The BCRA Announced that Banks Must Reimburse Deductions from IFE

The BCRA reminded financial institutions that they must not make any deductions from transfers carried out by the Argentine Social Security Administration (ANSES). If so, they must reimburse to beneficiaries the money deducted improperly. The BCRA announced—through Communication B11996—that the emergency family bonus (ingreso familiar de emergencia, IFE), introduced by Decree No. 310/20 of the Executive Power, is clearly an allowance for food supply. No money must be deducted from this benefit, either for transactions with the payor financial institution or with third parties, such as instalments for loans—either subsidized or not—, fees or charges for additional services hired by the beneficiary, direct debits for the payment of taxes, services and others.

After IFE beneficiaries brought their claims, the Superintendence of Financial and Exchange Institutions (SEFyC) established that banks have to pay back any discounts made. In addition, it is analyzing all claims and, if the case may be, it will take action within its competence by filing summary proceedings and imposing the relevant penalties.

IFE beneficiaries who realize there have been inappropriate amounts debited from ANSES transfers may make a claim at the payor financial institution. Also, they may submit the claim at the BCRA through and at the Dirección Nacional de Defensa al Consumidor (National Bureau of Consumers’ Defense).

May 12, 2020.

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