Ecuadorian law allows banks to close a bank account that has been dormant for at least five years. Banks and cooperatives are obligated to transfer those funds to the government, where they will be used for social services. It is illegal for banks to transfer dormant funds to their own accounts. “The only deposits which are exempt from these regulations are those that are immobilized due to a claim, lawsuit or legal disposition when duly notified of the financial entity which holds them,” according to the Organic Code of the Monetary and Financial System. The National Organic Code stipulates: “All…
Want to read the whole story?
Subscribe to The Cuenca Dispatch and gain full access to this story, weekly issues, plus the entire running archive! With your subscription, you will gain access to all the news you'll need concerning Ecuador as a United States expat.
Get access to our most read articles
- Cuenca expat scene is ‘changing before our eyes’
- Los Perniles
- Immerse yourself in Cuenca’s bountiful markets
- CRIME REPORT
- Ecuadorian named to Time magazine’s 100 most influential people list
- Cuenca identifies 7 most dangerous places to be a pedestrian in the city
- Global warming? Most of the hot air is generated by politicians
- The American dream: The experience of an Ecuadorian woman who fell in love with your country.
- IESS launches “primary care” concept to patients
- What should you bring to Cuenca?