When you enter a job, the company usually assigns you a bank account number and gives you a card where your salary will be deposited. If the bank that operates your new employer’s payroll does not convince you, you can carry out a procedure called payroll portability.

There are endless reasons to change your bank payroll, from a bad experience with the institution, branches far from your home or work, poor service in the app, among others. The interesting thing is that you do not have the obligation to stay with an institution just because it handles the payroll of the company where you work.

The portability or change of payroll deals with a transfer of the payment of your salary to the institution that you want, as long as you have an account with them, either payroll or with similar characteristics, so that you can receive your salary there.

According to Santander, 1.7 million payroll portability have been carried out in the country. This means that every day more people seek to be in the institution that treats them best.

Payroll portability is a right that any worker can exercise. The person has the opportunity to carry out this process when he is not satisfied with the bank that the company has assigned for the payment of his salary.

Migration can be done at any time

“At any time (the worker) can ask the institution that deposits his labor income to transfer, free of charge, the balance of that account to the bank of his choice, either to receive his salary, pension and other labor benefits. ”, according to data from the National Commission for the Protection and Defense of Users of Financial Services (Condusef).

Currently this procedure can be done online or at bank branches, it has no cost and the documents they will request are official identification, an account statement and a debit card from the institution where the company deposits the payment, explained Antonio Artigues, director private banking executive of Santander.

According to the specialist, there are various elements to consider before changing your payroll. First, it is important to compare what one bank offers and another, to look for the differentiator between them. Second, review the global relationship that the institution has with the company where you work or with others, and third, analyze the services it offers such as branches and ATMs, in addition to the operation of its mobile app.

It is important that the characteristics of each account are also reviewed: minimum opening amount, the commissions charged, the minimum balances required and whether they require a certain number of transactions.

To verify what commissions the banks retain in their payroll accounts, you must enter the website of each institution and look for the option of costs and commissions that is found at the end of the platform, click, select the product you have and review in which cases commissions are withheld.

For example, there are some entities that charge 80 pesos for not maintaining the minimum monthly average balance required; 150 pesos for inappropriate clarifications; They also charge for card replacement or other issues.

How is the proccess

Before carrying out this process, it is important that you have an active account, payroll or level 4, in the institution where you intend to migrate. If you already have one, the process will be more agile, if you don’t have one, you must open one under those characteristics. In some cases, it can be done through the bank’s banking app, as long as it is verified that it is level 4 or go to the branch and request the opening of said account.

“It is a procedure that does not have any cost, you do not have to notify the company that pays you because it is a process between banks,” said the Santander manager.

Once the payroll change request is made, you must wait up to 10 business days for the process to be completed and then start receiving the salary in the selected bank.

Antonio Artigues explained that the original account, the one assigned by the company, must remain active, since it is the one that will receive the deposit from the company and then transfer it to the institution that the worker chose to receive their payroll.

At the end of the employment relationship with the company, it is recommended to cancel the account, otherwise it will be used and avoid surcharges due to lack of movement.

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