Colombia’s House of Representatives is spearheading a project to create a basket of free financial services for holders of savings accounts and credit and debit cards. These services would be provided by institutions authorised to collect deposits from the public that would charge management fees on these products.

The basket in the first draft contained the three most commonly used products and services associated with savings accounts and credit cards, which is the one used by Colombia’s financial authority, the Superintendencia Financiera to calculate the Financial Consumer Price Index [Índice de Precios al Consumidor Financiero (IPCF)]. However, the bill was amended in the committee report for the first reading in the House of Representatives, which removed the Financial Consumer’s Price Index (IPCF) as a benchmark for calculating a typical service basket.  

In its place was a list of the financial services provided when a savings account is opened. The institutions will have to choose three of these to be offered free for customers to whom banks charge account management fees. A similar list was drawn up for debit and credit card holders.

Meanwhile, this Bill makes it mandatory for institutions authorised to collect deposits from the public to inform their users in a clear and timely manner about the composition of the minimum product and/or service package to which the latter will have access at no further cost during that month. Institutions may use their normal channels of communication with customers.