BCP Updates Personal Savings Account Rules in Peru
In Peru, the country’s largest bank, Banco de Crédito del Perú (BCP), has updated the terms of its personal savings accounts and reserved the right to close accounts used for gambling without the bank’s permission on the day of notification, report La República.
Prohibited Use of Personal Accounts
The bank stated that personal savings accounts may be closed if they are used to collect money from third parties. Prohibited activities include:
- Fundraising
- Charity collections
- Raffles
- Lotteries
- Gambling
- Betting
The restrictions also apply to receiving contributions linked to political campaigns and accounts that receive frequent deposits from individuals other than the account holder. According to BCP, such transactions go beyond personal use, as savings accounts are intended for individual or family expenses.
Monitoring of Bulk Transfers
The bank has begun monitoring bulk or repeated transfers related to informal business activities or irregular subscriptions. If these patterns persist, BCP may determine that the account is being used for commercial purposes and take action to close it.
Legal Basis for Account Closure
BCP explained that the decision is supported by current legislation. “Under Article 1430 of the Civil Code, the bank may close accounts and/or terminate the contract when any of the established conditions occur,” the bank stated. Closures are executed after notifying the account holder.
Use of Digital Wallets
The bank also warns that using digital wallets such as Yape for business, raffles, or collections violates the personal account agreement. In these cases, the savings account may be permanently closed if usage outside permitted conditions is detected.
Guidance for Handling Funds
BCP advises anyone who needs to collect money or manage funds on behalf of others to use appropriate financial products or legal schemes, rather than personal savings accounts, to avoid potential closures.