Business and Finance Analysis

Archive for the ‘Bank Charges’ Category

Here you can read articles that the authors categorized the types of accounts subject. You can browse through them by clicking on its title Macro Bank offers a variety of accounts to its customers between them is the account Macro Values, which offers the following products and customer service:

• Current account in pesos .
• Savings in pesos.
• Overdraft agreement with automatic renewal.
• Two international credit cards can be Visa, Mastercard or American Express.
• 5 free transactions at ATMs of other banks in the network Banelco.
• Free 5 movements per box.

We also have the following benefits:

• Annual renewal premium by credit card.
• Macro rewards program on the consumption of credit cards.
• E-abstract which provides a monthly summary of accounts and credit cards via e-mail.
• First debit card holder.
• Return of 5% VAT on consumption debit card.
• Unlimited transfers ATM macro group.
• The first checkbook bonus of 25 pesos.
• Payment checks for clearing.
• Automatic compensation funds.
• Payment of interest on credit balance in the savings.
• Key client if integrated service.
• Macro to operate mobile banking from your cell phone.

The check is basically an order that the account holder gives the bank to pay a certain amount to a third party using the funds in your account.

There are types of checks:

• Standard checks: are payable on the day of his presentation, which must be before the end of 30 days from issuance.
• Dated checks, as its name suggests, this check is a payment of an amount of money given between 1 and 360 days from issuance.
• Checks for settling: allow you to cancel obligations to give money. These checks, unlike past years, are issued by the Central Bank and are valid for 30 days from the date stated in the document.
• A common check can be endorsed – that is, transferred to another person – once, while the deferred payment check can be endorsed twice. This provided that the check does not have the clause “not to order”, why not be endorsed.
• The bearer checks may be charged over the counter or deposited in bank accounts, yet to be cashed at the window should be aimed specifically at the bank branch where the account resides whom you wrote the check.

Although banks do not charge customers to open their accounts, which itself is charged is the “account maintenance.” The cost of the accounts, or their maintenance will depend on many factors. First, it depends on the bank. Second, depending on the type of account you want to open, either savings or current account . There is a special type of account has no maintenance cost: salary account. A paid account is the checking or savings account that an employee has in a bank into which your employer deposits your salary every month. The salary account features are the same as current accounts or savings common, but the main difference is that the owner fails to pay maintenance costs since the account was not by choice, but the company applied for opening the bank account to deposit there the employee’s salary and must then bear the cost of maintenance.

Also as a marketing strategy, in addition to the points programs or gifts , banks offer discounts on maintenance costs or additional account maintenance free.

Thus, banks do not charge maintenance costs of these additional accounts, but ensure a new customer, for sure, make use of other services that do will leave the bank profits.

For the costs of the accounts of any bank in Argentina, go to Section Banks Argentina and enter the website of each bank. You’ll find the information you need.

Commissions paid accounts

Good news for workers receiving their wages in financial institutions , and they will not pay fees for withdrawing money from ATMs of other banks or networks ( Link or Banelco ) of the card issuer. This measure was adopted after the amendment of Article 124 of Law 20,744 of employment contract, which has been found in anger on the part of financial institutions.

In one paragraph the rule states that “financial institutions shall not under any circumstances set charge for the extraction of funds from the salary account in the entire banking system and whatever the extraction method used.”

Thus workers will not pay any commission banked by withdrawals from the accounts pay “only. Until the enactment of the amendments, the legislation only required the banks to provide a minimum of four samples at no cost to customers with paid accounts.

The legislation states that “the Special Account will pay the account name and under no circumstances may have withdrawal limits or cost to the worker in their constitution, maintenance or removal of funds throughout the banking system, whatever the mode extraction used. ” But it is expressly stipulated that no fees may be charged only for money for the salary, but if the employee enters there extra funds not related to their salaries, these amounts may be reached by other committees. This will force banks to distinguish when and when not to apply fees.

Also, before the reform, if an employee withdraw money from his salary as a bank other than their own, but on the same network, the cost to pay for the transaction was even greater.

Another reform that Congress has been established that payments to the worker shall be paid “in cash, checks payable through accreditation or open account in your name at bank or savings institution official.” That is, employers are not required to “bank staff, but can also pay by cash or check.

The Plan Salary of Banco Hipotecario is a complete product that offers a range of services to its customers. Here you will find from loan personal, up to 7 fixed-rate wages and amounts of $ 100,000 at most, and credit mortgage very good condition. This product also includes saving accounts in pesos monthly maintenance and quarterly account statement: No charge.

Current account in pesos with no monthly maintenance fee, overdraft agreement, checkbooks common or deferred payment and the monthly statement for free.

You’ll also get these cards with more benefits:

Maestro debit card:

• Operations Network Link Mortgage Bank, without charge.
• Link network operations of other banks, without charge.
• Banelco network operations, free of charge.

Visa:

• Annual renewal, no charge.
• Abstract submission, free of charge.
• Additional cards at no charge.

This is the Current Account, Savings Account and Assets of the entity.

Current Account

• Using checkbook has to manage collections and payments through more conventional means of payment.
• Ballot Deposit free.

• Card Debit BTF / Maestro, no charge.
• Natural Person Requirements: Photocopy of document, a photocopy of a service or Certificate of Residency, Proof of Cuil or CUIT .
• Dependent Requirements: Photocopy Paycheck, Income Certification
• Autonomous or independent requirements: Photocopy registration DGR and DGI, a photocopy of the last 3 payments of pension contributions

Savings

Traditional features of interest rate in pesos or dollars.
BTF Debit Card / Maestro free to operate through any ATM and Internet.
Interest: TNA 0.60% annual compounded
Requirements: Photocopy of document, a photocopy of a service or certificate of residence, Proof of Cuil or CUIT
Requirements for autonomous or independent Pic. Enrollment in DGR and DGI, a photocopy of the last 3 payments of pension contributions.
Salary Account

An account where they deposited the assets of officials and employees as an employee.
Commission-free maintenance
BTF debit card / Maestro free
Requirements Document Photocopy, Photocopy service or Certificate of Residency, Proof of Cuil or CUIT

Bank charges

Bank fees are basically represented by the same costs associated with maintaining accounts, to which we refer in Section Cost accounts . But while the cost of maintaining the accounts is the most remarkable, we can also add other bank charges such as:

• Renewal of plastic (credit cards are generally annual)
• Money transfer fees
• Interest for the use of certain services
• Cost of safety deposit boxes
• That is why it is so important to make a thorough comparison of what each bank offers before opening an account and become a customer of a bank.

Log in to the comparison of accounts for more information.

Section Banks Argentina will access the websites of each bank and get to know the bank charges of each entity.

When you ask anyone how to make money a bank will respond to granting loans, investing in securities … that’s true, but many do not know that the biggest source of profits for banks are the commissions. It can be said that banks and charge fees for absolutely everything.

The committees are established by each institution, in consultation with the Bank of Spain to ensure that meet certain requirements and comply with the law.

Must be necessary, ie to respond to a service and not covered by another product contracted by the client, must be communicated to customers and posted on the bulletin boards of offices, are not abusive (on this should be discussed much) can not be charged for transactions carried out by failure or negligence of the entity can not be cashed in if there are no contracts and can not exceed a fixed amounts (eg 1% cancellation rate mortgages variable).

Bank charges are applied more

The commissions that normally apply are: for transferring money, to keep accounts, to withdraw money from cash, to have cards, study and / or create a credit, cancel, for having an overdraft.

Actually, it is difficult to escape them. The only thing we can do is compare the different entities and seek the lowest commission, because although in theory the commissions should have the degree of marketability, consumers often do not find ourselves in a strong position against the entity.

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