Financial entities must enable the cancellation of products digitally.

A circular from the Superintendency of Banks stipulates that entities must generate the mechanisms
so that products can be canceled through the same channels in which they are approved.

Santo Domingo.— The Superintendency of Banks (SB) issued a new provision that reinforces the rights of users of the financial system in the processes of cancellation of products and services. From this regulation, financial intermediation entities must enable, at a minimum, the same channels used for the hiring of products, ensuring that users can request their cancellation in an agile, secure and without obstacles or setbacks.

The provision is contained in Circular C S B – R E G – 2 0 2 5 0 0 0 14, dated August 15,
addressed to financial intermediation entities (EIF) and users of financial products and services.

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According to regulations, the process of canceling a service or product should not exceed 7 business days, and the entity must provide the user with physical or digital proof certifying the receipt and progress of their request.

The issuance of this circular reflects the institutional commitment to strengthen the protection of the financial user and promote transparent, equitable, and efficient practices in the national banking sector.

“Esto está a tono con la digitalización creciente que experimenta el sistema financiero, permitiendo que los productos que se abran a través de medios no presenciales también puedan cancelarse de forma remota, reduciendo la burocracia. En fin: si un producto nace digital, también debe poder cancelarse digitalmente”,

dijo el superintendente Fernández W.

The circular also states that entities must suspend the generation of new charges from the moment the cancellation request is received, as well as inform the client about any outstanding balance, amounts in transit or active claims. In the case of passive products, the withdrawal of values ​​must be facilitated through the channel chosen by the user.

Financial institutions have a period of 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 on Monetary and Financial Matters, of November 21, 2002, and the Sanctions Regulation approved by the Monetary Board in the Fifth Resolution of December 18, 2003, and its modification.