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

Costa Rican Family Seeks Justice After U.S. Hearing in Vílchez Homicide

A judge in Sequatchie County, Tennessee, moved forward with charges against two men accused in the death of Silvia Gabriela Vílchez Mora, a 50-year-old...

US Troops Stage New Combat Drills in Panama as Venezuela Standoff Grows

A group of US soldiers is carrying out combat exercises on Panama’s Caribbean coast, the third drill of its kind so far this year,...

Costa Rica’s Festival of Light Brings Drone Shows and Northern Lights Theme

The Festival de la Luz returns to light up the capital this Saturday, December 13, marking nearly 30 years as a key Christmas tradition...

Guatemala Faces Security Crisis After Mayor’s Murder in Festive Parade

Gunmen shot and killed the mayor of Masagua during a Christmas parade in Guatemala on Saturday evening, wounding one of his bodyguards in the...

Why Visiting North America Will Cost More for Costa Ricans in July 2026

Costa Rican families planning trips to the United States, Canada, or Mexico in 2026 face higher costs as the mid-year school break overlaps with...

Expanded 2026 World Cup Draw Brings New Faces and Big Risks

The countdown to the 2026 World Cup, the biggest in football history, begins this Friday with the draw ceremony in Washington, with Donald Trump...
L. Arias
L. Arias
Reporter | The Tico Times |
Costa Rica Coffee Maker Chorreador
Costa Rica Coffee Maker Chorreador
Costa Rica Travel Insurance
Costa Rica Travel

Latest News from Costa Rica