Circular OPASI 2-500: Savings, Salary, and Special Deposits; Current Account Regulations; Cooperative Credit Union Demand Accounts; Time Deposits and Investments; Portability and Competition

"2016 - Year of the Bicentennial of the Declaration of National Independence" COMMUNICATION "A" 6042 12/08/2016 TO FINANCIAL ENTITIES, TO NON-FINANCIAL COMPANIES ISSUING CREDIT CARDS, TO COOPERATIVE CREDIT UNIONS (LAW 26.173), TO NON-FINANCIAL COMPANIES ISSUING PURCHASE CARDS:
Ref.: Circular
OPASI 2 - 500
"Savings, salary, and special deposits". "Regulation of the bank current account". "Demand accounts opened in cooperative credit unions".
"Time deposits and investments". Portability and competition .

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We address you to inform you that this Institution adopted the resolution that, in its pertinent part, provides:

"1. Replace items a) and b) of point 2.1. of the norms on "Savings, salary, and special deposits" with the following:
"a) Credit the remuneration corresponding to public and private workers not covered by said legal regime, as provided for in Article 1° of Law 26.704, such as those included in the Special Regime of Employment Contract for Domestic Staff Personnel - Law 26.844 - and in the Agricultural Work Regime - Law 26.727-." "b) The payment of benefits or social security benefits that make up the Argentine Integrated Pension System (SIPA) and those included in the Non-Contributory Pension System, as provided in Article 2° of Law 26.704."

2. Incorporate as the last two paragraphs of point 2.1. of the norms on "Savings, salary, and special deposits" the following:
   "Financial entities may also open these accounts at the request of workers who receive the remuneration referred to in this point - first paragraph and items a) and c) of the second paragraph - without requiring the employer's intervention in the opening process. To this effect, when workers have an open peso savings account, they may request its transformation into a salary account. In these cases, once the uniform banking key is assigned by the financial entity, it shall be the worker's responsibility to provide this information to the employer for the purpose of receiving the credits derived from the labor relationship provided for in point 2.3.1."

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3. Incorporate, following the first paragraph in point 2.2.1. of the norms on "Savings, salary, and special deposits", the following:
   "When the opening is requested directly by the worker, the latter must present the information detailed above and the corresponding work certificate, pay stub, or information from the Federal Administration of Public Revenues (AFIP) that allows proving the labor relationship."

4. Replace the first paragraph of points 2.8.1. and 2.9. and point 4.7.2. of the norms on "Savings, salary, and special deposits" with the following:
   "The closure of the accounts must be communicated by the employer or by the worker when the opening was processed by the employer. In the case where such opening was requested by the worker, the closure must be communicated exclusively by the latter. In both cases, the worker may use electronic communication mechanisms, as provided for in point 1.13.1."

"The text with the conditions regulating the operation of these accounts shall be delivered directly to the holder or through their employer - when the opening was requested by the latter - 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."

"4.7.2. Notice to holders.
Application of commissions on immobilized balances shall be admitted only to the extent that entities communicate this previously to the holders and it does not concern amounts derived from a labor relationship and/or social security benefits, referring to their amount - which may not exceed, per calendar month, the value of the postal item "certified letter plus" (basic service up to 150 grs.) of the Official Mail of the Argentine Republic S.A.- and to the effective date which may not be less than 60 calendar days from the communication. In the case of account closure by decision of the holder, the entity shall not observe the minimum term indicated previously. Communications shall be sent by mail via the aforementioned certified postal item."

5. Establish that the provisions provided for in points 1. to 4. shall apply to workers who begin a new labor relationship as well as to those who, without changing employers, opt to receive their remuneration in a salary account opened at another financial entity.

6. Replace point 1.13.1. of the norms on "Savings, salary, and special deposits" with the following:
   "1.13.1. By decision of the holder.
   Through presentation at the entity and/or the use of electronic communication mechanisms (such as email, telephone, internet banking -"home banking"-, ATMs, and self-service terminals) at the holder's option.

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To this effect, financial entities must admit at least the use of internet banking -"home banking"-.
In any case, the latter must proceed to withdraw the total balance (principal and interest). Without prejudice to this, at the holder's option, the account shall be closed by transferring said funds to immobilized balances according to the procedure established generally for the treatment of said balances. The entity will provide a record of the respective closure."

7. Incorporate as the last three paragraphs in point 9.2.1. of the norms on "Regulation of the bank current account" the following:
   "When the account holder holds the status of user of financial services - in the terms of point 1.1.1. of the norms on "Protection of financial services users" - the use of electronic mechanisms for carrying out the closure procedure, such as email, telephone, internet banking -"home banking"-, ATMs, and self-service terminals, must be offered. This applies to the extent that they are current accounts that do not involve the use of checks. When there are remaining funds, at the holder's option, the account shall be closed by transferring said funds to immobilized balances according to the procedure established generally for the treatment of said balances."

8. Incorporate as the last three paragraphs in point 8.2.1. of the norms on "Demand accounts opened in cooperative credit unions" the following:
   "When the holder holds the status of user of financial services - in the terms of point 1.1.1. of the norms on "Protection of financial services users" - the use of electronic mechanisms for carrying out the closure procedure, such as email, telephone, internet banking -"home banking"-, ATMs, and self-service terminals, must be offered. This applies to the extent that they are demand accounts that do not involve the use of bills of exchange. When there are remaining funds, at the holder's option, the account shall be closed by transferring said funds to immobilized balances according to the procedure established generally for the treatment of said balances."

9. Incorporate as point 1.6.1.8. of the norms on "Time deposits and investments" the following:
   "1.6.1.8. Compensation of certificates.
   Financial entities must grant the status of compensable document through the Electronic Compensation Chambers (CEC) to all fixed-term deposit certificates, except when they are deposits with variable remuneration and/or have the status of pre-cancelable."

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10. Provide that financial entities that offer the internet banking service ("home banking") must admit the use of said channel by users of financial services who are already clients for carrying out account opening and closing procedures for principal accounts, accounts associated with common investment funds, and savings deposit accounts.

11. Establish that financial entities and non-financial companies issuing credit and/or purchase cards that use electronic communication mechanisms - in accordance with what is provided for in the norms on "Information to clients by electronic means for environmental protection" - must admit the use of said mechanisms by users of financial services to conclude contractual relationships related to credit cards, purchase cards, prepaid cards, and/or insurance contracted as non-accessory to a financial service.
    Without prejudice to this, in any case, said subjects must admit the use of the telephone channel for the purpose that users can request the cancellation of the aforementioned services.

12. Establish that the provisions provided for in points 6. to 11. of this communication will enter into force as of 1.11.16."

Finally, we inform you that we will subsequently send you the sheets that, in replacement of those previously provided, should be incorporated into the norms on "Savings, salary, and special deposits", "Regulation of the bank current account", "Demand accounts opened in cooperative credit unions", and "Time deposits and investments".

We salute you attentively.
CENTRAL BANK OF THE ARGENTINE REPUBLIC
Darío C. Stefanelli Agustín Torcassi
Main Manager of Issuance and
General Manager
Normative Applications of Norms