El Salvador bank to return money from unjust service charges

El Salvador's Defender of Consumers announced that banks and credit card issuers that have been charging unfair rates have promised to correct their irregularities.

Thursday, July 3, 2008

Evelyn Jacir de Lovo, who was commissioned by the Defender of Consumers, said, "The reply we received was very positive. We are pleased to say that their position has been to tell us that, beyond the legal battle, they want to respond to the people if they have committed an error and make reimbursements if necessary."

More on this topic

Credit Card Interest Rate Regulation

February 2012

Proposals are being put forward in the Legislative Assembly of El Salvador to limit interest rates on credit cards via a usury law.

Representantives from the official FMLN party and the Gana party have dusted off the Credit Card System Law, proposing to amend Article 19 in order to lower interest rates, which according to them, remain very high for users, reported ElSalvador.com.

Projects to Regulate Credit Cards in Costa Rica

July 2013

A bill seeks to regulate the information provided by issuers to consumers, and another one sets caps on interest rates.

The first project proposed was by Congressman Luis Fishman, who suggests protecting consumers without affecting free competition among companies, obtaining a reduction in fees and costs.

Government of Costa Rica Takes Out Loans It Doesn't Use

October 2013

Interest and fees are paid for $781 million in outstanding loans, of which only $41 million have been used, 5% of the total.

The country pays interest and fees for a total of nine loans that have hardly been used. "Up until August, the Government paid a total of $3.8 million in commitment fees and interest on loans that were first implemented in the last four years ...", reported Nacion.com.

Costa Rica: Premium for Savings in Colones Drop

October 2013

During the last twelve months the returns given by state banks to their clients for savings in colones rather than dollars decreased by 2.6 % .

A financial report by the Central Bank of Costa Rica (BCCR) explains that "the data shows that the average differential in savings with a term of six months, closed at 1.46 points in September. But that margin was four points in the same period of 2012 ... ", reported Nacion.com.

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