Social Security policyholders, who use INSS benefits to pay the payroll, must pay attention to the terms and details of portability.
Before requesting a change between financial institutions, it is important to know all the provisions and nuances that make up the current contract, in order to be able to exchange it for a contract that is more advantageous for the client.
Institution exchanges occur when the client seeks advantages or benefits such as reduced interest rates to continue paying the payroll.
The option is valid, but you must be very careful when requesting the change. Seek to understand all the details including the new fees and the Total Effective Cost (CDT) of your payroll at another institution.
Before starting the process, be aware of the total amount to be paid at the bank of origin, request a declaration of debt to your creditor, which must include what has already been paid and what still needs to be settled.
Some institutions may delay the procedure, if any of them refuses to provide the statement, it is possible to file a request with the Central Bank.
Once you get the declaration, make an appointment with other institutions, find out what the best market conditions are, just then it will be possible to know whether the exchange is worth it or not.
It is important to emphasize that this information must be obtained through official channels, otherwise you are more vulnerable to scams and frauds.
Only accept conditions officially expressed by the institution in question, be careful with calls and SMS sent from alleged banks and creditors.
Rates can be consulted through the Central Bank website, which offers a tool where it is possible to compare rates, but searching for each institution can be advantageous, in many cases they end up offering unique conditions.
If any of the conditions pleases you, formalize the portability requirement, but be aware, the bank from which the debt will be transferred may end up offering a counter-proposal in order to keep the debt in the institution.
If you really want to change institutions, your new bank must contact the old creditor within five days, the new bank makes the payment of the debt so that it can be migrated to your institution.
The original creditor has up to two days to confirm the portability procedure, the entire process can take up to 20 days.
See what to consider before applying for portability
This type of loan applies directly to the payroll or benefit paid by the INSS. Many retirees end up stuck in contracts with institutions that do not want to carry out debt portability, in which case the client can file a lawsuit.
Before applying for portability, know what your interest rates are, the percentage and how much your CET (Total Effective Cost), taxes, charges and administration fee are worth.
Pay attention to the counterproposals, find out what is most advantageous for your case. No institution can refuse to provide postability, the procedure can take up to 20 working days to complete.
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