Key Aspects on Financial Users´ Rights

1. Which are the main rights of financial service users?

Financial service users have the right to receive equal and fair treatment conditions, protection regarding economic interests and safety, accurate and true information on the terms and conditions for the services hired as well as copies of the instruments they may sign, and enjoy freedom of choice.
Institutions must ensure physically impaired persons’ priority, and provide visually impaired consumers with documents suitable for them.
For those who have asserted the right to change their identity, financial institutions must rectify their records, reprint debit and credit cards, and issue account statements—among other documents—accordingly. Moreover, they must ensure fair treatment regarding gender, decency and privacy.

2. How do I get in contact with the bank’s customer service?

Banks must provide customers with contact details (phone and email) of at least two persons responsible for customer services—one as official and the other as alternate. This information is published on the BCRA website. For information: https://www.bcra.gob.ar/BCRAyVos/Responsables-Atencion-cliente-Bancos-companias-financieras.asp
Finance companies, card issuers and other institutions that fall under the scope of the regulation on the protection of users of financial services must also inform the contact details of the persons responsible for the customer services.

3. How can I cancel a product?
Banks must allow customers to close their accounts at any bank branch—regardless of the location of the account—as well as through electronic means (email, phone, online banking, ATMs).
Credit cards can be cancelled, even if there are outstanding amounts. In this case, financial institutions may request that the procedure be made in person at any branch.
Financial institutions may not impose any charges or fees, except for statement fees, and those arising from the collection of unpaid debts.
Financial users should request a certificate or number of the procedure carried out before the bank. In case of debt, financial institutions cannot demand payment as a condition to cancel a credit card.
Consumers have the right to revoke any product or service within ten (10) business days after the date of receipt of the agreement or availability of the product or service, whichever occurs last, by due notice or through the same means the service or product was hired.

4. How do I report unsettled claims to the BCRA?
First, financial users must file a claim with their bank which must inform them of the procedure number within 3 business days.
In the absence of a reply or where the answer is unsatisfactory after 10 business days of submission, users can file a claim with the BCRA through this link: https://www.bcra.gob.ar/BCRAyVos/Reclamos-no-resueltos.asp

5. How do I know if I have outstanding debts?
The BCRA Debtors' Database records debts or unpaid amounts to financial institutions for loans or credit cards for the last 24 months. It also records rejected checks, other loans or provincial taxes debts. For information, enter your taxpayer identification code (CUIT) on the following site https://www.bcra.gob.ar/BCRAyVos/Situacion_Crediticia.asp
The information published on the Debtors' Database is provided by banks and other institutions. Therefore, to correct, update, remove or cause the data to be subject to confidentiality, the user must address the request to the institution that provided such data to the BCRA. Where appropriate, the financial institution must request the BCRA to change its database within the following 10 running days.

6. How do I obtain a Universal Free Account?
The Universal Free Account is a savings bank account in pesos. Its opening, maintenance, movements of funds and balance inquiries are free of charge. Only submission of an ID document and not having any bank accounts is needed. The bank will provide users with a debit card to buy in shops and use ATMs.
The opening and maintenance are free of charge. Balance inquiries can be made at ATMs from different banks and networks throughout the country. For more information: https://www.bcra.gob.ar/Noticias/Relanzamiento-Cuenta-Gratuita-Universal.asp
The opening, maintenance and issuance of debit cards for all savings accounts in pesos are free of charge.

7. Which transactions can be carried out in savings accounts opened for collecting funds under Social Aid Programs?
This account is opened at the request of the Argentine Social Security Administration (ANSES) for beneficiaries of social security benefits, such as universal child allowance (AUH) and social aid plans and programs.
All deposits—irrespective of their type—are allowed. However, there is a limit (set by the Argentine Council for Employment, Productivity and Minimum Wage).
This account allows free of charge opening and maintenance, withdrawals at any ATM in Argentina—regardless of the amount involved—, withdrawals from a teller, as well as purchases and cash withdrawals using a debit card.

8. How can a time deposit be made?
Time deposits can be made through the website or mobile banking of any bank, which will debit the funds from the source account in pesos. Banks may not impose any charges or fees on this type of time deposits, or set amount limits.
The bank offers different term investment alternatives. For example, traditional 30-day time deposits, and early-payment UVA time deposits that offer the chance for saving in pesos, adjusted by prices, at a positive real interest rate. They also offer an early-payment option, effective as from 30 days, and at an interest rate that will not be lower than UVA + 1% annual percentage rate for 90-day deposits.
The interest rates that banks charge for online time deposits are available below to help users choose the most convenient alternative: https://www.bcra.gob.ar/BCRAyVos/Plazos_fijos_online.asp

9. What are instant transfers?
Transfers are instant when carried out in savings, salary or current accounts held by either natural or legal persons.
The amounts of instant transfers in pesos per day and account can reach:
*Up to ARS125,000 through ATMs.
*Up to ARS250,000 through online banking.
On special situations and due to safety issues and precautionary controls applied by institutions, transfers may be delayed.

10. How much banks charge for Cash Withdrawals at ATMs?
Holders of debit cards linked to salary accounts, retired people or social security beneficiaries can use any ATM for free, regardless of the bank or network involved.

April 11, 2021.