Within the framework of the COVID-19 pandemic and the measures ordered by the National Executive Branch, the Central Bank of the Argentine Republic (BCRA) took measures in recent days to guarantee the effective functioning of the financial system and provide operational facilities to SMEs and individuals:
1. Check Management
The National Executive Branch, through Decree 544/2020, extended until December 31, 2020 the suspension of the closure of bank accounts and the disqualification established in Article 1 of Law No. 25,730.
The BCRA, while this decree remains in force, established through Communication A6950, of April 1, 2020:
- Extend by an additional thirty (30) days the deadline for the presentation of common or deferred payment checks.
- Admit a second presentation for checks rejected for “Insufficient funds available in account” cause. This provision does not apply to checks generated by electronic means or ECHEQ.
- Determine that financial institutions may not apply fees to their customers related to the rejection of checks.
2. ATM Operations
The BCRA extended until September 30 the prohibition on financial institutions from charging charges or commissions for operations (deposits, withdrawals, consultations, etc.) carried out through all ATMs enabled and operated in the country by them, without amount limits.
It also extended the validity of the limit to make withdrawals by ATMs per day and in a single withdrawal, of at least up to $ 15,000 regardless of the financial institution and/or the ATM network to which you belong.
These measures, established to facilitate the operation of users, were already in force until June 30 and are now extended until September 30 inclusive.
3. Unpaid and punitive balances of Credits
The BCRA also extended the period in which entities cannot charge punitive interest on the unpaid amounts of loans granted. In this way, the unpaid balances of loans granted by financial institutions, including those that are updated by UVA, whose installments are due between April 1 and September 30, 2020, will not accrue punitive interest. In addition, it is ratified that the unpaid installments must be incorporated in the months following the end of the life of the credit, considering the accrual of the compensatory interest rate.
