Regulatory Alerts2015-06-04 | JB-2015-3460Added · Updated
Resolution No. JB-2015-3460 of the Banking Board of Ecuador
The Banking Board of Ecuador rejected the appeal filed by Banco Nacional de Fomento regarding unauthorized debit card withdrawals made by a customer in October 2013. The Board confirmed that the bank failed to provide adequate security measures and monitoring for transactions conducted at third-party ATMs, thereby violating its obligation to safeguard deposited funds. Consequently, the resolution orders the bank to reimburse the customer the remaining disputed amount of US$ 2,229.50.