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.

According to La Prensa Gráfica: "As of yesterday, the entity had 10 days to cancel the fine or decide to file an appeal in court. 'If the Court admits the process, the tribunal’s resolution could be suspended,’ said Mauricio Perez, assistant legal director (Consumer Advocate].”

More on this topic

El Salvador: Private Bank Fined $450,000

March 2017

Davivienda must repay $451,000 to 200 customers and pay a fine of $453,000 after having charged fees for advance payments on credits.

From a statement issued by the Consumer Protection Authority:

The Consumer Protection Authority wishes to inform citizens that, after at the culmination of a due process, the sentencing court has issued a resolution determining that the bank Davivienda must reimburse 203 consumers the sum of $451,357.78, and pay a fine of $453,099.60, due to violations of the Consumer Protection Act, upon collection of fees or charges for advance payments on credit.

El Salvador: $500,000 Fine for Banco Davivienda

June 2015

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.

The penalty is the result of a complaint filed by the Consumer Protection Body with the sentencing court on December 19, 2006, against the Salvadoran Bank SA (now Banco Davivienda) "...

El Salvador: How to Defend Against Customs Fines

March 2015

On March 18 in San Salvador an event will be held with the theme of opportunities for defense against fines and customs taxes.

From a statement issued by the Chamber of Commerce and Industry of El Salvador (Camarasal):

Learning about appeal instruments, consultation and complaints, and the basic principles for documentation, plus a guide for direct users of customs services in Central America.

HSBC El Salvador Returns Interest Fees

April 2009

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

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.

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