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This Tuesday, the Financial Portability Law, which will allow individuals and companies to switch banks or other entities more easily and without great costs.
The new law will allow users to change their products such as checking accounts, credit cards, mortgage loans or financial institution consumer loans through a standard format, in which people they will be able to compare costs, interests and commissions and thus deliver more competition to the financial market.
The Minister of Finance, Ignacio Briones, indicated that this initiative will go “for the benefit of consumers, that this should be a very important step towards something that we should be moving, which is what is called Open Banking, which revolves around this same principle, but makes it much easier to share all the data that is behind a bank account “.
In the same way, the president of Banco Estado, Sebastian Sichel, said that “this process simplifies what was previously difficult. What can I transfer? Everything. And between whom? Between everyone. It is not only between banks, it can also be our retail cards, the ones we have with the supermarket, all the products we have with a compensation box “.
If you want to change, the process consists in that the client must request a settlement certificate from his current supplier and the one to be changed, indicate the products that he wants to change and to which institution, for which there will be a period of seven business days to see conditions and deliver offers.
In the case of the closure of a financial product, the institution must take care of the corresponding procedures.
