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New rules for the use of overdraft, which should offer customers more favorable options for debt repayment, come into effect on Sunday (1).
Overdraft is an emergency line that allows the accountant to spend a certain limit set by the bank, even if there is no money in the account. But this installation costs him more interest. With the move, banks will have to offer less expensive credit options, such as debt repayment.
The main measure provided for in the Regulation is the obligation for the signatory banks to make available to customers, "at any time", the payment of the debit balance of the overdraft "in more favorable terms" than those applied in the overdraft itself "with regard to the collection of financial expenses."
According to the text, among the alternatives that banks
In the case of customers who use more than 15% of the 30-day overdraft limit, uninterruptedly, the regulation provides that banks must be proactive, offer these more advantageous alternatives for the payment of the debit balance. This rule only applies to debts over R $ 200.
Offering the most advantageous payment options in the latter case, must occur within 5 business days after banks find that the customer is in this case.
The customer will not be forced to contract any of the alternatives offered by banks. In such cases, banks will have to reiterate offers to customers every 30 days.
If the customer chooses to repay the overdraft debt, the banks will have the option to maintain or not the credit limit of this term for the consumer.
The standard also provides that banks will promote "financial guidance actions related to the overdraft, particularly with respect to their use in emergency situations and on a temporary basis".
If a customer uses the overdraft, regardless of the value, the bank should send him an alert informing him of the conclusion of the contract, in addition to reinforcing the fact that the credit should be used urgently and temporary.
For economists, the new overdraft rule will not help reduce borrowing and will have a limited effect on spread reduction (difference between what banks earn to lend and pay to raise funds), say economists. Still, they welcome the exchange of a costly debt for a cheaper one.
For the specialists, the modification of the overdraft rules should have the following effects:
- Help reduce the margin of the banks, but in a limited way;
- Spray overdraft debt to other lines of credit;
- Allow very short-term debt swap for short-term debt (maximum two years) and less interest,
- If the bank does not reduce the debt profile, even if it does not reduce the level of debt of the population.
- Reduce the cost of delinquency, if banks reduce the PDB (provision for bad debtors).
The overdraft is one of the most expensive forms of credit on the market. country. In May, interest rates fell but remain at a very high level: 311.9% per annum.
Rates remain high despite the strong reduction encouraged by the Central Bank in the Selic rate, which is currently at its historic low of 6.5% per annum.
Faced with this situation, representatives of the government's economic team Michel Temer had, in recent months, indicated the possibility of adopting measures to force the decline in the interest of the overdraft, like that happened with the credit card.
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