The BCRA has implemented changes to a series of regulations in order to enhance consumers’ financial protection.
Said amendments have been introduced by way of Communication A 6664, which provides as follows:
Service restoration. Financial institutions and non-financial credit card issuing companies that need to block the service for security reasons are required to inform consumers of this situation from now on. They must also let their customers get the product or service restored through any of the electronic means of communication available.
Response time. Financial institutions must provide a final solution to all enquiries or claims within 10 working days. This measure has been designed to lower financial institutions’ response time, which used to be 20 days.
Bank and credit card statements. Banks must make available to all their customer the latest 12 monthly account and credit card statements on the website. This right now extends to users of non-bank credit cards.
Reimbursement of amounts claimed. Banks must reimburse their customers within the 10 working days following the claim date, for any special offers, discounts or other benefits that may have been incorrectly applied.
Automatic update of consumers’ data. If a customer reports a change in their personal data in terms of a single product, the bank is obliged to update such information as to all other hired products and services.
