Banco Central de Costa Rica


Causes for Delays in Fund Accreditation


The System of Payments Regulations provides that if a financial entity is having problems checking the collection files it receives, a mechanism may be used to delay fund accreditation for up to two additional working days than provided by law. In view of this, fund accreditation may be extended from T+1 (two days) for up to T+3 (four days).


• Delays in Direct Crediting


If a financial entity fails to validate the files it has received through this service, whereby there are funds to be credited to its clients, an extension may be requested in the term for fund accreditation. To use this mechanism, an authorization should be requested by the financial entity to extend said term, so that if a claim were filed for this delay it would not be admissible since the transaction is still being processed.


• Delays in Direct Debiting and Checks


If a financial entity receives debiting transactions -whether checks or direct debiting-- to be deducted from its clients’ accounts, and it fails to validate the file received within the timeframe provided in the legal framework, it may request an extension of this term for verification. This means that the financial entity that sent these transactions to be cashed may not credit the corresponding funds to the client depositing the check or requesting the direct debiting, since there is still no confirmation from the receiving entity about the validity of the transaction.


These mechanisms should be used by financial entities only in emergency cases, and therefore they are not used very often. You may go to the News section to see financial entities and dates when this procedure has been used, to check if a delay in crediting your funds has been caused by use of these mechanisms.


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