2018 – YEAR OF THE CENTENARY OF UNIVERSITY REFORM

COMMUNICATION “A” 6448 02/02/2018

TO FINANCIAL ENTITIES,
TO NON‑FINANCIAL COMPANIES ISSUING CREDIT CARDS, TO COOPERATIVE CREDIT UNIONS (LAW 26.173), TO NON‑FINANCIAL COMPANIES ISSUING PURCHASE CARDS:

Reference: Circular

RUNOR 1 – 1380

OPASI 2 – 540

Revocation and termination of financial and non‑financial services. Simplification and digitization of procedures for users of financial services

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

Replace point 1.13.1., the first paragraph of point 2.8.1., point 3.4.11.1., the second paragraph of point 3.5.7., points 3.6.8. and 3.8.13.1., the second paragraph of point 3.9.7. and point 4.6.2. (text according to Communication “A” 6419) of the rules on “Savings deposits, payroll account and special accounts” with the following:
- 1.13.1. By decision of the holder.
  The provisions of point 4.17 shall apply.
- 2.8.1.
  “The closure of accounts must be communicated by the employer or by the employee when the opening was processed by the employer. In the case that such opening was requested by the employee, the closure must be communicated exclusively by the latter. In both cases the employee may use electronic communication mechanisms, in accordance with the provisions of point 4.17.”
- 3.4.11.1. By decision of the holder.
  Prior communication to the depository entity, applying the provisions of point 4.17.
- 3.5.7.
  “For the case of simple associations, the procedure detailed in point 4.17 shall apply for the closure of accounts by decision of the holder.”
- 3.6.8. Closure of accounts.
  The closure of accounts must be communicated by the court, applying the provisions of point 4.17.
- 3.8.13.1. By decision of the holder.
  Prior communication to the depository entity, applying the provisions of point 4.17.
- 3.9.7.
  “In the remaining cases, the provisions of point 4.17 shall apply.”
- 4.6.2. Notice to holders.
  The application of commissions on immobilised balances will be admitted only insofar as the entities communicate them beforehand to the holders and the amounts are not derived from a labour relationship and/or social‑security benefits, referencing the amount and the effective date, which may not be less than 60 consecutive days from the communication. In the case of account closure by decision of the holder, the entity shall not observe the minimum period mentioned above.
Incorporate as point 4.17. (text according to Communication “A” 6419) of the rules on “Savings deposits, payroll account and special accounts” the following:

4.17. Non‑presential or any‑branch account closure.

Financial entities must facilitate efficient account closure for clients. When the holder is a user of financial services, financial entities must admit account closure both in any branch – not necessarily the branch where the account is domiciled – and through simple, effective and immediate electronic communication mechanisms that allow closure in a single act (such as e‑mail, telephone, Internet banking “home banking”, ATMs and self‑service terminals).

To this end, financial entities must enable at least the use of Internet banking “home banking”.

If the account holds funds, the user must proceed with total withdrawal of the balance. Without prejudice to this, at the user’s option, the account may be closed by transferring those funds to immobilised balances according to the general procedure established for the treatment of such balances (point 4.6.).

In all cases, the entity must provide – in that same act – a certificate of the respective closure procedure, and may not accrue any type of commission and/or charge from the date of submission of the corresponding request.

When the holder does not have the condition of a user of financial services, the account closure shall be carried out in the times and forms agreed.
Replace point 9.2.1. of the rules on “Regulation of the current bank account” with the following:

9.2.1. By the current‑account holder.
- 9.2.1.1. Accompany the list of checks (common and deferred‑payment) issued as of the notification date of the pertinent closure, not yet presented for collection, indicating their type, issuance dates and, where applicable, payment dates, with the corresponding amounts, informing the cancelled ones and returning the unused ones.
- 9.2.1.2. Keep credited the funds corresponding to the total of common and deferred‑payment checks with fulfilled due dates, not yet presented for collection and that retain legal validity, which have been included in the list referred to in 9.2.1.1.
- 9.2.1.3. Fulfil the entirety of both obligations within 5 banking business days counted from the notification date.
- 9.2.1.4. Deposit in a special account, in a timely manner, the amounts of deferred‑payment checks (registered or not) that will mature after the closure notification date and that have been included in the list referred to in 9.2.1.1.
When the current‑account holder is a user of financial services and the current account in question does not provide for the use of checks nor records a debit balance, simple, effective and immediate electronic mechanisms shall be offered that allow account closure in a single act (such as e‑mail, telephone, Internet banking “home banking”, ATMs and self‑service terminals). To this end, at least the use of Internet banking “home banking” shall be admitted.

Without prejudice to this, financial entities must allow current‑account closure in any branch – not necessarily the branch where the account is domiciled.

In all cases, the entity must provide – in that same act – a certificate of the respective closure procedure, and may not accrue any type of commission and/or charge from the date of submission of the corresponding request.

In case a debit balance is recorded, the closure must at least be possible in a presential form – in any branch of the financial entity at the user’s option – in accordance with the provisions previously stated.

When there are remaining funds, at the holder’s option, the account will be closed by transferring those funds to immobilised balances according to the general procedure established for the treatment of such balances.
Replace point 8.2.1. of the rules on “Sight accounts opened in cooperative credit unions” with the following:

8.2.1. By the holder.
- 8.2.1.1. Accompany the list of bills of exchange (sight and one‑day fixed) drawn as of the notification date of the pertinent closure, not yet presented for collection, indicating their type, issuance dates and, where applicable, payment dates, with the corresponding amounts, informing the cancelled ones and returning the unused ones.
- 8.2.1.2. Keep credited the funds corresponding to the total of sight and one‑day fixed bills of exchange with fulfilled due dates, not yet presented for collection and that retain legal validity, which have been included in the list referred to in 8.2.1.1.
- 8.2.1.3. Fulfil the entirety of both obligations within 5 banking business days counted from the closure date.
- 8.2.1.4. Deposit in a special account, in a timely manner, the amounts of one‑day fixed bills of exchange that will mature after the closure notification date and that have been included in the list referred to in 8.2.1.1.
When the holder is a user of financial services and the sight account in question does not use bills of exchange, simple, effective and immediate electronic mechanisms shall be offered that allow account closure in a single act (such as e‑mail, telephone, Internet banking “home banking”, ATMs and self‑service terminals). To this end, at least the use of Internet banking “home banking” shall be admitted.

Without prejudice to this, cooperative credit unions must allow account closure in any branch – not necessarily the branch where the account is domiciled.

In all cases, the entity must provide – in that same act – a certificate of the respective closure procedure, and may not accrue any type of commission and/or charge from the date of submission of the corresponding request.

When there are remaining funds, at the holder’s option, the account will be closed by transferring those funds to immobilised balances according to the general procedure established for the treatment of such balances.
Replace point 3.2. of the rules on “Electronic communication for environmental care” with the following:

3.2. Revocation and termination of contractual relationships.
- 3.2.1. General criterion.
  Financial entities and non‑financial companies issuing credit and/or purchase cards that use electronic communication mechanisms – in accordance with these rules – must admit the use of those mechanisms by users of financial services to revoke acceptance or terminate contractual relationships related to financial products and services – such as credit cards, purchase cards and/or prepaid cards – and/or non‑financial products and services – such as insurance and other services contracted not as accessories to a financial service.
  
  The mechanisms made available to users for these purposes must be simple, effective and immediate, allowing revocation or termination in a single act (for example, an option in a highlighted area of “home banking” or the sending of an SMS or e‑mail). Without prejudice to this, the affected subjects must admit the user’s presentation in any branch for the presential performance of the cited procedures, under the same conditions previously indicated.
  
  When debts are recorded, their cancellation may not be required as a condition for revocation or termination.
  
  In all cases, the affected subjects must provide – in that same act – a certificate of the revocation or termination procedure, and no commission and/or charge may accrue from the date of submission of the corresponding request.
  
  At the moment of contracting each service, the subjects referred to in the first paragraph must inform the user of the means available should the user wish to revoke acceptance or terminate the contractual relationship, and must send that information via e‑mail to the address supplied by the user.
  
  They must also disclose those means on their website, when they have such a service.
- 3.2.2. Special criterion.
  When the revocation or termination refers to a credit and/or purchase card for which the full balance of the last statement has not been paid, the procedure will only be required to be possible in a presential form in any branch in accordance with point 3.2.1.
The account closures provided for in the rules on “Savings deposits, payroll account and special accounts”, “Regulation of the current bank account” and “Sight accounts opened in cooperative credit unions” shall be governed by the provisions established in those rules.

The provisions of this point do not apply to fund‑raising operations performed by financial entities under the rules on “Term deposits and investments”.
Incorporate as point 3.3. of the rules on “Electronic communication for environmental care” the following:

3.3. Information update.
Users of financial services may update the information required of them by application of the rules on “Savings deposits, payroll account and special accounts”, “Term deposits and investments”, “Regulation of the current bank account”, “Sight accounts in cooperative credit unions”, “Credit management” and “Debtor classification” through the electronic mechanisms provided in these provisions.

When that facility is not operational, the subjects cited in the first paragraph of point 3.2 must admit the presentation of that information in any branch at the user’s option – not necessarily the branch where the account or file is domiciled.
Replace point 2.3.1.2. of the rules on “Protection of users of financial services” with the following:

2.3.1.2. Multi‑product contracts.
Regarding the freedom of choice of financial products or services offered by the obligated subjects, multi‑product contracts will be admitted insofar as the sections corresponding to each product can be split into autonomous individual contracts, so that each user may adhere only to the product(s) that truly interest them.

The revocation or termination of a product or service that is part of a multi‑product contract may, when the obligated subject so decides, entail the loss of benefits and/or the termination of the remaining associated products or services, except for peso‑denominated savings banks – when they are open – since these do not form part of the multi‑product packages (point 1.4. of the rules on “Savings deposits, payroll account and special accounts”).

In those cases, when an increase in the total cost of the remaining products or services occurs, that circumstance must be previously informed to the financial‑service user indicating the means available to consult the new values – according to the advertising provisions in point 2.4.
Establish that the provisions of this communication shall enter into force 60 consecutive days from the date of its dissemination.

We also inform you that we will subsequently send the sheets that, in replacement of those previously provided, must be incorporated into the rules on “Savings deposits, payroll account and special accounts”, “Regulation of the current bank account”, “Sight accounts opened in cooperative credit unions”, “Electronic communication for environmental care” and “Protection of users of financial services”.

Sincerely,

CENTRAL BANK OF THE ARGENTINE REPUBLIC

Matías A. Gutiérrez Girault – Agustín Torcassi

Manager of Norms Emission – Deputy General Manager of Norms