Regulatory Alerts2015-04-15 | JB-2015-3354Resolution No. JB-2015-3354 of the Banking Board of Ecuador
The Banking Board of Ecuador issued Resolution No. JB-2015-3354 to reject a review appeal filed by Banco de Machala S.A. regarding a consumer complaint about an unauthorized debit from a deceased account holder's funds. The Board ratified previous decisions ordering the bank to restore USD 5,637.41, determining that the institution incorrectly debited the account before the promissory note installments were due and without a valid acceleration clause. This ruling confirms the bank's procedural error and its obligation to return the improperly withheld funds to the heirs.
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