BBVA and Falabella will charge new commissions: why do banks change their terms?

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Bank BBVA reported that since Nov 30 will start charging a new maintenance fee Which also extends to the Freedom Account, which was the only account that did not debit such an additional amount. The financial entity has indicated that this fee of S/10 will be applied if the average balance is less than S/100 or US$30, which must be the monthly average and is not in the account on the last day. thus, BBVA no longer has an account option that is exempt from maintenance payments.

in return, Falabella Bank It was also announced that from November CMR card users will have to pay a commission of S/2.90 to cancel their loan With debit cards of other banks, along with other changes in their service policies. Therefore, the question arises that what would these banks have done to revise their terms of service and what is stipulated therein? SBS (Superintenance of Banking, Insurance and AFP) On commissions that it is allowed and prohibited to charge financial institutions in Peru.

Why have banks started charging commission?

Arturo García, professor of finance at the ESAN Graduate School of Business, commented that this may be primarily due to the fact that banks aim to encourage customers to allocate more money on average to their savings accounts.

“Financial institutions are financial intermediaries that occupy and place, so they seek to capture resources through public deposits. The main sources of funding for this type of activity are: 60% of the total funding of the funding. Between % and 70% of these deposits are because they are the source of the lowest cost resources. What they hope is to encourage customers to allocate more money on average in savings accounts and we take this into account as well There are operating expenses and it is not very profitable to have accounts with very low average balances, ”said the expert from La Repubblica.

though though BBVA If it is empowered – in accordance with SBS rules – to prevent adding these amounts for maintenance and keeping accounts free of this additional fee, it may prompt other financial institutions to join in and change their commission policies. This scenario will lead to Customers have fewer and fewer choices of financial institutions Commission free savings accounts.

“Certainly, it is going to review its policy of not charging other entities. Many people have these accounts to motivate people to open them, but it is in the balance between whether I I charge a commission for customers to open more accounts, or if I charge people who have more money in deposits to create accounts, “Garcia said to be consulted about this possibility.

What does SBS indicate about permitted and prohibited commissions for banks?

The “Regulations for the Market Conduct Management of the Financial System and the Superintendence Violations and Sanctions of Banking, Insurance and Private Pension Fund Administrators” approved in 2017 by SBS specifies the commissions that entities are prohibited from charging. They are the following:

If you have a deposit, the bank cannot charge you a commission or expense for:

  • Maintenance or administration of inactive accounts.
  • Return of check badly drawn or without money in case of check from the same company.
  • Exemption of deposits in Deposit Insurance Fund.
  • Sending account statement electronically.
  • Fees in general, when opening an account, are established as a requirement to make a fee related to the payment of a credit.
  • Interlace charges for cash withdrawal in banking companies, through the bank’s ATM or at the customer care window at a location other than the city where the bank account was opened.

If you have a credit card or loan, it is prohibited to charge for:

  • Credit assessment done by the company prior to granting you a loan or credit card, including consultation with the Risk Center.
  • Sending account statement electronically.
  • Make total or partial advance payments, or advance installments of your credit.
  • Issuing and disbursing the first proof of non-debt once the entire credit is paid off. In the case of credit cards, when the total debt is paid off and the contract is terminated, the first proof of non-debt is always free.
  • Issuance and distribution of proof of credit status, when the financial institution has mistakenly reported the debtor to the SBS Risk Center.
  • Collection process via telephone call, letter or home visit, notary letter, or any other means.
  • Charges other than default interest, such as penalties, for payment of obligations outside the due date.
  • In the case of credit relief insurance, a fee for the evaluation, administration and/or management of an approved policy, which is a condition of contracting the credit product.
  • Access and procedures related to the treatment of customers with temporary difficulties in paying credit, within the framework of the Declaration of Emergency.

If you have a credit card, financial institutions can’t charge you for:

  • Cash withdrawal from your credit card.
  • Exceeding your credit card line maximum limit.
  • Maintenance or administration of your credit under the revolving system.

If you have a loan, you are not allowed to charge for:

  • Distribution of borrowed money.
  • Procedures relating to the evaluation, formation and administration of guarantees in credits that are consistent with their constitution. For example: mortgage, vehicle, mortgage, etc.
  • Issuance of documents (additional clauses, minutes, etc.) required to remove a guarantee (mortgage or security interest). You only need to pay the expenses for the notary and registry services.

For customers and the general public, financial institutions cannot charge for:

  • The reception or management of bills and coins (whether by counting, centralization, verification, or other similar concepts) while carrying out any financial operation.
  • Processing of a claim.
  • Provide financial advice relating to the execution of offers, marketing or contracts for financial products or services.

How to claim in bank?

We spoke with Ava Cespedis, Manager of Consumer Relations at LR+ Economy: asbankiOn the procedure for filing a complaint with a financial institution.

lazy load component

Which banks do not charge maintenance charges on their savings accounts?

We offer some other financial market options that do not include maintenance cost For accounts in the soles.

bcp

  • digital account: No maintenance cost. They charge S/20 for using ATMs of other banks. Allows one window deposit per month.
  • salary account: No maintenance cost. They charge S/20 for using ATMs of other banks. Free deposit and withdrawal at teller window.

inter bank

  • single account: Does not charge maintenance fee. S/20 payment for using an ATM from another bank. Allows two free cash withdrawals per month at Teller Window.
  • salary account: Does not charge maintenance fee. The bank allows two withdrawals at the window. S/20 payment for ATM withdrawals from other banks.
  • Accounts savings limit You home savings: Without maintenance payment.

scotiabank

  • free account: no maintenance cost
  • intangible account: no maintenance cost
  • Scotiabank Kids Account: no maintenance cost
  • mortgage savings account: No maintenance cost.

We present a few financial system options for a savings account with no maintenance fees. Photo: Composition LR/Rodolfo Contreras/La Repubblica



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