In order to guide users and increase the system transparency, the BCRA conducted a survey among financial institutions to reveal the supply of non-compulsory financial services available boosted by the BCRA through its regulations and other actions.
The survey, whose complete results are recorded in the attached document, included an analysis of the information provided by financial institutions connected with two areas:
1) The opening of savings accounts: the BCRA not only provided that the savings accounts and its debit cards shall be free of charge but also simplified its opening procedure, allowing that, under certain circumstances, it may be opened by submitting the client´s National Identity Document together with an affidavit certifying that the client has no other account on the financial system. 63% of the banks surveyed already render this service.
The BCRA also implemented the opening of savings accounts for authorized underage clients so as to facilitate their daily economic transactions and their acquaintance with bankarization. There are 11 banks that render this product. 72% of the banks that do not render the service intend to do it in the short term. For many banks, there is an operative hindrance to regulations in the sense that the adult holder of an account may set a maximum limit for minors to make cash withdrawals. In answer to this concern that came up during the survey, the Board of the BCRA approved a change in these regulations in order to make those limits non-compulsory and increase the number of banks that may provide this service.
2) The payment of wages bankarization: through Communication A 6042, the BCRA authorized banks to open salary accounts both at the request of the employee and the employer. 83% of the banks surveyed by the BCRA already render this service. In most of the cases the banks request an employment certificate to the employee entitled to open the account and then notify the employer.
Moreover, in these banks the employer can open a salary account, despite being a natural person. This option is especially relevant in domestic employment and farm work. Most of the institutions that offer this service require the employer to personally request the service at the branch.
In addition, the holder of an account may now easily make the payment of wages through electronic means, such as Home banking, by including the category “wages” in the list of items for instant transfers.
The publication of this survey aims to increase the financial sector's transparency and competitiveness among institutions in order to ensure better options for users.
March 16, 2017