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

New Poison Dart Frog Species Discovered in Peru’s Amazon

Peruvian researchers have identified a new poison dart frog in the Amazon rainforest, adding to the region's rich array of wildlife. The tiny creature,...

Celebrate 128 Years of Costa Rica’s National Theater

The National Theater turns 128 this month, and starting Sunday, October 12, it opens its doors for a week of events that mix music,...

Costa Rica Nominates Rebeca Grynspan for UN Secretary-General Role

Costa Rica has put forward Rebeca Grynspan as its candidate for United Nations secretary-general, a move that highlights the nation's push for stronger Latin...

Costa Rica Pesticide Use Harms Soil Life, UNA Study Finds

Costa Rica is one of the countries that uses the most agrochemicals, which has a series of negative repercussions in various areas. A recent...

Riu Guanacaste Hotel Reopens in Costa Rica After Renovation

The Riu Guanacaste hotel in Costa Rica has reopened after a complete renovation, welcoming guests back to its beachfront spot on Matapalo Beach. The...

Heavy Rains in Costa Rica Trigger Landslides and Floods

Costa Rica faces tough conditions lately from ongoing heavy rains that have sparked deadly landslides and major flooding over the last few days. In...
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