What is the Superintendency of Banks of Panama?
The Superintendency of Banks of Panama is an autonomous institution of the State, established in 1998. Its mission is to regulate and supervise banks to ensure they are stable, dependable, and secure and ensuring that our money is safe.
How can a client find out which banks are under the Superintendency of Banks of Panama’s supervision and regulation?
The “Regulated Sector” section of the Superintendency of Banks of Panama’s website (www.superbancos.gob.pa) contains a full list of licensees authorized to engage in the banking business in the Republic of Panama. However, should the client have any question, please feel free to contact us at 506-7800, 506-7897 or 800-7897 (toll-free).
Can a client file a complaint against a bank?
Yes. Banking consumers who wish to file any complaint, claim, or dispute against a bank must go first to the Complaint Management System of the corresponding bank, as provided for in Banking Rule 1-2008 that creates the Complaint Management System in General License Banks; Banking Rule 3-2008 that establishes the procedures for complaint management at the Superintendency of Banks, and Chapter IV of Title VI of the Banking Law.
What does a client need to do to file a complaint against a bank?
To file a complaint against a bank, the client must write a letter explaining everything that happened with the disagreement with or the situation that is affecting him/her. In the letter, the client must state the allegations, i.e., what the client wants the bank to do to resolve the complaint (refund, adjustment).
Can a client file a complaint directly with the Superintendency of Banks of Panama?
According to the law, before filing a complaint with the Superintendency of Banks, the banking client must go first to the bank. The bank has an area called “Complaints Management System” that has thirty (30) calendar days to formally respond to the complaint. If after the 30-day period the bank has not responded the complaint or the answer does not meet the client’s expectations, the client can file the complaint with the Superintendency of Banks of Panama.
Where are SBP offices located? Do you have offices in other provinces?
Our offices are in Panama Business Tower, Avenida Samuel Lewis, Planta baja y pisos 28, 30, 31, 32, 33 y 34. . Tenemos oficinas en David Chiriquí, Torre Canal Bank (Edificio antiguo Banco Universal), tercer piso, oficina 303.
We have offices in David, Chiriquí, Canal Bank Tower (formerly known as Banco Universal Tower), third floor, suite 303.
Our telephone numbers are:
Panama: 506-7800, 506-7897
We also have a toll-free telephone number: 800-7897, a WhatsApp telephone number 6787-8480, and the client may also find us at the Citizen Service Center [Centro de Atención Ciudadana]: 311
What customer complaints matters filed against banks does the Authority for Consumer Protection and the Defense of Competition (ACODECO) process?
The Authority for Consumer Protection and the Defense of Competition (ACODECO) processes the following customer complaints matters filed against banks:
- Misleading advertising or Truth in Advertising (Law 45 of 2007)
- Credit records (Law 24 of 2002)
- Benefits granted by the Retirees, Pensioners, and Elderly People Law (Law 6 of 1987).
- Commercial matters (warranties, product quality)
How can a client file a complaint with the SBP?
Clients can file complaints with the SBP either by going personally to our offices or through our website https://www.superbancos.gob.pa/, Bank Customer Service section, “Complaint Form” (Formulario de Reclamos) option, and follow the corresponding instructions.
Are finance companies regulated by the Superintendency of Banks of Panama?
Finance companies do not engage in the banking business therefore, they are not under the Superintendency of Banks of Panama’s regulation. The Ministry of Commerce and Industry’s Directorate of Finance Companies regulates these entities.
What can a client do if he/she disagrees with the interest calculation on loans?
If the bank’s answer did not respond to the client’s allegations, the client must file a complaint with the SBP, where we will review the case. Should we require a financial analysis, we will do it in-house, and we will determine whether the calculation was correct or no.
What can a client do if he/she loses his/her job and have troubles honoring an obligation?
When unemployed, the client must go to the bank and explain the situation. The bank will offer the customer distinct options to honor his/her debt. It is noteworthy that regardless of the unemployment situation, the client must be committed to pay, because by not doing so the bank may begin a judicial process to collect the amount owed, which could entail legal costs.
How does Law 81 on credit card work?
Law 81 dated 31 December 2009 (Credit Cards Law) establishes clear rights and duties for banking consumers and banks. Article 13 of this law provides the possibility of requesting the termination of the credit card with pending balance.
However, this does not mean that when requesting the termination of a credit card the consumer will not pay the owed balance, but it is for the credit card not to generate other charges that would increase that balance; the credit card would only generate interests on the owed balance, therefore, the bank may offer a payment arrangement to payoff the balance and terminate the credit card, seeking not to incur in legal procedures.
Why does not a bank accept double endorsements in personal checks?
Not all banks accept double endorsements, this is up to the bank. It is always advisable to discuss with the bank whether it accepts this type of endorsement before the client accepts it.
How should the bank manage interest rate changes for personal loans, car loans, and mortgage loans?
Interest rate changes can occur regularly, provided that the bank has informed the client in writing of the change, the increase percentage, and when it will become effective. If there is no notice, the client may lodge a complaint, following the instructions provided in the question: “Can a client file a complaint against a bank?”
What can a client do if he/she disagrees with the balance of personal loans, car loans, and mortgage loans?
If the client disagrees with the balance of any of the loans, he/she must first lodge a complaint with the bank and wait for the information the bank may provide on this matter.
What can a client do in case of unauthorized charges collected on credit cards?
In case of finding out unauthorized charges collected on credit cards, the bank consumer must lodge a complaint with the bank, as provided for in the question: “Can a client file a complaint against a bank?”
Can the bank charge a late fee on credit cards?
When the bank grants the client with a credit card, the former must inform the banking consumer that this charge can occur when the latter fails to pay on the established date.
Can the bank charge an overdraft fee on credit cards?
If at the time the client receives the monthly statement of account finds out an overdraft fee not related to the client’s consumption but for the charges inherent to the credit card, the client must lodge a complaint with the bank’s Complaints Management System to request a refund on that charge.
What can a client do in case of unauthorized withdrawals or debits to bank accounts?
As soon as the client finds out of an unauthorized amount of money debited from the account, the client must report it immediately to the bank in writing which will be evidence of the complaint. The bank will make the necessary investigations and will reverse in writing. Likewise, we suggest going to the corresponding law enforcement agencies to make the relevant report.
Is there a law governing credit cards?
Yes, there is. Law 81 dated 31 December 2009 regulates credit cards.
When can banks process collections?
During the bank’s business hours, even if the bank has outsourced this task.
What is the timeframe to challenge statements of account?
The client must read in the credit card agreement the time he/she has to challenge a statement of account. If the agreement does not specify this period, Law 81 provides that the client has seven (7) days to challenge the statement of account.
What is the minimum payment a client must make to the credit card?
We always advise to pay more than the minimum payment established in the monthly statement of account of the client’s credit card.
Is there any minimum purchase limit for credit cards?
No. Law 81 prohibits charging for minimum purchase limits in credit cards.
What should a client do if he/she finds payments misapplied or not applied to the obligation with the bank?
If the client finds out a misapplication to a payment, the client must go to the bank and file a complaint, for the bank to investigate the misapplication and make the relevant adjustments.
Is the bank required to refund any interest in loan prepayment?
Taking into consideration that banks regularly calculate interest on loan balances, there is no interest reimbursement for prepayment since there is no interest charged in advance.
When should a client cash a personal, commercial or cashier’s check?
Clients have up to three (3) months to cash personal or commercial checks; for cashier’s check, they have up to one (1) year.
What is the maximum interest rate that banks in Panama must charge?
Article 79 of the Banking Law provides that “Banks may freely fix the interest rate on asset and liability operations. For this reason, other laws or regulations that establish maximum rates of interest are not applicable to banks.”
Can the bank raise the interest rate?
Yes, the bank must inform the interest rate it charges, however, the bank must notify the client 30 days in advance.
Can the bank collect a loan payment installment in December?
Personal loans paid directly through the client’s wage are not deducted in December, as provided for in Law 64 dated 18 December 1961.
Is signing blank documents permitted?
The Banking Law permits singing blank documents, if the agreement stipulates so and the blank documents relate to the agreement signed.
Can the bank penalize for loan prepayment?
Not for consumer loans, however, mortgage loans paid off in less than five (5) years can carry a penalty.
Are online banking transactions safe?
Any transaction poses a risk. However, the client must try to minimize risk by taking security measures.
Is it necessary to have a token or any other application to use online banking?
To minimize the risk to your transactions and make them in a more secure manner, we advise to use any form of dynamic authentication.
Does the online banking service have any cost?
We advise the client to ask the bank whether there is cost for this service.