SANTO DOMINGO – The Superintendency of Banks (SB) issued a new regulation strengthening the rights of users of the financial system in the process of canceling products and services. Under this regulation, financial intermediaries must provide , at a minimum, the same channels used for contracting products, ensuring that users can request cancellation quickly, securely, and without obstacles or setbacks.
The provision is contained in Circular CSB-Reg-202500014 , dated August 15, addressed to financial intermediation entities (FIEs) and users of financial products and services.
According to the regulations, the process of cancelling a service or product should not exceed seven business days and the entity must provide the user with physical or digital that certifies the receipt and progress of their request.
The issuance of this circular reflects the institution's commitment to strengthening the protection of financial consumers and promoting transparent, equitable, and efficient in the national banking sector. "This aligns with the increasing digitalization of the financial system, allowing products opened through non-face-to-face channels to also be canceled remotely, reducing bureaucracy. In short: if a product is born digital, it should also be able to be canceled digitally," said Superintendent Fernández W.
The circular also stipulates that entities must suspend the generation of new charges from the moment a cancellation request is received, and inform the client of any outstanding balances, amounts in transit, or active claims withdrawals must be through the channel of the user's choice.
Financial institutions have 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 Law, of November 21, 2002, and the Sanctions Regulations approved by the Monetary Board in the Fifth Resolution of December 18, 2003, and its amendments.
