Circular OPASI 2 - 180, RUNOR 1 - 249. Bank current, savings, and special remuneration accounts. Automatic debits. Modifications.

BANCO CENTRAL DE LA REPUBLICA ARGENTINA __________________________________________________________________ COMUNICACION " A " 2621 I 14/11/97 __________________________________________________________________ TO FINANCIAL ENTITIES:
Ref.: Circular
OPASI 2 - 180.
RUNOR 1 - 249.
Bank current, savings, and special accounts for the crediting of remuneration. Automatic debits. Modifications.

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

"1. Replace point 1.1.1.4. of the regulation for the bank current account (text according to Communication "A" 2547), with the following:

"1.1.1.4. The explicit consent of the client for the 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 concepts for operations contracted with it or with third parties (automatic debits) that the account holder has contracted. In the event that the client formalizes their adherence to the automatic debit service through the service provider company, tax collection agency, etc., in order to effect the debits, it will be sufficient for the communication that the company or entity sends to the entity notifying the adherence, whose record may remain in the possession of the company or entity."

2. Incorporate as the second paragraph of point 1.2.2.3. of the
   Regulation for the bank current account (text according to the Communication "A" 2514), the following:

"In that statement or account summary, the entities shall inform the debits corresponding to the automatic debit service, with the following minimum data:

• Name of the service provider company, tax
  collection agency, etc., to which the debited funds are destined;

• Identification of the client in the company or entity (surname and
  first name or code or account, etc.);

• Concept of the operation causing the debit (month, bimonthly,
  installment, etc.);

• Amount debited, and

• Date of the debit."

3. Replace the second paragraph of the resolution referred to
   in Communication "A" 2470 (text according to Communication "A" 2508), with the following:

"Furthermore, in the agreements that financial entities conclude with their clients for adherence to automatic debit systems, a clause must be included that provides for the possibility that the client orders the suspension of a debit until the business day prior -inclusive- to the due date and the option to reverse debits for the total amount of each operation, upon an express instruction from the client, within 30 calendar days counted from the date of the debit. The return shall be effected within 72 business hours following the date on which the entity receives the instruction from the client, provided that the originating company of the debit, and only in cases where the amount of the requested reversal exceeds $ 750.-, does not object to the reversal having made the billing difference effective directly."

4. Provide that the preceding rules are applicable also to
   automatic debits that are made in savings accounts and/or in special accounts for the crediting of remuneration."

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