Circular OPASI 2 - 410: Interest on Bank Current Accounts, Special Current Accounts for Legal Entities, and Demand Accounts at Cooperative Credit Unions

"2010 - YEAR OF THE BICENTENNIAL OF THE MAY REVOLUTION" COMMUNICATION “A” 5068 19/04/2010 TO FINANCIAL ENTITIES:
Ref.: Circular
OPASI 2 - 410
Interest on bank current accounts, special current accounts for legal entities and demand accounts opened in cooperative credit unions . ______ We address you to inform you that this Institution adopted the following resolution:
“1. Substitute, with effect from 1.5.2010, point 4.4.7. of Section 4. of the rules on “Savings deposits, payment of remuneration and special deposits”, with the following:
“4.4.7. Remuneration.
Interest shall not be recognized on the deposit balances in these accounts.”
2. Substitute, with effect from 1.5.2010, point 2.3. of Section 2. of the “Regulation of
the bank current account”, with the following:
“2.3. Interest.
Interest shall not be recognized on the deposit balances in these accounts.”
3. Substitute, with effect from 1.5.2010, point 2.3. of Section 2. of the rules on
“Demand accounts opened in cooperative credit unions”, with the following:
“2.3. Interest.
Interest shall not be recognized on the deposit balances in these accounts.” We send you the sheets that, in replacement of those previously provided, should be incorporated into the “Regulation of the bank current account” and the rules on “Demand accounts opened in cooperative credit unions” and “Savings deposits, payment of remuneration and special deposits”.

-2-
Likewise, it is recalled that on the website of this Institution www.bcra.gov.ar, accessing “regulations” (“ordered texts”), the modifications made with texts highlighted in special characters (strikethrough and bold) will be found. We greet you very respectfully. CENTRAL BANK OF THE ARGENTINE REPUBLIC Darío C. Stefanelli Alfredo A. Besio Manager of Emission of Regulations General Deputy Manager of Regulations a/c
ANNEX

It will be proof of the operation its registration in the account summary (point 4.4.10.). Entities must have implemented information security mechanisms that guarantee the genuineness of the operations.
4.4.5.3. Other credits, including -among them- those originated in the granting of loans and in the collection of receivables.
4.4.6. Debits.
4.4.6.1. At the counter, under the conditions agreed upon, through documents that
meet the characteristics of a receipt.
Other alternative means such as the magnetic card or identification by personal key that guarantee the genuineness of the operations may be used, extending the relevant record of the transaction. Debits for the sale of “teller checks” and “financial payment checks” issued by the entity and “cancellation checks” may be contemplated.
4.4.6.2. Transfers, regardless of their form -personal, electronic, telephone, via
"Internet", etc.-, which must be ordered by any of the natural persons included in the list referred to in point 4.4.2.5. Entities must have implemented information security mechanisms that guarantee the genuineness of the operations carried out in a non-personal manner.
4.4.6.3. Internal debits, automatic for the payment of taxes and services, commissions
and other concepts, under the agreed conditions.
4.4.6.4. Withdrawals through ATMs and operations carried out through
terminals at points of sale.
Entities must have implemented information security mechanisms that guarantee the genuineness of these.
4.4.6.5. The movements -regardless of their nature- cannot generate a debtor balance.
4.4.7. Remuneration.
Interest shall not be recognized on the deposit balances in these accounts. Version: 3rd COMMUNICATION “A” 5068 Validity:
01/05/2010
SAVINGS DEPOSITS, PAYMENT OF REMUNERATION AND SPECIALS B.C.R.A.
Section 4. Specials.

4.4.8. Agreements to formulate debits.
As a prior requirement to the opening of an account, the express consent of the holders must be obtained for the amounts to be debited for the following concepts, to the extent that they are agreed upon.
4.4.8.1. Operations typical of the entity (payment of loans, rental of safety deposit boxes, etc.).
4.4.8.2. Collection service operations on behalf of third parties, contracted directly with the bank or through said third parties (automatic or direct debits) for the payment of taxes, fees, contributions and payments, utility or private service bills, credit card summaries, etc., when the client's knowledge is assured with a minimum advance of 5
business days with respect to the date fixed for the debit 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 make the debits it will be sufficient the communication that the company or entity sends to the entity notifying the adherence, whose record may remain with the company or entity. The client may formalize their adherence to the automatic debit system through the financial entity in which they maintain their account or through the service provider company, tax collection agency, etc. to the extent that, in the pertinent aspects, the previously indicated requirements are observed. The same option shall apply to manifest the disaffection or cancellation of a service of this system. The adherence to this automatic debit mechanism will be conditioned to the possibility of reversing the operations under the conditions established in point 4.4.9.
4.4.8.3. Commissions freely agreed upon at the time of opening or subsequently,
for the services provided by the entity.
The commissions and expenses must be detailed, with mention of amounts and percentages, as well as the dates and/or periodicity of these debits, including, among others, those corresponding to:

• Account opening.

• Account maintenance.

• Issuance and sending of account summaries or automatic debits.

• Operations at the counter or with ATMs of the entity.
  SAVINGS DEPOSITS, PAYMENT OF REMUNERATION AND SPECIALS B.C.R.A.
  Section 4. Specials.
  Version: 3rd COMMUNICATION “A” 5068
  Validity:
  19/04/2010

• Settlement of securities presented for collection or of checks excluded from the clearing house regime.

• Deposits or withdrawals in branches other than those in which the accounts are
  located.

• Rejection of third-party checks.

• Provision of deposit slips.

• Issuance and delivery of debit cards or for use in ATMs.

• Automatic debits.

• Use of ATMs of other entities or networks in the country or abroad.

• Third-party deposits (collections).

• Out-of-hours deposits.

• Certification of signatures.

• Immobilized balances.
  4.4.8.4. Modifications in the conditions or amount of commissions or expenses
  whose debit had been accepted must be communicated to the holder and obtain their consent, with at least 5 business days prior to their application. Whenever there is no express rejection by the client, the new conditions can be applied after a period of not less than 30 calendar days, counted from the date of expiration of the period established for the sending or making available of the summaries, unless the option is chosen for reliable notification to the client, in which case said period is reduced to 5 days. In the case of changes that mean decreases in commissions or expenses, the new amounts can be applied without the need to wait for the passage of the aforementioned periods. The funds debited for commissions or expenses without the prior knowledge of the clients or despite their opposition, as established above, must be reimbursed to the holders within 5 business days following the date on which they present their claim to the entity. Additionally, the amount of the expenses incurred for the obtention of the reimbursement and the relevant compensatory interest up to the limit equivalent to 100% of the observed debits will be recognized. SAVINGS DEPOSITS, PAYMENT OF REMUNERATION AND SPECIALS B.C.R.A.
  Section 4. Specials.
  Version: 3rd COMMUNICATION “A” 5068
  Validity:
  19/04/2010

SAVINGS DEPOSITS, PAYMENT OF REMUNERATION AND SPECIALS ORDERED TEXT ORIGIN NORM Sec. Point Par. Com. Annex Ch. Sec. Point Par. OBSERVATIONS
4.2.2. “A” 1247 4.3.2.
4.2.3. “A” 1247 4.3.3.
4.2.4.1. “A” 1247 4.3.4.1. S/Com. “A” 3042.
4.2.4.2. “A” 1247 4.3.4.2.
4.2.5. “A” 1247 4.3.5.
4.2.6. “A” 1247 4.3.6.
4.2.7. “A” 1247 4.3.7.
4.2.8. “A” 1247 4.3.8.
4.3. “A” 1199 I 4.1.
4.4. “A” 3250 1.
4.4.1. “A” 3250 1.
4.4.2. “A” 3250 1.
4.4.3. “A” 3250 1.
4.4.4. “A” 3250 1.
4.4.5. “A” 3250 1. S/Com. “A”4936, 4971
pt. 18. and 5000
4.4.6. “A” 3250 1.
4.4.7. “A” 3250 1. S/Com. “A” 5068
4.4.8. “A” 3250 1.
4.4.9. “A” 3250 1.
4.4.10. “A” 3250 1. S/Com. “A” 3323, “A”
3014 pt 3.7.1. and 4809.
4.4.11. “A” 3250 1.
4.4.12. “A” 3250 1.
4.4.13. “A” 3250 1.
4.4.14. “A” 3250 1.
4.5. “A” 3583 1 S/Com. “A” 3827, pt.
3.
4.6. “A” 3566 1. S/Com. “A” 4602,
pts 1 and 2.
4.
4.7. “A” 5007
5.1. "A" 3042
5.1.1. "A" 2885 1.
5.1.2. "A" 2885 2. 2.2.
5.1.3. "A" 2885 2. 2.3.
5.1.4. "A" 2885 2. 2.4.
5.1.5. "A" 2885 2. 2.5. and 2.6.
5.1.6. "A" 3042
5.2. “A” 1891 S /Com. "A" 1922 and “A”
3323 and “A” 4875.
1° "A" 2530 1°
2° "A" 2530 3°and 4°
5.3.1.
3° "A" 2530 5°
5.
5.3.2. "A" 2530 2°

Entities must have implemented information security mechanisms that guarantee the genuineness of the operations carried out in a non-personal manner.
2.2.3. Internal debits, which, when applicable, will be admitted under the conditions referred to in
point 1.5.4. of Section 1.
2.2.4. Withdrawals through ATMs and operations carried out through terminals at points of sale.
Entities must have implemented information security mechanisms that guarantee the genuineness of these operations.
2.3. Interest.
Interest shall not be recognized on the deposit balances in these accounts.
2.4. Check truncation.
2.4.1. Granting of reciprocal mandate.
For the purposes of applying the check truncation procedure for the payment of documents processed through the electronic clearing houses for funds, based on the agreements formalized between the entities, it will be understood that they have granted each other a reciprocal mandate regarding the fulfillment of their obligations as drawee entities, by application of the Check Law and regulatory norms issued by the Central Bank of the Argentine Republic. REGULATION OF THE BANK CURRENT ACCOUNT B.C.R.A.
Section 2. Movement of accounts.
Version: 3rd COMMUNICATION “A” 5068
Validity:
01/05/2010

REGULATION OF THE BANK CURRENT ACCOUNT
ORDERED TEXT ORIGIN NORM
Sec. Point Par. Com. Annex Ch. Sec. Point Par.
OBSERVATIONS
1.5.4. “A” 2514 unique 1.1.1.4. S/Com. “A” 2621, “A”
3075 and “A” 3244
1.5.5. “A” 2514 unique 1.1.1.6. 1st S/Com. “A” 3244 and
“A” 4063, pt. 1.
1.
1.5.6. “A” 3244 1.5.6.
“A” 3244 2.
2.1. “A” 2514 unique 1.3.1.
2.1.1. “A” 2514 unique 1.3.1.1. 1st S/Com. “A” 3075
2.1.1.1. “A” 2514 unique 1.3.1.1.1.
2.1.1.2. “A” 2514 unique 1.3.1.1.2.
2.1.1.3. “A” 2514 unique 1.3.1.1.3.
2.1.1.4. “A” 2514 unique 1.3.1.1.4.
2.1.1.5. "A" 2514 unique 1.3.1.1.5.
and
1.3.1.1.6.
S/Com. “A” 4936, “A”
4971 pt 2. and “A”
5000
2.1.1.6. “A” 2514 unique 1.3.1.1. last.
2.1.1. last. “A” 3075
2.1.2. “A” 2514 unique 1.3.1.2. S/Com. “A” 3075
2.1.3. “A” 2514 unique 1.3.1.2.
2.1.4. “A” 2514 unique 1.3.1.2.
2.1. last. “A” 3075
2.2. “A” 2514 unique 1.3.2.
2.2.1. “A” 2514 unique 1.3.2.1. S/Com. “A” 3244 and
“A” 3249
2.2.2. “A” 2514 unique 1.3.2.2. S/Com. “A” 3075
2.2.3. “A” 2514 unique 1.3.2.3. S/Com. “A” 3244
2.2.4. “A” 2514 unique 1.3.2.4. S/Com. “A” 3075
2.3. “A” 2514 unique 1.14. S/Com. “A” 5068
2.4. “A” 2514 unique 1.15. S/Com. “A” 2779
2.
2.4.1. “A” 2514 unique 1.15.1. S/Com. “A” 2779
“A” 3075
3.1. “A” 2514 unique 1.3.2.1. S/Com. “A” 3075
3.2. 1st “A” 2864 1.
3.2.1. “A” 2864 1.1. S/Com. “A” 3075
3.2.2. “A” 2864 1.2.
3.2.3. “A” 2864 1.3.
3.2.4. “A” 2864 1.4.
3.
3.2.5. “B” 6348 S/Com. “A” 3075

Cooperative credit unions must have implemented information security mechanisms that guarantee the genuineness of the operations carried out in a non-personal manner.
2.2.3. Internal debits, which, when applicable, will be admitted under the conditions referred to in
point 1.5.4. of Section 1.
2.2.4. Withdrawals through ATMs and operations carried out through terminals at points of sale.
Cooperative credit unions must have implemented information security mechanisms that guarantee the genuineness of these operations.
2.3. Interest.
Interest shall not be recognized on the deposit balances in these accounts.
2.4. Truncation of negotiable promissory notes cleared.
2.4.1. Granting of reciprocal mandate.
For the purposes of applying the truncation procedure for promissory notes for the payment of documents processed through the electronic clearing houses for funds, based on the agreements formalized between the cooperative credit unions, it will be understood that they have granted each other a reciprocal mandate regarding the fulfillment of their obligations as drawee entity, by application of Law 26.173 and regulatory norms issued by the Central Bank of the Argentine Republic. DEMAND ACCOUNTS OPENED IN COOPERATIVE CREDIT UNIONS B.C.R.A.
Section 2. Movement of accounts.
Version: 2nd COMMUNICATION “A” 5068
Validity:
01/05/2010

ORDERED TEXT ORIGIN NORM
Sec. Point Par. Com. Annex Sec. Point Par.
OBSERVATIONS
1.1. “A” 4713 Unique 1. 1.1.
1.2. “A” 4713 Unique 1. 1.2.
1.3. “A” 4713 Unique 1. 1.3.
1.4. “A” 4713 Unique 1. 1.4.
1.
1.5. “A” 4713 Unique 1. 1.5. S/ Com. “A” 4971 pt. 9.,
5000 and 5022.
2.1. “A” 4713 Unique 2. 2.1. S/ Com. “A” 4936, 4971
pt. 10. and 5000.
2.2. “A” 4713 Unique 2. 2.2.
2.3. “A” 4713 Unique 2. 2.3. S/Com. “A” 5068
2.
2.4. “A” 4713 Unique 2. 2.4.
3.1. “A” 4713 Unique 3. 3.1.
3.
3.2. “A” 4713 Unique 3. 3.2.
4.1. “A” 4713 Unique 4. 4.1. S/ Com. “A” 4755, 4849,
4. 4971., 5000 and 5025.
4.2. “A” 4713 Unique 4. 4.2.
5.1. “A” 4713 Unique 5. 5.1.
5. 5.2. “A” 4713 Unique 5. 5.2.
5.3. “A” 4713 Unique 5. 5.3.
6.1. “A” 4713 Unique 6. 6.1. S/ Com. “A” 4971 pt. 13.
6.2. “A” 4713 Unique 6. 6.2..
6.
6.3. “A” 4713 Unique 6. 6.3. S/ Com. “A” 4971 pt. 13. and
5000.
7.1. “A” 4713 Unique 7. 7.1. S/ Com. “A” 4971 pt. 14. and
5000.
7.2. “A” 4713 Unique 7. 7.2. S/ Com. “A” 4971 pt. 15. and
5000.
7.3. “A” 4713 Unique 7. 7.3. S/ Com. “A” 4971 pt. 14.
7.4. “A” 4713 Unique 7. 7.4.
7.5. “A” 4713 Unique 7. 7.5.
7.6. “A” 4713 Unique 7. 7.6.
7.7. “A” 4713 Unique 7. 7.7. S/ Com. “A” 4971 pt. 14. and
5000.
7.8. “A” 4713 Unique 7. 7.8.
7.
7.9. “A” 4713 Unique 7. 7.9.
8.1. “A” 4713 Unique 8. 8.1.
8.2. “A” 4713 Unique 8. 8.2.
8.3. “A” 4713 Unique 8. 8.3.
8.
8.4. “A” 4713 Unique 8. 8.4.
9.1. “A” 4713 Unique 9. 9.1.
9.
9.2. “A” 4713 Unique 9. 9.2.
10.1. “A” 4713 Unique 10. 10.1.
10.2. “A” 4713 Unique 10. 10.2.
10.3. “A” 4713 Unique 10. 10.3.
10.4. “A” 4713 Unique 10. 10.4.
10.5. “A” 4713 Unique 10. 10.5.
10.
10.6. “A” 4713 Unique 10. 10.6.
B.C.R.A.
ORIGIN OF THE PROVISIONS INCLUDED IN THE ORDERED TEXT ON “DEMAND ACCOUNTS OPENED IN COOPERATIVE CREDIT UNIONS”