A New Regulation aimed to Promote Transparency

August 8, 2019. The Board of Directors of the BCRA has issued Communication A6753, requiring financial institutions to inform, at their branches, the rates on time deposits sorted out by the channel through which they are made: online and at a teller window. This requirement seeks to encourage competition in the financial system and enhance users’ access to information.

Communication A6753, to be enforced on August 23, further requires financial institutions to inform the annual percentage rate and the effective annual rate.

This regulation is associated with a resolution made available by means of Communication A6419 dated December 29, 2017 on “Information Released through Electronic Channels to Protect the Environment”, which lists the information that financial institutions must make available to the public at their branches.