 said act will be recorded, followed by the endorsement to the paying entity, and will be signed only by authorized personnel of the receiving entity.
1.3.8.5. A common check rejected for formal reasons will generate a fine at the expense of the current account holders and will determine the obligation of the entity, according to what is established in point 1.2.2.11., to inform the Central Bank, in accordance with the operational regime that is established.
The fine will be equivalent to 2% of the rejected value -with a minimum of $ 50 (fifty pesos) and a maximum of $ 25,000 (twenty-five thousand pesos) and reduced to 1%, with a minimum of $ 25 (twenty-five pesos) and a maximum of $ 12,500 (twelve thousand five hundred pesos), when the check has been paid within 7 banking business days of having been notified of the rejection or when the check had been paid by the drawee through a second presentation by the holder, circumstances that must be credibly accredited before the drawee.
The amount of the fine will be debited from the current account of the entity opened at the Central Bank, on the last business day of the month following that in which the respective rejection had occurred, based on the information supplied by the entity regarding the fines received.
It will be considered that this receipt is configured when the corresponding amount has been debited from the current account generating a debit balance and the entity had not proceeded to close it within 60 days of the rejection that gave rise to it.
The refund of the amounts corresponding to decreases in fines due to the application of legal provisions in the matter will be effected independently, according to the procedure that will be established separately.
If the debit of the fine could not be made due to the respective account being closed, the account holder will be disqualified in accordance with what is provided in point 1.4.2.3., and must be notified to the Central Bank according to the operational regime that is communicated.
1.3.8.6. The rejection for insufficient provision of funds in the account to attend the debit of common checks or deferred payment checks or for the rejection of the registration of the latter, will give rise to the application of the fines provided in article 62 of the Checks Law and therefore to the application of the procedure provided in the previous point.
The fine will 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 to 2%, with a minimum of $ 50 (fifty pesos) and a maximum of $ 25,000 (twenty-five thousand pesos), when the check that is the subject of the sanction is cancelled within 30 days of the rejection, circumstance that must be credibly accredited before the drawee.
1.3.8.7. When the rejection occurs concurrently for formal reasons and for insufficient provision of funds, the provisions of article 62 of the Checks Law in matter of fines and of the term to cancel the check will apply, which will also be valid for the purposes of remedying said 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 presenting a request for consultation, at 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 of the special formula to request them, as well as of deferred payment checks and, if applicable, of transferable registered certificates.
1.3.9.1. In such circumstances, the holder or, in its case, the dispossessed holder, must:
1.3.9.1.1. Communicate immediately to the entity the contingency that occurred, by telephone or by another appropriate means.
1.3.9.1.2. Ratify personally on the day the complaint at the house where the account is located, by note with the following minimum data:
1.3.9.1.2.1. Denomination of the entity and of the house where the account is open.
1.3.9.1.2.2. Number and denomination 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 names and surnames of the complainants, type and number of the document they present to establish their identification in accordance with what is provided in Chapter XIII of Circular RUNOR - 1.
1.3.9.1.3. Add, within 48 business hours of presenting the note referred to in point 1.3.9.1.2., the record of the corresponding police and/or criminal complaint, according to the typification of the fact that occurred.
1.3.9.2. Once the entity takes knowledge, in any of its steps, of the situation described in point 1.3.9.1., it must:
1.3.9.2.1. Refuse 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 transferable registered certificates: "Check or transferable registered certificate (lost, stolen, or altered), according to complaint. Signature of the drawer differs. With (or without) sufficient available funds in account", if applicable.
1.3.9.2.3. Make a duplicate photocopy of the front and back of the rejected check or transferable registered certificate.
1.3.9.2.4. Identify the presenter of the rejected check or transferable registered 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 transferable registered certificate has been carried out with the intervention of a clearing house, the drawee entity will send 2 photocopies of the value whose payment is rejected and the depositary entity will 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 will be the recipient of the other photocopy, certified by the drawee entity, in accordance with what is established in article 63 -in fine- of the Checks Law.
1.3.9.2.5. Archive the proceedings linked to the received complaint and with the rejections carried out for such reason.
1.3.9.2.6. After the first rejection has occurred, credibly request from the account holder that within 10 calendar days they accredit the formulation of the pertinent complaint before the competent Judge, by presenting an authenticated copy.
1.3.9.2.7. The drawee entity must send the rejected check or transferable registered certificate -retained according to what is provided in point 1.3.9.2.1.- to the intervening Court in the case.
1.3.9.2.8. Inform the Central Bank regarding the rejection of checks for insufficient provision of funds in the account, when the account holder does not accredit the formulation of the judicial complaint.
To this end, it corresponds that at the moment when the pertinent 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 carried out and of the respective proofs.
The formulation of said 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 will only proceed upon express request of this Institution according to what is provided in point 1.2.2.13.
1.4. Database of disqualified account holders.
1.4.1. Upon the occurrence of each of the rejections provided for in points 1.3.7.9., 1.3.8.1.1., 1.3.8.1.2. and 1.3.8.1.4., the drawees will proceed to communicate it to the account holder, mandatory, 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 that this Institution communicates.
Each communication to the Central Bank will include information, referred to these situations, with an age not greater than 8 banking business days.
The notice will be sent to the account holder according to the models that are in points 1.9.4.2. and 1.9.4.3. when it concerns the situations provided for in points 1.3.7.9., 1.3.8.1.1. and 1.3.8.1.4., as applicable, while the model of point 1.9.4.1. will be used in the case referred to in point 1.3.8.1.2.
Simultaneously, it will proceed to communicate it to the holder or presenter with indication of the date and number of the aforementioned communication to the Central Bank, which will be considered fulfilled if those data are included in the check that is returned or the notice is formulated according to the model referred to in point 1.9.6.
1.4.2. On the basis of the information provided by the entities, according to what is established in point 1.4.1., the resolutions that the Central Bank adopts in relation to the topic and the judicial disqualifications, 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 who have incurred in the situations that are detailed below in each case:
1.4.2.1. 5 rejections for issuance of checks -common or deferred payment- or of other payment documents against current accounts and of sight drafts against quota shares of common investment funds without sufficient available funds in account and/or for rejection of registration of deferred payment check.
To this end, the situations that each person registers in the entirety of the financial system, in accounts in pesos and/or in United States dollars, in the term of one year counted from the first rejection that occurs, will be computed.
In case of rejections of checks signed by the person to whose order an account is, mandatory, attorney, administrator, etc., it will also correspond to make effective the computation in relation to the respective holder, principal, grantor, administrator, etc. insofar as they concern documents issued against that account.
For the computation of time, what is prescribed in article 25 of the Civil Code will apply.
1.4.2.2. Not having accompanied 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 unused check formulas -common and deferred payment-, in the time and form 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 in point 1.4.2.1. or for formal defect.
When concurrently rejections are verified for the cause mentioned in point 1.4.2.1. that reach the limit established for those cases, what is provided in point 1.8.1. will apply.
1.4.3. Notice to this Institution of rejections motivated by:
1.4.3.1. The forgery or alteration of checks.
1.4.3.2. The payment of forged or altered checks.
1.4.3.3. Errors attributable to the drawee entity itself. Rejection of the check regarding which verbal authorization to draw in overdraft has been mediated will not be considered an error.
1.4.3.4. Cautionary measures having been disposed upon the funds destined for the payment of the check, insofar as this circumstance has been unknown by the drawer at the time of its issuance, which must be sufficiently accredited by this, 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 fulfills the requirement referred to in point 1.3.9.2.6. In the case of alteration, the rejection of the check will not be computed 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 computed, solely, up to the concurrence of their amounts with the balance that the account would have had had the payment not been effected, the error incurred, or the cautionary measure disposed.
1.4.4. For the purposes of the application of this regime, all information that is sent to the Central Bank must be sent through the means and under the conditions that are established in the operational guide.
1.4.5. Under no circumstances shall entities void rejection communications subject to these provisions, except when it concerns any of the causes provided for in point 1.4.3.
When any of those causes has occurred, the relevant communication must be made in writing to the Central Bank, according to the procedure to be established separately, in which the occurrence will be specified, keeping the supporting documentation in order to cancel or modify the relevant record, without prejudice to the possibility of carrying out further verification of said documentation.
The cases must have the approval of the boards of directors or administrative councils of the entities or of the highest authority in the country when it concerns local branches of foreign entities. The communications must be signed by personnel of a level no lower than General Manager or, if such hierarchy does not exist, by the official of the highest category.
When the Central Bank must modify a calculation - regardless of its reason - in the database it administers, the sum of $100 must be paid for each of them as compensation for operational expenses. These expenses cannot be passed on to the account holder unless the request to annul the communication originates from causes attributable to the client.
The same procedure will be used in cases of disqualifications of account holders that are inappropriate, derived from the erroneous notification to the Central Bank by the entity of the failure to pay fines provided for in the legislation, due to the rejection of cheques, when such fines have been paid by the clients.
1.5. Closure of accounts or suspension of the cheque payment service as a prior measure to the closure of the account.
1.5.1. Grounds.
The current account will be closed:
1.5.1.1. By decision of the entity or the account holder, with prior notice 10 days in advance, unless otherwise agreed.
1.5.1.2. By having one of its members included in the database of disqualified account holders.
1.5.1.3. By legal causes or by order of a 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, on account, within a term of one year, counted from the date of the first of them.
In these cases, the client cannot operate in the current account or in the savings account with the entity for a term 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 reasoned resolution of the board of directors or the administrative council or of the highest authority in the case of branches of foreign banks.
1.5.1.5. By having presented 2 complaints by the account holder due to the loss, theft, or adulteration of cheques - including unused ones and those created but not issued -, cheque formulas and/or the special formula to request them as well as the transferable nominative certificates of deferred payment cheques within a term of one year, counted from the date of the first of the complaints.
In these situations, what is provided in 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 accompany the list of issued cheques, even if not yet presented for collection or for registration, which at the time of the information retain their legal validity, according to their type and dates of issuance or maturity, respectively, with indication of their corresponding amounts and return the unused ones, the entity giving a receipt in which both details will be recorded including the numbering of such formulas.
The sum of the declared common cheques must be credited in the account at the time of that presentation.
Both obligations must be fulfilled within 5 banking business days, counted from the date of notification. The closure will take place after a term equal to that established for the validity of common cheques, counted from the date of that notification.
If, after the expiration of the said term of 5 (five) days, said obligations had not been fulfilled, the entity will notify the Central Bank for the purpose of including it in the "Database of Disqualified Account Holders."
Without prejudice to proceeding with the closure of the account, the drawee entity must inform the account holder of the amount of the deferred payment cheques registered prior to the aforementioned closure, even if not yet matured, for the purpose of making the fund provisions that allow the drawee entity to meet each maturity, which must be credited in accounts specially authorized for that sole effect.
1.5.3. Entities must verify if the persons included in the "Database of Disqualified Account Holders" have open accounts or are authorized to issue cheques from accounts in the name of third parties. If affirmative, they will close those accounts (even those registered under other holders) or void the authorizations, unless it concerns accounts opened in the name of public entities, and will send the corresponding notices.
Failure to comply with this requirement will make the entity subject to the sanction provided for in point 1.6.4.
1.5.3.1. When such inclusion corresponds to a natural person, it will give rise to their removal from any other account in which they appear as co-holder or component, attorney, administrator, legal representative, etc., of a legal entity.
In the same way, 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 opened, by attorney, agent, administrator, etc., will give rise 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, principal, grantor, administrator, etc.
Likewise, the disqualification of a legal entity will also give rise to the obligation to notify this Institution regarding the individual accounts or of another character that its legal representatives and the signatories of the rejected cheques might have, for the same effects provided 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 supplied, as provided in the pertinent operational regime - based on the C.U.I.T., C.U.I.L. or C.D.I. number - of the holders of the current accounts whose closure or suspension of the cheque payment service as a prior measure to the closure of the account was ordered and of the legal representatives if applicable, as well as those of the natural persons who signed the cheques that gave rise to the application of the measure, according to the provisions of the cited 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 cheque payment service.
This figure has been created exclusively for such circumstances and for the sole purpose of settling those operations, at the end of which the definitive closure will be ordered.
The entity will be jointly responsible for the payment of a rejected cheque when the suspension of the payment service is argued as a cause, if it concerns an account holder who does not appear in the database of disqualified persons, unless the entity has already sent the information of 5 (five) rejections of cheques for lack of funds.
That decision may also be adopted by the other entities in which the persons included in the database have other current accounts open.
1.6. The closure of said accounts or the cancellation of the authorizations in question must be carried out, according to the option formulated by the entity, within the time limits set out 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 cheque 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 lack of receipt by the account holder of 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, with the exception of those corresponding to the branches of foreign banks, which must be sent through their main house in the country.
1.6.4. Entities that maintain current accounts open when their closure is required by the application of the norms of the Cheques Law and its regulations or that open them to disqualified account holders while the measure is in force, will be subject to a daily fine of $500 (five hundred pesos), up to a maximum of $15,000 (fifteen thousand pesos) for each current account in those conditions.
For these purposes, cases are excluded where the account is kept open under the figure of suspension of the cheque payment service for the sole purpose of settling certain operations provided for in the first and second paragraphs of point 1.5.3.3.
Without prejudice to this, they will also be jointly responsible for the payment of cheques rejected for lack of funds drawn against said accounts up to a maximum of $30,000 (thirty thousand pesos) per account, as provided in article 62 "in fine" of said legal device.
1.7. Controls and documentation.
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 the current account for the cause referred to in point 1.4.2.1. will cease after 60 (sixty) months counted from their inclusion in the "Database of Disqualified Account Holders" or, if applicable, according to the enabling periods established by the judicial authority.
The term of disqualification will be reduced to 24 (twenty-four) months if the account holder demonstrates having cancelled the common cheques or deferred payment cheques returned for lack of funds or registration and paid all registered deferred payment cheques, - including those not yet matured - within 30 days of the first rejection, having paid the fine established in article 62 of the Cheques Law, having reintegrated the blank cheque formulas and proven the non-existence of cheques not presented.
The respective request must be filed with the Central Bank together with the record of having deposited an administration 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 the current account for the causes referred to in point 1.4.2.2. and the first paragraph of point 1.4.2.3. will cease after 24 months counted from their inclusion in the "Database of Disqualified Account Holders", unless what is provided in point 1.8.1. is applicable.
In the case that, before that term elapses, the unused cheque formulas are returned or it is demonstrated that the fine/s has/have been paid, the disqualification for those causes will cease 30 calendar days counted from the date of return or from the date on which the cancellation of the total of the fines is proven, respectively.
When the situation provided for in the second paragraph of point 1.4.2.3. is verified, the disqualification term of 60 (sixty) months and the procedure contained in point 1.8.1. will apply.
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 current accounts filed by the affected natural and legal persons, under penalty of being subject to the sanctions referred to in point 1.6.4.
1.8.4. To be in a position to reuse the current account service, once the terms 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 Argentine Republic a fee of $1,000 (one thousand pesos) and the fines for rejected cheques not paid in due time.
Said fee will be paid when the opening of one or more current accounts is requested before a year has elapsed, counted from the moment when the effects referred to in points 1.8.1. and 1.8.2. cease, except in the situation provided for in the last two paragraphs of point 1.8.1.
Regarding 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 fulfillment of the payment required in point 1.8.4.1. A copy of said receipt will be added to the request referred to in point 1.1.1.
1.9. Models.
1.9.1. Models of common cheque, deferred payment cheque, and transferable nominative certificate of the latter.
The models contained in Circular CAMCO - 1 will be observed.
1.9.2. Model of cheque certification.
Front (text of the cheque)
Back
+--------------------------------------+
| This cheque has been CERTIFIED by | |
|---|---|
| for the term of ..... business days, | |
| which must be credited, ONLY | |
| THROUGH the presentation of the | |
| "Certification Formula" Series... | |
| NÌ ......... issued on the date. | |
| ............, .. of ........ of 19.. | Bank .............. |
| (Signature and clar- (Signature and clar- | |
| ification) ification) | |
| +--------------------------------------+ |
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 Islands of the Atlantic
South 40
1.11. Country codes.
The ones fixed 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. 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 persons will deposit (in cash or with a cheque drawn on the receiving house of 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 Cheques Law", in which the entities will register the amounts debited from the pertinent current accounts by application of what is provided 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 current 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 receiving house of the deposit, as a cash receipt.
Duplicate: to be sent by the depositing entity to the Central Bank upon the transfer of the funds.
Triplicate: to be delivered by the depositor to the entity in which they request the opening of the current account. In case 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 current account of the entity opened in 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 following month to which it corresponds.
In said formula, in the right margin next to the amount, an asterisk (*) will indicate the operations that correspond to the entry of fines.
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).
For the amount to be transferred, a debit note (Formula 3030) will be attached, indicating as the concept of the operation "Passive Transitory Accounts - 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).
1.13. Term for the conservation of documents.
1.13.1. General provisions.
To the extent that legal provisions do not oppose it, financial entities may, under their exclusive responsibility, opt for the procedures and terms they deem most convenient for the conservation, storage, or archiving of the receipts linked to current 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 cheques, from 2 years after the operation to which it refers, links, or accedes, under the responsibility of the financial entities for the maintenance of the originals, except that documentation regarding which there is an administrative or judicial proceeding in progress, 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 governing 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. regarding other documents, requests which must be raised to this Institution through the associations or chambers that unite 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 keep a register of the reproductions and be responsible for their custody, in adequate security conditions.
The reproductions must be conserved by the financial entities until the fulfillment of the term of 10 years determined by article 67 of the Commercial Code.
Any original documentation whose reproduction is admitted or will be admitted according to what was established previously, prior to its physical destruction, must be made available to the interested parties through reliable notification, for a term of 6 months counted from said notification.
1.13.2. Cheques may be returned to the drawers under the conditions agreed upon by the entities with their clients, prior to photography, 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 closure of the account, interest will be settled until the day prior to such circumstance occurring.
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