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As of September 8, financial portability will take effect, which will allow all those who have financial products to change institutions with lower commissions and greater ease.
The initiative includes products such as checking accounts, sight accounts, credit and debit cards, mortgage, consumer or automotive loans, among other instruments.
The process will consist of three steps, where the client must enter a portability request directly to the new entity with which they intend to affiliate, indicating the products they require.
After an internal evaluation, the institution proceeds to make a “Portability Offer” to the client, and then finalize the operation.
In this way, the president of Banco Estado, Sebastián Sichel, pointed out that bank clients will always be able to access the best possible conditions.
In addition to lowering some commissions, the new system will reduce operating costs and simplify the process for clients, since it charges the entire procedure with financial institutions.
For the procedures that the client has to carry out, the Minister of Finance, Ignacio Briones, stated that it is mandatory to offer a virtual channel.
After accepting the Portability Offer delivered by each institution, a “term mandate” is generated, after which there is a period of six business days to settle the commitments with the old entity.
According to government figures, the initiative may benefit 13.6 million people who today have financial products, in addition to 842,000 micro and small businesses.
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