All savings accounts, including the use of related debit cards, should be free of charge.
Transfers made by natural persons through online banking or ATMs, regardless of the amount, will not be charged, either.
There will be more competition among banks and it will be easier to migrate from one bank to another with better conditions.
The BCRA, through Communication A 5927 and Communication A 5928, strengthened its commitment to streamlining access to bank services by establishing that all savings accounts, including the use of their related debit cards, should be free of charge.
This means that there will be a basic level of access to bank services that will be universal and free of charge to all citizens.
All existing savings accounts will now be free of charge.
Banks must offer savings accounts to new customers as a separate service from any other product or package for which a fee is charged; savings accounts will have no limits on amounts, nor will they entail any costs for opening, maintenance or renewal.
Transactions will be free of charge, either at the teller window or ATMs, or through online banking.
Thus, access to financial services is enhanced for the entire population.
In addition, the maximum amount for electronic transfers—available 24/7—has been increased, and the service has been made completely free of charge for individuals, regardless of the amount involved.
For companies, the amount above which transfers can be charged has increased to ARS250,000.
Since savings accounts are free of charge at any bank, as well as transfers, it will be easy to migrate from one bank to another that has better conditions.
This encourages competition among banks.
Transparency
The BCRA established the possibility of increasing bank fees by up to 20%, which must be notified to customers 60 days in advance (the latest increases date back to the last months of the previous government). Then, fees will cease to be regulated from September 1, 2016.
However, following a common practice in Brazil, the bank will have to inform the competitors’ fees in the event of any change in its own fees.
This means that, if a bank wants to change a fee, it has to inform its customers about the fees that other banks charge.
Comparative information will be supplied by the BCRA.
Banks that offer online banking will be required to include a link in their main menu called “Fee Comparison” redirecting to the BCRA’s webpage showing the fees charged by the banks for different products.
Banks are required to report this information to the monetary authority on a regular basis.
Buenos Aires, March 21, 2016.
