Banco Central de Costa Rica

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Other Securities

 

The service of Liquidation of Other Securities --launched in March 2002-- is designed for financial entities to collect financial instruments other than checks, either on their clients or on their behalf.

 

Funds sent for collection on any given day will be credited to their beneficiaries´ accounts no later than 12:00 p.m. the following working day. This timeframe is legally binding for this service. This is a key element in this service, since funds are available to clients within this timeframe, rather than in the timeframe defined by each entity.

 

The service provides information on the documents whose collection could not be completed, so that customers may carry out the pertinent procedures to complete collection, either through the service or through another procedure, according on the legal nature of the document.

 

 Región de Acordeón

Using the Service

The service of Liquidation of Other Securities may be used whenever a financial entity requires collecting a financial instrument issued by another financial entity, for example, time deposits, coupons, and any other instrument other than a check.

Advantages

The timeframe of the financial entity to credit the funds into the client´s account is regulated.

 

The client may file a claim with their financial entity for non compliance with the term for credit in the funds, and if the case is not solved, the claim may also be filed with BCCR.

 

Collection procedures are improved, since the client immediately receives the information about any securities that failed to be collected.

Example of Use

An individual/juridical person whose accounts are in Bank A receives a time certificate and its coupons as payment, which was issued by Bank B, and the funds are deposited in Bank A. At the end the first day of the operation cycle, Bank A sends the collection order to Bank B, which indicates whether they can be paid or not.

 

If there is no problem, funds are delivered to Bank A, which in turn credits them into its client´s account within the defined timeframe. If, on the other hand, there were an inconvenience and Bank B rejected the collection order, Bank A should inform so to its client.

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Working Hours

The service Liquidation of Other Securities operates from Mon-Fri, except for official holidays in T + 1. This means that for every collection procedures carried out by a financial entity on any given day, funds will be available in the beneficiary´s account no later than 2:00 p.m. the following working day.

Related Documents

System of Payments Regulations (Spanish)

Complementary Rules on Other Financial Instruments (Spanish)

 

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