On August 5, President Sebastián Piñera again publicly referred to the Financial Portability Bill during a neighborhood council meeting. The idea is to make it easier for people to transfer their checking accounts, credit lines, auto loans, consumer loans and credit cards from one financial institution to another quickly and at a lower cost. At the meeting, Finance Minister Felipe Larraín, added that the bill is due to be sent to Congress in the near future.
The bill proposes that citizens wishing to change their banking entity must apply online for a settlement certificate from their current bank, which must include details of their products. This will enable them to get quotes for services from other credit or banking entities. After selecting the new institution, the client must sign a financial portability application to automatically launch the process of closing financial products and opening new ones in the new entity joined.
In Piñera’s words, the bill will be “a tremendous opportunity for millions and millions of Chilean families, who can use this simple and fast system, to improve their credit conditions, access lower interest rates, benefit from lower fees and thus improve their quality of life.” In numbers, the initiative will benefit 97% of the adult population using financial products, including 3.8 million call accounts, 4 million current accounts and 20 million credit cards.