BANK CUSTOMER SERVICE

Glossary

ACCEPTANCE
Agreement to pay, written in a bill of exchange or money order by the person or company on which it is drawn. The acceptance is formally expressed in the document by writing the word "accepted" followed by the date and the signature of the acceptor.

Any word indicating the intention of the drawer to accept or pay the bill of exchange or money order will suffice. The purpose of acceptance is to make the bill or order equivalent to a promissory note, with the acceptor as drawer and the drawer as endorser.

ACCEPTOR OR PAYER
The one that accepts and therefore is required to pay a debt.

ACCOUNTING STANDARDS
Those adopted by the Superintendency as a general regulation and which all banks must follow in their accounting.

ACCRETION
Amount to be added to the principal or income of a fund, as a result of the accrual plan, which differs from goodwill increase or increases. For example, in a pension fund an accretion may come from payroll contributions or proceeds from investments made by the fund itself. It is the increase of economic value for any reason, e.g. the growth of trees in a forest, the aging of wine, the increase of herds, etc.

ACCRUING ASSET
An asset that generates income regularly, regardless of its location, as determined by the Superintendency of Banks.

ACQUISITION
Act or event by virtue of which a person obtains control or ownership of a good, service or any claim on them. It can be acquired by purchase or received free, singular or universal, by assignment or inheritance.

ADDENDUM (RIDER)
Note(s), added at the end of a document or agreement, which become(s) a part thereof. Most commonly it is added when something was unintentionally omitted in the original text or required by one party.
To be valid, the addendum must bear the same signature as the document it complements.

ADVANCE PAYMENT
Total periodic contributions the consumer makes in addition to his regular monthly contributions, aimed at reducing the time before receiving the contracted benefits and/or moved up the liquidation of the balance owed in reverse (applicable form the last installment towards the first).

ADVANCED PAYMENT TO SUPPLIERS
Prior payments that suppliers sometimes require form the customers against their orders, due to the nature of the demand for certain products. The companies that have to make disbursements under this concept must register them under the general heading of inventory in a specific account. This advance operation may also be done with the customs agent.

AFFILIATE
Any business, financial, industrial or service establishment in which the primary and supplementary cardholders may use the credit card or other financing card provided by the issuer to withdraw money or lease or purchase goods or services.

AMOUNT OVER CREDIT LINE or OVERDRAFT
Sums or sums that, under any denomination, the cardholder must pay to the issuer or operator for exceeding the credit limits agreed or not making the payments on the due date.

ANCILLARY
Item that depends on the primary, such as a life insurance policy added to a mortgage loan or damage liability insurance to a car loan. Dependent on another.

ARTICLES OF INCORPORATION
A notarized document or record registering the data concerning the incorporation of a company or association, including grounds, purposes, group members, specific roles of each, authenticated signatures and other essential information of the corporation.

ASSETS
Total amount of valuables or securities that an entity owns: money, furniture, machinery, accounts receivable, etc. Asset plus liabilities and capital are the components of the Balance Sheet.

ASSIGNED CAPITAL
Capital funds that a foreign bank destines or assigns to a branch office in Panama.

AUTOMATED TELLER MACHINE
Technological access device that provides e-banking services that are accessed through a card and/or authentication procedures.

AUTHENTICATION CODES
Authentication mechanisms based on information or devices that only the client knows and possesses or based on his physical characteristics, contained in the following categories:

a. Category 1 codes: Information that only the client knows, such as his personal identification number, password or personal data voluntarily provided by him, through secure information and/or electronic channels.

b. Category 2 codes: Information that only the client has, such as tokens, mobile phones, or bank cards with a chip or other security technologies that may emerge.

c. Category 3 codes: Biometric information, such as fingerprints, hand geometry, iris features, etc.

AUTHORITY
Power granted by law to certain people to exercise control in order to achieve compliance with the law or the functions of institutions.

AWARD
The periodic event through which a determination is made as to which group members that are up to date on all of their regular quotas are entitled to receive the goods or services contracted, applying the procedures provided in the adhesion contract.

AWARDEE
Quality the consumer member acquires when he or his beneficiary obtains the right to receive the good or service that is the reason for the adhesion contract, as provided in the adhesion contract itself.

BANK
Any person engaged in the banking business or acting as a representative office.

BANK CARD
Technological access devices used as payment instruments (credit card, debit card, prepaid card and others).

BANK CARD WITH A CHIP
Credit cards with a chip that can store cardholder’s information in order to verify, through cryptographic procedures, that the card and the point of sale where it is used are valid, before conducting e-banking services.

BANK HOLDING COMPANY
Any individual or legal entity who is the predominant, direct or indirect owner of the shares of a bank or who, in the Superintendency’s best judgment, exercises control over the bank’s management.

BANKING ADHESION CONTRACT
A contract whose clauses have been unilaterally established by the bank, excluding the client from negotiating is content.

BANKING BUSINESS
Mainly, the receipt of resources from the public or from financial institutions by means of the acceptance of time deposits or by any other means determined by the Superintendency or by banking practices, and the use of such resources for the bank’s benefit and at its own risk, to grant loans, make investments, or for any other transaction the Superintendency may authorize.

BANKING GROUP
One constituted by a bank holding company and its subsidiaries at any level, whose activities consist, predominantly, of providing services in the banking or financial sectors, including nonbanking subsidiaries of the latter which, in the opinion of the Superintendency, operate under common management, either through the bank holding company or through different holdings or agreements.

BOARD OF DIRECTORS
The Board of Directors of the Superintendency.

BORROWER
In legal language, a person receiving a loan or a line of credit.

BRANCH OFFICE
An establishment of a bank which is an integral part of the bank without separate, independent or autonomous legal status.

CAPITAL FUNDS
The aggregate of tier one, tier two and tier three capital of a bank.

CAPITAL RESERVE
That consisting of accrued earnings held on the books of banks for the purpose of reinforcing their financial position.

CAREER
Banking supervisor’s career.

CHARGES
Sum(s) derived from the credit and financing activity owed by the cardholder to the issuer or operation for the issuance and use of the credit card in any business.

CIRCULAR
A document issued by the Superintendent to the banks operating in Panama, providing instructions for compliance with standards and regulations.

COMMERCIAL CONTRACT
Refers to any contract agreed to verbally or in writing between the cardholder and the affiliated business, by means of which the former withdraws money or leases or purchases goods or services from the latter.

COMPETENCE
The continuous demonstration of the required skills to efficiently and effectively perform in a public position in the Superintendency in accordance to the standards established in the Positions Profile Handbook of the institution.

CREDIT ANALYSIS
Assessment process to determine whether a credit applicant meets the conditions for being granted credit based on the information provided to the financial institution.

CREDIT CARD
A magnetic, electronic or other technology device provided for the execution of a credit contract held between a financial broker and another person, in order to facilitate the lease or purchase of goods or services or withdrawal of money from the businesses affiliated with the system.

CREDIT CARD CONTRACT
Refers to the one agreed to by a financial entity and another person, whereby the latter is granted the right to use one or more credit cards or other financing cards to facilitate the purchase of goods, money or services in the businesses affiliated with the system. This contract may also be called a credit contract of usable credit through a credit card or any other way, without losing its essence.

CREDIT CONTRACT
Contract by means of which the lender is required to make an amount of money available to the borrower or undertake an obligation on his account in order to use the credit granted in the form and under the terms and conditions agreed on, requiring the borrower to return the amount provided to the lender or to cover the amount of the obligation as contracted and in any case to pay the interest, benefits, expenses and fees stipulated.

CREDITOR
Any individual or legal entity entitled to require from another any provision.

Any individual or legal entity that as a business provides securities, goods, merchandise, rights or property of any kind and receives a promissory note or loan to establish or increase a balance in his favor.

One who has a loan in his favor, i.e. the one owed to. Within the double-entry mechanism, he is the creditor of the account given and outputs something, or alternatively accrues or registers a profit.

DAYS
Calendar days unless otherwise stated.

DEBIT CARD
A magnetic, electronic or other technology device that allows the cardholder to make purchases or withdraw cash automatically charged to his bank account, and issued after the bank accountholder requests it.

DEBT
Liability, debt. Amount to be paid arising from an obligation.

E-BANKING
The provision of banking services through electronic media or channels. E-banking includes the services offered by: Internet banking, mobile banking, telephone banking, point of sale (POS) terminals, instant messaging (chats), social networks, e-mail, e-signature, e-money, ACH networks, specialized networks, automated teller machines, mobile wallet (smart card) or mobile payment, credit cards with a chip, e-payment instruments or any other electronic instruments or channels.

E-MAIL
Technological access instrument or channel whereby a client exchanges information with a bank through the Internet and requests or provides information through a representative authorized by the institution.

E-MONEY
Currency value of a bank account or another baking product accessed through electronic devices to make payments through points of sale terminals, direct transfer between two devices or through open computer networks.

ECONOMIC ACTIVITY
Set of actions aimed at the production, distribution and consumption of goods and services provided to meet material and social needs.

ECONOMIC GROUP
Any group of individuals or legal entities of any nationality or jurisdiction, whose interests are interrelated such that, in the opinion of the Superintendency, they should be considered one entity.

ELECTRONIC MEDIA OR CHANNELS
Technological access devices, data transfer instruments, storage systems or any other current or future technology that can be used to inquire, input, transfer, protect, process and/or store client data and banking transactions.

ENDORSEMENT
Total or partial guarantee of payment provided by a third party who undertakes joint responsibility with the debtor, in case the latter fails to pay. The guarantee is stated in the credit contract itself or in a note, contract or other instrument, in generic form.

The obligation contracted by a signatory to a credit note, or a third party, to pay the obligation totally or partially, if one of the signatories fails to do so. The guarantee is stated in the document or an addendum to it. It is expressed by the formula “by endorsement” or its equivalent and must be signed by the endorser. Legally, in some cases, the signature alone on the document can be taken as an endorsement.

The endorsement does not make the endorser a joint debtor or a joint guarantor. This means that the recipient will only have recourse against the endorser only after trying to collect (unsuccessfully) from the principal debtor.

ENDORSER
The person who grants the endorsement. The person who signs a guarantee document as endorser.

ESTABLISHMENT
Any office, branch office or agency through which a bank engages in the banking business, excepting any equipment, machines, systems, offices or dependencies expressly defined by the Superintendency.

EXPANSION
Expansion and improvement are often confused. To clarify such confusion, expansions are those complementary investments to increase equipment, buildings, etc.; while improvements are those introduced into existing elements replacing certain parts.

EXTENDING A LINE OF CREDIT
Additional amount granted to authorized credits. These operations are frequently used by large organizations to fund existing commitments or future acquisitions.

FIELD OF COMPETENCE
Exercising jurisdictional authority that a body practices within a framework of action; also the framework that determines the limits and scope of actions.

FINANCIAL ACTIVITY
The set of transactions made in the market for buyers and sellers of financial resources, including those operations involved in the formation of currency and capital markets.

FINANCIAL ANALYSIS
Procedure used to evaluate the structure of the sources and uses of financial resources. It is applied to establish the way that cash flow moves and explain the problems and circumstances that influence them.

FINANCIAL LEASE
A contract under which the temporary use or enjoyment of tangible goods is granted, as long as it meets the following requirements: 1. To establish a determinate period equal or greater than the minimum to derive the investment in terms of fiscal provisions or, when the term is shorter, to allow the person receiving the property to exercise any of the following options at the end of the term: a) transfer ownership of the contracted goods by paying a predetermined amount, which should be lower than the market value of the property at the time the option is exercised; b) extend the contract for a determined period of time during which the payments will be for less than what was set during the initial term of the contract; and c) receive part of the price received for the sale of the property to a third party; 2. The consideration is equal to or greater than the value of the property at the time its use or enjoyment was granted; and 3. That an applicable interest rate be established to determine payments and the contract is made in writing.

FINANCIAL STATEMENTS
The general balance sheet, the profit-and-loss statement, the net worth statement, the cash flow statement and notes on the most relevant accounting policies and other explanatory notes.

FINANCING
A credit agreement intended for the procurement of raw materials, payment of wages and direct operating expenses for the promotion of a business.

FINANCING CARD
A magnetic, electronic or other technology device resulting from the execution of a contract between a financial company and another person, in order to facilitate the withdrawal of money or lease of goods or purchase of goods or services from businesses affiliated with the system. For this type of card, the issuer agrees a financing contract and transfers the proceeds of the loan to the card of this person in order to use it.

FIXED ASSET
Properties, material goods or rights that are not intended for sale in the normal course of business, but represent the investment of capital or equity of an agency or entity that uses it permanently or semi-permanently in the production or manufacturing of goods for sale or the provision of services to the entity itself, to customers or the general public. For example: machinery belonging to manufacturers; facilities and equipment of public service companies; furniture and fixtures of businesses; the cost of concessions and rights, etc. Fixed assets also include the investment in shares, bonds and securities issued by affiliated companies. The item “fixed asset” implies the firmness of purpose or intention to continue using or possessing goods covered; denotes constrain in the service of business. Eventually, such assets can be sold or discharged either because they are considered not useful, because they are replaced by new installations or other causes similar to those noted. Expenditures made to improve the value of a property or the effectiveness of a service, can be considered fixed investments. Form a strict point of view, only those expenditures designed to increase income or decrease costs can be capitalized.

“Fixed assets” are classified in three groups: a) “tangible,” which includes properties or goods that can be touched, such as land, buildings, machinery, etc.; b) “intangible,” which includes things that cannot be physically touched, such as patent rights, rights of way, commercial credit, the value of certain concessions, etc.; and c) investments in affiliated companies.

FOREIGN BANK
A branch office or subsidiary of a bank or a bank holding company whose parent company is located outside of the Republic of Panama.

FOREIGN SUPERVISORY BODY
Foreign supervisory authority with similar functions to those of the Superintendency of Banks.

INSTANT MESSAGING
Technological access instrument or channel whereby the client can contact a bank via Internet or a similar system in real time and request or provide information through a representative authorized by the institution.

INSURED
Strictly speaking, it is a person himself, or his assets or economic interests that is at risk and consequently has contracted with an insurance company.

INSURER
A legal entity that, by concluding an Insurance Agreement, assumes the harmful consequences of any event whose risk is covered.

INTEREST
Any sum or sums of money, under any form or under any name, that are charged, received or paid for the use of money.

INTERNET BANKING
E-banking services provided to clients through Internet, on the website belonging to one or more domains of the bank, through HTTP (Hypertext Transfer Protocol) or HTTPS (Hypertext Transfer Protocol Secure) protocols or their equivalent, regardless of the technological access device.

ISSUER OR OPERATOR
An entity involved in a card contract with the cardholder in the Republic of Panama whereby the former provides one or more credit cards or other financing cards to be used in national or international businesses as agreed.

JOINT CREDITORS
The persons jointly own a loan and entitled to require full or partial payment of the debt from all or any of the joint debtors.

LEASE
Transfer from one person (lessor) to another (tenant) of the use of an asset or property, land, building, car, machinery or any part thereof, for a specified period of time, in exchange for an income or other compensation.

LEGAL ACT
Willful human action that can produce legal effects in accordance with legal requirements previously established for each case.

LENDER
In legal language, a person that opens or grants a credit or loan.

LEVERAGE
Refers to the strategies related to the composition of debt and equity to fund assets. It is conceived as an improvement of the profitability of a company through its financial and operational structure.

MANAGE
To take those actions by means of which the use of material, human, financial and technical resources of an organization are guided toward meeting corporate goals.

MERIT SYSTEM
Labor regime based upon a system of performance appraisals, whose purpose is to promote competitiveness, job stability and productivity among the personnel required for the efficient functioning of the Superintendency.

MICROENTERPRISE
An individual or legal entity whose economic activity generates gross income or annual invoicing up to one hundred and fifty thousand balboas (B/.150,000.00).

MICROFINANCE SYSTEM
The one that serves the micro and small businesses by means of granting loans and other financial services, and is made up of institutions dedicated no less than 75% of their loan portfolio to fostering, financing and promoting this sector.

MINIMUM PAYMENT DUE
Minimum payment in legal tender of the Republic of Panama that the cardholder must pay to the issuer for the credit granted, covering the amortization of the main balance, according to the maximum financing term and the agreed interest rate.

MOBILE BANKING
E-banking services provided to clients through a mobile phone, whose telephone number is affiliated to the service, through SMS (Short Message Service), WAP (Wireless Access Protocol) protocols or their equivalent.

NONBANKING AFFILIATE
A nonbanking or nonfinancial entity associated with an economic group which includes a banking group, bank or bank holding company.

OPENING
Process for opening or starting a checking account, savings account or term investment account.

PANAMANIAN BANK
A bank whose parent company is in the Republic of Panama.

PARTIALLY SECURED CREDIT
A credit that is secured at any time by collateral whose value is less than the amount owed. The Superintendency will determine what constitutes collateral under paragraphs 21, 22, and 23 [of Article 3 of the Banking Law] and how to establish its valuation.

PAY
To credit a portion of an asset account; an account is paid into when liabilities are increased, capital is increased or assets decreased. To make partial payments on a debt. To register income received as deferred income without deducting the profits made, until such time the service is rendered.

PAYMENT DUE DATE
The deadline by which the cardholder must pay all, part or the minimum payment due stated by the credit card issuer so as to avoid being in default.

[PERSONNEL] APPRAISAL
Action and effect of appraising the competencies and performance of employees of the Superintendency or candidates to become one.

POINTS OF SALE TERMINALS
Technological access devices allowing the provision of e-banking services, including dataphones, micro-computerized electronic terminals, mobile phones, and computer programs that can be used by individuals or businesses to debit or credit bank accounts or apply charges to cards.

PREFERRED CREDITOR
Any person whose rights to another, particularly in the case of insolvency proceedings or bankruptcy, take precedence over the rights of other creditors. For example, preferred creditors may be employees with respect to their wages and taxes that would be paid by the company.

PRICE
Amount of money paid for the withdrawal of money or for the lease or purchase of goods or services.

PRIMARY CARDHOLDER
A person that enters into the respective agreement with a financial broker, receives one or more cards for his use and is responsible for the balances owed.

PRIVATE CREDITORS
Individuals or legal entities who are owed, including loans from:

a. suppliers, i.e., credits from manufacturers, exporters or other goods suppliers;

b. financial markets, i.e. loans from private banks and other private financial institutions and government bonds placed in the private sector; and,

c. other sources, i.e. foreign liabilities for nationalized goods and unclassified debts owed to private creditors.

PROMOTERS
Those individuals who have a working relationship with an administrator, or having a contract with him, are authorized to perform registration activities of individual accounts, marketing, promotion and transfer applications, carrying out such activities on behalf and account of the administrator.

PURE or TRUE LEASE
An operation by contract establishing the temporary use or enjoyment of a property, with the characteristic that there is no purchase option at the end of the term of the contact. Therefore, the lessor is not required to sell the property or share the amount of the sale of the property to a third party with the tenant. In the event that at the end of the contract there is a purchase agreement between the lessor and the tenant, the property will be sold at commercial or market value.

REPAYMENT or AMORTIZATION
Gradual elimination of a debt over a period of time; e.g. the redemption of a debt by the consecutive payments to the creditor, the gradual periodic elimination on the books of an insurance premium or premium on bonds. A reduction in book value of fixed assets; a generic term for depreciation, depletion, discharge, or gradual elimination on the books of one or more limited time assets; either through direct credit or through a valuation account; therefore, the amount of this reduction is generically an amortization.

The expense that is intended to pay or terminate a burden or debt owed by the entity. The process of cancelling a loan. The termination of long- and short-term commitments.

Discharge some or all of the cost of a book asset; depreciate or deplete.

REPEAL
To abrogate a law, regulation or code. To rescind a statutory provision, expressly, by a specific provision or a provision contained in a subsequent law, i.e. resulting from the incompatibility between the provisions of a law and a previous one.

REPRESENTATIVE OFFICE
The office of a bank which promotes the banking business from within the Republic of Panama but does not engage in the banking business.

RESOLUTION
A decision adopted by the Superintendent or the Board of Directors in the exercise of the powers granted by the Banking Law and applicable to a particular case.

RISK ANALYSIS
Calculating the probability that future real returns will be less than the expected returns, this probability is measured by the standard deviation or the coefficient of variation for expected returns.

RULE
Any decision of general application adopted by the Board of Directors of the Superintendency for the development of policies or the interpretation or definition of the scope of the provisions of the [Banking Law].

SAVINGS
The monetary surplus of people and institutions over their expenses. It is also the name given to the part of the after-tax income not consumed, in the case of individuals, or distributed, in the case of a corporation.

The income not consumed, i.e. difference between income and expenditures. In an open economy, the aggregated net transfers from abroad or subtraction of net transfer abroad should be considered. In a closed economy, savings equals investment (savings and investments made, as opposed to desired savings and investment).

Savings means "to book" a production capacity not used in the production of consumer goods and make it available to produce new investment goods. National savings do not accrue money, but capital.

It is the positive difference resulting from the comparison between income and expenditure of an entity. For budgetary purposes, there are two types of savings: current account and capital account.

SAVINGS ON CURRENT ACCOUNT
The positive difference between income and expenditure in the current account that contributes to the generation of resources for net capital formation.

SECURE
To guarantee the safekeeping or protection of interests or wealth to any person.

SECURED CREDIT
A credit that is continuously secured by collateral whose value is equal to or greater than the amount owed.

SECURED CREDITOR
Any person whose rights to another are protected by additional collateral, a mortgage or another lien; if the protection is broad, rights are "fully guaranteed." If the protection is incomplete, the rights are known as "partially guaranteed."

SHOPPING CARD
A credit card issued and granted by a commercial establishment to consumers for the exclusive purchase or lease of goods or services at the issuer’s establishment or business.

SMALL ENTERPRISE
Any individual or legal entity whose economic activity generates gross income or annual invoicing between one hundred and fifty thousand balboas with one cent (B/.150,000.01) and seven hundred and fifty thousand balboas (B/.750,000.00)

SOCIAL NETWORKS
Technological access instruments or channels whereby the client interacts with a bank via Internet or a similar system or provides information through a representative authorized by the institution, whether or not in real time.

SPECIALIZED NETWORKS
Domestic or international information and/or funds transfer systems between financial institutions and any other entity containing client information. This definition includes, among others, the system known as SWIFT.

SPECULATION
The proceeds from currency exchange or from discounting bills and notes. Speculation on the rise and fall of the value of currency.

STAFF MEMBER
A public employee in the service of the Superintendency of Banks.

STATE-OWNED BANKING
An entity owned by the State and engaged in the banking business.

STATEMENT CLOSING DATE
The scheduled deadline for closing the report on cardholder consumption and payments for a given period.

STATEMENT OF ACCOUNT
A document prepared by the issuer and containing a detailed description of the different transactions using the credit card and other financing cards. It is sent to the cardholder in the manner agreed to and must comply with the requirements provided [in the Banking Law] and other existing regulations.

SUBSIDIARY
A legal entity, all or a majority of whose shares are owned by a bank or a bank holding company, with the exception of legal entities for whom the bank act as trustee.

SUNDRY CREDITORS
Collective account whose balance represents the total amount of debts on behalf of several persons whose credits do not appear otherwise in the accounts. The individuals or businesses to whom are owed for something other than purchasing goods or services.

SUPERINTENDENCY
The Superintendency of Banks of Panama.

SUPERINTENDENT
The Superintendent of Banks.

SUPPLEMENTARY CARDHOLDER
A person to whom, eith the authorization of the primary cardholder, the issuer issues and delivers a credit card to be used in the same way and conditions provided to the primary holder.

TECHNICAL AND PRUDENTIAL STANDARDS
Those issued by the Superintendency to assure the soundness and efficiency of the banking system.

TECHNOLOGICAL ACCESS DEVICE
An element or component, whether hardware and/or software, that will allow a bank client to access e-banking services.

TELEPHONE BANKING
E-banking services whereby the client sends instructions to the bank through a mobile or land line telephone system by tone, pulse or voice recognition mechanisms, and the client receives a previously recorded answer or an interactive voice answer.

TIER ONE CAPITAL
Consists of paid-in capital, declared reserves and retained earnings.

TIER TWO CAPITAL
Capital made up of undeclared reserves, revaluation reserves, general loss reserves, hybrid debt-capital instruments and subordinated term debt.

TIER THREE CAPITAL
Capital made up exclusively of short-term subordinated debt to address market risk.

TO BACK VALUE
To give a value to a credit or debit in an account that is prior to the date on which the transaction was recorded in books.
Value dates are generally after the date the transaction was made. Therefore, to back value is an exceptional process usually performed to correct an omission or previous mistake. If a payment order has not been completed on time, back valuing is often a purely symbolic gesture, because the mistake cannot be erased. It can serve only to show the beneficiary that the bank (and not the payer) was accountable for the delay. However, in the case of a credit in an account accruing interest, the application of the previous value also assumes that the value of additional interest will be recognized for the accountholder from the back value date until the operation was actually executed.

UNSECURED CREDIT
A credit that is not secured by any collateral whatsoever at the moment of its evaluation.

VOICE TO VOICE TELEPHONE BANKING
E-banking services whereby the client provides instructions through a telephone system, whether landline or mobile, to the bank by the intermediation of a representative authorized by the institution and located at a call center.