With the basic interest rate at the lowest level in history, 4.5% per year, the number of debt transfer operations from one bank to another, called portability, is growing at full steam. By making the migration, the consumer can improve the conditions of the loan and, in the end, reduce the value of the installments. In some cases, if the account holder knows how to negotiate with the bank manager, he may even cut the financial expense in half.
It is possible to port the register, checking accounts, payroll accounts and all credit lines, including the most expensive ones, such as credit card and overdraft accounts. . This migration may be more advantageous in long-term credit modalities, as is the case with the real estate loan.
“Portability is a very interesting device. The main advantage is that it stimulates competition between banks. The Brazilian credit market is very concentrated, and it was not easy to change a contract after taking it over. As the basic interest rate defines most of the financing contracts, the government is giving a more aggressive incentive for this to happen ”, highlights the financial educator,
But, before migrating debt, analysts point out that it is important to assess what is the Total Effective Cost (CET) offered by the new bank, as it includes insurance, tariffs and Tax on Financial Operation (IOF), and not only the nominal interest rate. The financial institution has an obligation to provide all information within one business day. If it is denied, the customer can file a complaint with the bank’s ombudsman or the Best Bank.
Although the costs of credit portability are not borne by the consumer, but by the banks, those looking for the service need to be aware of other charges linked to the transfer, such as making registration in the new bank or the registration of debt transfer by card, which may make the operation more expensive.
Be aware of the caseload because sometimes the institution can insert life insurance into the contract without the person realizing it. This is prohibited ”, he warns.
Lucio Egnacios, professor at Central University IESB and specialist in consumer behavior, says that it is necessary to pay attention to the capital letters of the contracts and assess whether it is really worth leaving an institution in which you has a history to go to another. “If the consumer decides to migrate entirely, he needs to assess whether the score conditions will be interesting. Leaving a bank where you already have an old relationship and migrating to another where you don’t have a history can be harmful. In an emergency, you may need an overdraft or other financing and the new bank may not grant it, ”he warns.
For several months, lawyer Paula Borges, 46, has been trying to reduce the cost of financing her apartment by seeing the recent drop in interest rates in the market. “I bought my property in 2014 and, before financing, I looked for several banks. I got a rate of 10% per year, considering the total effective cost. Since September, with the Selic increasingly low, I had been trying to talk to my manager, insisting on reducing interest rates, but with no return, ”he says. But she did not give up in the face of the bank’s strategy of trying to beat her through fatigue.
At the end of the year, it decided to put pressure on the institution once again on portability. “I sent an email to the general management of the agency, giving a deadline until January to reduce the interest rate, otherwise I would do the portability. I saw that several banks were offering much lower interest rates than what I was paying. In fact, I threatened to migrate everything, from applications to the salary account, ”he informs. In the first days of the year, the return finally came: a message from the manager reducing the interest rate to 7.3% per year, automatically, without the need to sign an amendment to the contract. In addition, the change would take effect from the installment that expires at the end of the month.
The financial planner considers the attitude of the lawyer to be correct. “Basically, it is necessary to put pressure on the manager, because, with this moment of Selic’s fall, the rates are even lower. So, everyone has the right to renegotiate their debt. Those who do not achieve good conditions in their institution, should look for others. Certainly, get good things. Everyone is renegotiating.
Quit debt priority
Who has money invested in fixed income but accumulates debts, should settle them so as not to lose money. From the moment he assessed that the financial return on investments was less than the interest he paid in financing the property where he lives, he drew up the investment and paid off the loan.“Normally, my investment yielded almost the same as the Selic rate and, when it fell below 10% per year, it made no sense to keep the money invested if I had a more expensive debt. I would continue to pay 10% interest, but receive less than that for the application. As I saw that I had enough money to cover the outstanding balance, I did not think twice and paid the loan, ”he says.
Therefore, in the opinion of the financial educator, not paying interest should always be the consumer’s priority. “Having debts is very risky in an economy as unstable as Brazil’s. Therefore, it is better to commit to paying off debts and then investing again, especially for the apostolate. With debts, any unforeseen situation becomes a problem, therefore, dispose of the maximum amount of net money to pay debts, but always with an emergency reserve ”, he concludes.