Superintendency of Banks works on plan to facilitate access to inactive and deceased accounts

Santo Domingo. – The Superintendent of Banks, Alejandro Fernández W., announced that the institution is coordinating with financial entities an integral plan to reduce the number of inactive, abandoned, and deceased persons’ accounts, while developing new legal and technological tools to simplify family members’ access to those funds.

During his participation in La Semanal con la Prensa, Fernández W. answered questions about the difficulties faced by citizens in withdrawing money from the accounts of deceased relatives, a process he acknowledged “continues to be complex” due to current legal limitations.

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“We have been working since 2020 on how to reduce the number of inactive accounts and those of deceased people, which are not always the same. We have made progress on the regulatory part within the competencies of the Superintendency,” he explained.

The official pointed out that one of the main challenges lies in the current legal framework, as the laws oblige the maintenance of strict protocols to protect the funds and the security of the financial system. However, he advanced that the institution is promoting changes to the Civil Code in order to simplify the procedures and allow the relatives of deceased persons, especially in cases of small amounts, to access the resources more quickly.

“There are elements of the Civil Code that need to be modernized so that people can claim funds more easily. We have already hired advisors and are working with experts to achieve this adaptation,” he specified.