The reduction of the interest rates by the financial entities They have served to reactivate the credit activities of Colombians, this in order to encourage consumption in the country and reactivate the market.
However, this strategy has made competition between banks much closer, to such an extent that clients can consider changing financial institutions according to their needs or their ability to pay.
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Edgar Jiménez Méndez, director of the Financial Laboratory and professor at the University of Bogotá Jorge Tadeo Lozanoexplained for Portfolio these reasons.
“When one negotiates the portfolio or changes financial institution, it is necessary to take into account what are the conditions of that change. That is, I can have a liability on a credit card with a balance above 40% of the recent purchases I made; I can sell it and move to another entity on the sides of 20% or even below”, mentioned the expert.
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The expert also stated that the person who wishes to switch to another bank has to take into account that the purchase of the portfolio by the new bank may have terms and conditions and, in some cases, additional economic charges.
“You have to take into account how much I am going to pay monthly, because they can call me from an entity to buy my portfolio telling me that I am going to pay the debt at 15% interest, leaving the installments more comfortable, but you have to buy me the portfolio: checking or savings account, credit card and, if you have a payroll, also”, the teacher deepened.
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These new services that a different banking entity can offer can be the offer of, for example, sure of vinetowhich, in some cases, they will be financed by an extra percentage that the user should assume in case of accepting the transfer.
“There are entities where some cost is paid. There are entities in which you pay a management fee or some type of commission for these services that are offered and, when you look in terms of cash flow, it may be that you are paying the same or even much more.Jimenez said.
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Therefore, if a person wants to change banks in times of a so-called ‘rate war’, they have to take into account if your financial capacities and your needs can be combined with the offers offered by the banks.
“You have to be very attentive to what are the conditions that they offer me to change. Suddenly they will be offering me services that I may not use or may use, such as insurance. But I have to know if I really want them and if I can pay for them”, he pointed out.
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