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Chile lawmakers say BancoEstado should cut more fees for CuentaRUT accounts

A group of Chilean lawmakers say a reduction in commissions by state-run Banco del Estado de Chile on its basic CuentaRUT account does not go far enough, saying these should be scrapped for low-income customers including pensioners, La Tercera reported.

Some deputies have requested a meeting with CEO Arturo Tagle to discuss the controversy, according to the publication. According to Deputy Marcela Sabat, the state-run bank should focus on social service, especially for elderly citizens and other vulnerable banking clients.

BancoEstado has previously said it lost nearly 10 billion Chilean pesos in 2018 by providing the basic bank accounts service, and warned late last year that any reduction in current commissions would make the service nonviable.

CuentaRUT is aimed at lower-income customers without bank accounts across Chile. Earlier in the week, BancoEstado announced it was lowering certain ATM transaction fees for the accounts.

As of Jan. 10, US$1 was equivalent to 675.71 Chilean pesos.