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.
HSBC bank was fined for charging illegal commissions to customers with active loans who canceled their payments before the deadline.
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.
The Superintendency of Competition has started an investigation into the recent increase in lending interest rates of some Salvadoran banks.
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