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Zero-cost transfers between banks would put pressure on the formal credit market

Zero-cost transfers between banks would put pressure on the formal credit market

Commissions for bank transfers and credit card payments could be forgotten after the Plenary of Congress approved, in the first vote, the opinion issued in PL 3428 and 3739, which modify Law 31143, in order to eliminate the costs that today users assume for transferring their own money through financial entities and their plastics.

The ruling must still go through a second vote next week before being sent for promulgation to the Executive. Congresswoman Sigrid Bazán, its promoter, questioned whether each bank “sets its rules” when commissioning transfers that can be made from bank to bank or between regions, in a market where the consumer is “suffocated.”

Along these lines, Bazán declared that, during the previous debate, they did not receive convincing support from the banks regarding the widely differentiated costs for the same operation between one and the other, so now they are seeking to “safeguard” users. .

“Only 50% of the population is banked. The other 50% do not, because they do not trust the banks,” said the legislator.

Pressure on credits

For Juan José Marthans, former head of SBS, the application of this device will mean new pressure on the formal financial system. He explains that, to compensate, the entities will create other types of commissions or, failing that, will increase the cost of existing ones that are outside the scope of the law.

“In the extreme, it could compromise, for a certain segment of credit, an increase in its effective cost,” he said.

Pacífico Business School professor Jorge Carrillo adds a third option: that entities stop investing in immediate interbank transfers, because the costs associated with the Electronic Clearing House (CCE) will not decrease. Otherwise, said loss will be transferred to other fees, such as “the interest rate or maintenance of savings accounts.”

The key

Spins. Interbank transfers are not made directly. Beforehand, they go through the CCE, at an extra cost. Regulation. The usury law of 2021 also sought to benefit the population with caps on interest rates. Today its elimination is debated.

Source: Larepublica

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