El Salvador: HSBC Fined $900 Thousand
HSBC bank was fined for charging illegal commissions to customers with active loans who canceled their payments before the deadline.
Friday, April 3, 2009
The decision by the Consumer Advocate implies that the bank must return a total of $451,357.78 to the 202 affected customers and pay a $453,264 fine.
The Consumer Advocate will publish a list of recipients of bank refunds next week.
The penalty is for charging surcharges for inactivity on receivable accounts with balances below $25, with the bank ordered to return the more than $429,000 charged for that concept.
On March 18 in San Salvador an event will be held with the theme of opportunities for defense against fines and customs taxes.
The Ministry of Public Works is proposing installing a camera system funded by a percentage of the fines imposed.
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