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Term Extension for Free of Charge Transactions on ATMs

The Board of the BCRA has extended the term during which institutions cannot charge fees on ATM transactions up to December 31, 2020. This measure, implemented in the benefit of customers, had already been effective until June 30 and was subsequently extended until September 30.

Financial institutions cannot charge anyone, whether a customer or not, any fees on transactions (deposits, withdrawals, balance checking, etc.) made at any ATM operated in Argentina, regardless of the amount or number of withdrawals.

Likewise, the measure that sets a daily withdrawal limit of ARS 15,000, at a minimum, at ATMs continues in effect. This includes withdrawals made by natural and legal persons, regardless of whether they are customers or not.

Term Extension for Institutions Not to Apply Late Payment Charges on Loan Installments

The BCRA further decided to extend until December 31, 2020 the period during which institutions cannot apply late payment charges. Therefore, unpaid loans granted by financial institutions, including UVA-loans, falling due between April 1 and December 31, 2020 will accrue no late payment charges. In addition, financial institutions are required to defer unpaid installments to the months following the credit termination date, applying compensatory interest rate.

This provision does not apply to financing on credit cards.

It is worth pointing out that customers can request the reversal of direct and automatic debits within 30 calendar days as from the date funds have been debited and financial institutions must credit them within three business days as from the request date. In line with these measures, the Board also decided to extend until December 31, 2020 the provision that adds 60 days to the usual terms for rating debtors in the categories 1, 2, and 3.

September 17, 2020.

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