Spanish
The Superintendency of Banks (SB) issued a new provision ordering banks to enable easy channels on their digital platforms so that users can request the cancellation of products through that means, without having to physically go to an office or branch.
Based on this regulation, financial intermediation entities must enable, at a minimum, the same channels used for product contracting, ensuring that users can request their cancellation in an agile, secure manner and without obstacles or setbacks.
According to regulations, the process of canceling a service or product should not exceed seven business days, and the entity must provide the user with physical or digital proof certifying the receipt and progress of their request.
The provision is contained in Circular C S B - R E G - 2 0 2 5 0 0 0 1 4, dated August 15, addressed to financial intermediation entities (EIF) and users of financial products and services.
The issuance of this circular reflects the institutional commitment to strengthen the protection of the financial user and promote transparent, equitable, and efficient practices in the national banking sector. "This is in line with the increasing digitalization experienced by the financial system, allowing products that are opened through non-face-to-face means to also be canceled remotely, reducing bureaucracy. In short: if a product is born digitally, it must also be able to be canceled digitally," said Superintendent Fernández W.
The circular also states that entities must suspend the generation of new charges from the moment the cancellation request is received, as well as inform the client about any outstanding balance, amounts in transit, or active claims. In the case of passive products, the withdrawal of values must be facilitated through the channel chosen by the user.
Financial entities have a period of three calendar months to implement these measures. The Superintendency warns that any non-compliance will be subject to sanctions based on Law No. 183-02 Monetary and Financial, of November 21, 2002, and the Sanctions Regulation approved by the Monetary Board in the Fifth Resolution of December 18, 2003 and its modification.
