No menu items!

COSTA RICA'S LEADING ENGLISH LANGUAGE NEWSPAPER

HomeTopicsBusinessNew banking consumer watchdog agency to open in November

New banking consumer watchdog agency to open in November

Not happy with your bank? Angry customers soon will be able to file complaints with a new Financial Services Ombudsman’s Office, which begins operating in November.

The Costa Rican Banking Association (ABC), a group that joins all public and private banks, approved the creation of the office last week. They expect it to open on Nov. 17.

ABC President Gilberto Serrano said associates agreed to respect all resolutions issued by the new agency.

The office will resolve complaints related to most services offered by banks, except cases involving a third party, issues with investments, or complaints involving transactions totaling more than 100 base salaries (some ₡30 million or $55,000).

The agency will consist of a Financial Services Ombudsman, a board of directors, a lawyer and a group of financial experts in charge of evaluating and resolving complaints according to Costa Rican laws and regulations.

Serrano said the office will receive complaints from customers only if they are dissatisfied with solutions first offered by their banks.

“If a customer decides to take a case to the Financial Services Ombudsman, the bank must provide all information and evidence related to the complaint within a period not exceeding five working days. The office then will issue a final ruling within 15 days and then will inform the parties,” Serrano said.

Currently ABC members are working on logistics for the new office, including its location and schedules for the public.

Trending Now

The Most Clueless Gringo in Costa Rica: A Satirical Take on Expat Life

If part of your online day includes mindless scrolling through reels, you’ve probably seen the Dos Equis beer parody commercials. The original ads featured the...

President Chaves Downplays Costa Rica’s Security Crisis Amid Record Homicides

President Rodrigo Chaves brushed off concerns about Costa Rica's surging violence during his Wednesday press conference, insisting the security situation "is not as serious"...

Nicaragua Hosts Historic 2025 AmeriCup Basketball Tournament

The 2025 AmeriCup, the men’s basketball Copa América, tips off this Friday in Nicaragua, marking the most significant international sporting event in the country’s...

Costa Rica Anglers Catch Rare Orange and Albino Nurse Shark

Anglers on a fishing trip off Costa Rica's Caribbean coast caught a nurse shark unlike any seen before: bright orange skin and stark white...

Costa Rica Drivers Face Yearlong Delays as Tárcoles Bridge Undergoes Repairs

Those who frequently use the South Coast Highway, near the Tárcoles river, will have to be more patient.  Repair works have started on the...

Former Zoo to Become Costa Rica’s First Urban Natural Park

Simón Bolívar Park, in San José, will be the first space in the country to become an Urban Natural Park. The project, led by...
L. Arias
L. Arias
Reporter | The Tico Times |
spot_img
Costa Rica Coffee Maker Chorreador
Costa Rica Coffee Maker Chorreador
Costa Rica Travel Insurance
Costa Rica Rocking Chait
Costa Rica Travel

Latest News from Costa Rica