The Superintendence of Banks intervened the financial entity Bancamérica, which from now on begins a process of dissolution.
Before the closure of the commercial bank, basic doubts arise for savers and people with some kind of relationship with the entity. Given this, the Superintendence of Banks published 28 questions (here you can consult them all) with their answers that help to better understand the case.
Here we publish a quick guide with 12 of those questions, which help to get an idea of the process at hand.
What will the SB do with the entity from now on?
The Superintendence of Banks took control of the entity to dissolve it. Initially, during this process, it will verify the assets (loans, investments, real estate, among others) and liabilities (deposits and other obligations with third parties) to transfer them to another financial intermediary entity through a transparent and competitive bidding process, within the next 30 days.
Why is the entity in the process of dissolution?
The dissolution was ordered by the Monetary Board through its Second Resolution of January 28, 2022. The measure was due to the fact that the bank failed to comply with legal and regulatory provisions within the framework of a regularization plan.
Will the entity continue to provide services under the control of the SB?
At the time of initiating the dissolution process, the entity’s operations are suspended. The branches will remain open for the exercise of certain activities, such as the collection of loans and credit cards or the offering of information to the public and, as of February 7, 2022, the validation of deposits.
What guarantee do users have that their money will be returned to them?
Public deposits in authorized financial intermediation entities are implicitly guaranteed up to an amount of RD$1,860,000 (one million eight hundred and sixty thousand) per depositor. 98.1% of the entity’s depositors have savings below this threshold.
What happens if the deposits exceed RD$1,860,000?
In the event that a user’s deposits exceed this amount, the difference will be covered to the extent that the entity’s assets are realized (that is, they are sold). The Superintendence of Banks ensures the preservation of the value of assets so that depositors experience the least possible impact.
How soon will savers have access to their resources?
The term of the dissolution is established by regulation in a period of up to 30 days, extendable for an additional 30 days. As of the closure of the dissolution process, users may have access to their resources in accordance with the provisions of the law.
Will the savings continue to earn interest during this period?
From the start of the dissolution process, the generation of interest on deposits is suspended.
Will the loans earn interest?
Yes. Loans and consumption on credit cards continue to generate interest. For this reason it is important to keep up to date in meeting payment obligations. Defaults will be reflected in the credit histories and the Risk Center of the Superintendence of Banks.
If a user has a check receivable from that institution, can he change it?
No. In the event that the check has not been presented for collection, the following is recommended: Contact the person who issued the check to manage your payment by another means. In case the check has been issued by the entity, it is suggested to go through the nearest branch to validate the debt.
Can you withdraw money from ATMs?
No. During the dissolution process, operations through ATMs are suspended.
What is recommended to the entity’s clients at the moment?
If they have a checking, savings or term account, they must go to the nearest office available to validate their deposits after the call that will be made by the Superintendence of Banks for these purposes. Customers of credit products must continue to honor their commitments.
Can the resources of a deceased person be claimed?
Yes. The heirs may claim the resources of their relatives in accordance with the corresponding legal formalities.
