Sometimes, several entities require the withholding of funds from a bank account to pay a financial obligation.

This was more commonly observed in traffic fine collection actions, as reported by several affected parties.

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Withholding funds corresponds to leaving unusable money that remains in a bank account that corresponds to debt collection. This does not mean that the debt has been paid, but is a guarantee for its collection.

A judge is the one who determines an action on behalf of a person through a coercive procedure. The banking supervision indicated that the owner of the savings account can “continue to manage the funds of his savings account, based on the balances that were not subject to retention or embargo.”

The Bank Supervisory Board is notified of the decision, which in turn notifies the subjects of the financial system of the blocking provision for the amount of the debt.

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In the event that the blockade is lifted, it is the judge who must inform the Supervisory Board so that the financial entities are informed.

“In any case, the financial entity will continue to apply the lien on the assets that are expressly stated in the decision ordered by the judge or competent authority,” it was stated.

Old-age pensions cannot be confiscated or withheld under Article 371 of the Constitution, with the exception of obligations to the Ecuadorian Social Security Institute (IESS) and Biess.