Circular OPASI 2 - 172, LISOL 1 - 163: Special Accounts for Salary Crediting

BANCO CENTRAL DE LA REPUBLICA ARGENTINA
__________________________________________________________________ COMUNICACION " A " 2590 19/09/97 __________________________________________________________________ TO FINANCIAL ENTITIES:
Ref.: Circular
OPASI 2 - 172.
LISOL 1 - 163.
Special accounts for the crediting of remuneration

We address you to bring to your attention that this Institution has adopted the following resolution:

"1. Incorporate into Chapter I of Circular OPASI - 2, with effect from 1.11.97, the following point:

"4.4. Payment of remuneration.
4.4.1. Opening.
Authorized entities that possess automated teller machines (ATMs) must open these accounts at the request of employers who, subject to the obligation to pay remuneration to their staff through account crediting as stipulated by the Ministry of Labor and Social Security, opt to use this regime.

4.4.2. Holders.
An account will be opened in the name of each dependent worker of the included employers, according to the information provided by them, which shall contain, as a minimum, the first and last name, CUIL number (Unique Labor Identification Code), and address of the workers.

4.4.3. Deposits.
Only the crediting of normal and habitual remuneration and other concepts derived from the employment relationship, effected by the employer, will be accepted.

4.4.4. Withdrawal of funds.
At the worker's option, according to any of the following alternatives and to the extent that those provided in points 4.4.4.2 to 4.4.4.4 are available:
4.4.4.1. Through automated teller machines authorized by the entity, up to four cash withdrawals per calendar month, without limit on amount.
4.4.4.2. Cash at businesses with which the entity has subscribed agreements, effected with the debit card.
4.4.4.3. Purchases at supermarkets and other affiliated businesses, effected with the debit card.
4.4.4.4. Payment of taxes, services, and other concepts due, via the entity's automated teller machine or through the automatic debit system, without limit on affiliations.

4.4.5. Debit card.
The holder of the account must be provided - free of charge - with a magnetic card that allows them to operate with automated teller machines and perform the other operations provided for in point 4.4.4.

4.4.6. Account summary.
The periodic issuance of summaries with the detail of movements recorded in the accounts is not mandatory.
In its place, the entity's automated teller machine system must provide - free of charge - a slip showing the balance and the last ten operations performed.
When adherence to the payment of taxes, services, and other concepts via automatic debit has been registered, at least one quarterly summary of payments made will be issued, which will be made available to the holder at the entity's offices.

4.4.7. Commissions.
Entities may not charge fees or commissions of any kind to the holders or to the employers, provided that the use of the accounts complies with the conditions established in points 4.4.3. and 4.4.4.

4.4.8. Remuneration.
Entities may freely agree with the parties on the payment of interest on the balances registered in the accounts, and its settlement may be agreed upon when balances exceed a certain amount.

4.4.9. Closing of accounts.
The closing of the accounts must be communicated by the employer upon the termination of the employment relationship with the worker. It will take effect after 60 consecutive days have elapsed, counted from the date of the last crediting of funds or from the communication - whichever is later -, with point 4.4.7. applicable during that period. After that period has elapsed, the remaining funds will be transferred to immobilized balances, without the need to fulfill any other procedure. It will be provided that the last withdrawal, with the settlement of interest up to that moment - if payment has been agreed upon - can be made at the counter, free of charge.

4.4.10. Delivery of regulations to holders.
The text with the conditions regulating the operation of these accounts will be delivered to the holders, through their employers, and the entity must keep a record of its receipt by the interested party, which may be formalized in a list prepared for this purpose.

4.4.11. Storage of documentation.
The documentation related to deposits in these accounts must be kept in a manner that facilitates the fulfillment of the control and supervision that Article 124 of Law 20.744 (T.O. 1976) requires of the Ministry of Labor and Social Security.

4.4.12. Other provisions.
To the extent not expressly provided, the general provisions established in Circular OPASI - 2 for savings account deposits will apply."

2. State that the free nature of the service for crediting remuneration will not apply when employers and their workers agree to use accounts and/or services different from those mentioned in the regulation referred to in the previous point of this communication.

3. Provide that deposits constituted in the "Payment of Remuneration" accounts are covered by the guarantee offered by the deposit guarantee system and by the provisions applicable to savings account deposits for the purpose of observing minimum liquidity requirements."

We salute you very attentively.
BANCO CENTRAL DE LA REPUBLICA ARGENTINA
Juan Carlos Isi Alfredo A. Besio
Submanager of Standards for Financial Entities Manager of Standards for Financial Entities