HSBC El Salvador Returns Interest Fees

The Consumer Advocate will publish a list of recipients of bank refunds next week.

Wednesday, April 29, 2009

HSBC Bank had charged interest to users who made their loan payments in advance. In the face of this situation, the Office of the Public Defender sanctioned the bank with the sum of $900 thousand, $451,357.78 of which will be returned to 202 users, and the rest must be paid as a fine.

La Prensa Grafica of El Salvador published: "The Consumer Advocate recommended that people who have doubts as to whether the refunds apply to them should check their receipts from the dates involved so they can present them when the list is published. The Advocate also stated that the manner in which the money will be returned has yet to be defined, but if the bank gives you the option of having the money returned, it also recommended not to apply it to the loan total. Instead, the advocate recommended for people to apply it to the principal so that interests can be reduced. "

More on this topic

El Salvador: HSBC Fined $900 Thousand

April 2009

HSBC bank was fined for charging illegal commissions to customers with active loans who canceled their payments before the deadline.

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.

El Salvador bank to return money from unjust service charges

July 2008

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.

Evelyn Jacir de Lovo, who was commissioned by the Defender of Consumers, said, "The reply we received was very positive.

Investigation Over Possible Collusion on Interest Rates in El Salvador

June 2013

The Superintendency of Competition has started an investigation into the recent increase in lending interest rates of some Salvadoran banks.

From a press release from the Superintendencia de Competencia (SC) of El Salvador:

The Superintendency of Competition is investigating whether the recent rise in interest rates for loans from certain banks could respond to an alleged agreement between competitors to "compensate" for the elimination of charging an administration fee. The Superintendent will be requesting information from affected consumers.

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