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."
Proposals are being put forward in the Legislative Assembly of El Salvador to limit interest rates on credit cards via a usury law.
A bill seeks to regulate the information provided by issuers to consumers, and another one sets caps on interest rates.
Interest and fees are paid for $781 million in outstanding loans, of which only $41 million have been used, 5% of the total.
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 % .
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