BancoEstado has announced it will eliminate the 300-peso fee previously applied to transfers made from Cuenta RUT accounts to other banking institutions. The change takes effect this Wednesday, April 15, and will benefit all users of the financial product.
The institution's president, Mario Farren, described the move as a necessary step toward modernizing customer service. "Our goal is to make life easier for all Chileans using the financial system. That is also our role: to lead initiatives that promote accessibility, connectivity, and banking inclusion for everyone," Farren said.
Currently, customers transferring money from a Cuenta RUT to another bank must pay a 300-peso commission. This fee, which has faced years of user criticism, will be scrapped in the coming days as part of a broader plan to lower barriers to entry within the banking system.
Unchanged service fees
Despite the removal of this charge, BancoEstado clarified that the Cuenta RUT business model will still include fees for specific services. The bank detailed that customers will continue to pay current rates for transactions not covered by this update.
Unchanged fees include withdrawals made at ATMs owned by other banks and international transactions. Additionally, replacing a physical card due to loss or damage will still incur a cost for the user.
The measure directly impacts approximately 15.5 million people in Chile who use the account. With this adjustment, the bank aims to strengthen its position in the national financial market and facilitate seamless money transfers between different banking platforms without adding extra costs for low-income users.