New Bank Service Fees in Force in Ecuador

Quito, Aug 20 (Prensa Latina) The entry of new prices in the Ecuadorian banking services generated criticism from different sectors Monday, because of the high prices.

The maximum tariff for each financial service is high in most cases and is a consequence of the law approved a month ago by Congress.

Rodrigo Espinosa, from the Superintendency Bank (SB) said the new prices responded to the new legislation approved.

Espinosa pointed out that SB established the regulations for the services and the margin between the standard and the maximum cost lets customers to choose from one or the other financial entity.

Ecuadorian President Rafael Correa also criticized these prices and advocated for banks to keep current public accounts and takes of money on cashiers for free.

Because of this situation the government expects the Assembly to set up a new financial regulation on October 30 to do away with all these tariffs.