Thursday, November 30, 2023

Dominican banking: what are users complaining about in this 2023?

The users of the Finance system Every year, Dominicans make a series of claims to these companies, which range from money not dispensed by ATMs, transfer not applied, to consumption not recognized on their credit card and fraudulent transaction.

From January to March 2023, the financial intermediation entities (EIF) registered 241,231 complaints, some 57,311 more than in the same period of 2022 (183,920), equivalent to an increase of 31.1%, according to statistics from the Superintendence of Banks (SB). Similarly, when comparing the date with March 2020 (140,151), the year of the pandemic, the increase is 72.1%, some 101,080 more claims.

Some of the most common claims by users decreased during January-March of this year, compared to the same date in 2022. However, others have increased, according to the Superintendency of Banks.

In the first quarter of this year, there were 985 complaints about savings accounts, equivalent to 65.7% of the total, being the main claim to banking entities by users. However, when comparing this type with the amount registered in the same period of 2022 (658), an increase of 49.6% is observed, some 327 more.

Meanwhile, complaints about credit card it held the second position from January to March 2023 and 2022. However, when comparing both periods, a decrease of 12.2% is observed, going from 394 complaints of this type to 346.

While the claims according to loans it was the third most common complaint in the first three months of this year, some 123, equivalent to 8.2% of all claims. The figure, when compared to January-March 2022, increased by 19.4%, some 20 new ones.

During the period under analysis, five groups of complaints classified by product were registered: checking account (35), savings account (985), loans (123) and others (9).

Procedure to make a claim

It all starts with your bank. When you make the claim, you must request a form that includes your claim number, the details of the case, your signature, your data and the bank’s stamp.

The entity has the obligation to provide proof of its claim. For this, it is supported by the User Protection Regulation in Chapter III, Article 28.

Claims by type of entity

The largest number of claims during the first quarter of 2023 were received by multiple banks, with a total of 1,438 complaints. This is not accidental, because the multiple banks occupy around 87% of financial services in Dominican Republic. They are followed by savings and loan associations, with 57 claims; and savings and credit banks, with only three.


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