When it comes to current accounts, customers want to have a few different options as not all needs are the same. This means that variety is the order of the day and there are very few banks who deliver on this. This review takes a look at Banco do Brasil Current Accounts in order to determine whether they measure up to their toughest competitors. Will they make the cut? Read more to find out whether Banco do Brasil Current Accounts measure up to some stiff competition.
Discover how this range compares to the current account options at Credit Agricole.
About Banco do Brasil
Banco do Brasil is one of the oldest banking institutions in the world and was founded with the purpose of providing citizens with access to a mixed financial institution. The bank has a rich history of struggle and success and has weathered many storms. It managed to stabilize during the 19th century as modern banking was introduced. The global slump of 2008 affected many of the financial institutions across the world, however, Banco do Brasil seems to have weathered yet another difficult storm.
Current Account Quick Tips
Current accounts can be the ideal financial tool for consumers to do their everyday banking, however, it helps to know exactly how these accounts operate. A few quick tips should guide prospective customers in the right direction.
Keep An Eye on Monthly Statements
Because current accounts are designed to accommodate the majority of daily banking needs, it also means that mistakes can creep in. These mistakes include overcharging, double debits, and unauthorized transactions. Customers can simply approach their bank to resolve these issues. Another benefit of keeping a regular eye on those monthly statements include keeping track of spending and identifying opportunities to move surplus funds into an interest-bearing account.
A Checking Card Needs to be Monitored
Many customers who have never worked with a current account before might find the checking card a frustrating tool. This is because it works slightly different to a debit card where transactions are concerned. Instead of debiting the amount from the account immediately, the transaction goes into a holding account first for authorization to occur with the merchant. This could cause customers to lose track of their transactions and potentially go into unauthorized overdraft.
If credit is a requirement, have a look at the range of credit cards at Banco do Brasil.
Current Accounts Create An Internal Rating
Many banks across the world use the current account to build up an internal score for their customers. The factors that determine this score include the conduct of the account, how often deposits come in, and the frequency of transactions. These ratings are often used to categorize clients and target them for special offerings such as additional credit or lower rates on other products. These ratings are also important to maintain as the banks communicate conduct with other financial institutions, especially within the United States. The proper conduct of the account is, therefore, vital for a good banking relationship.
Current Accounts Don’t Always Offer a Checkbook
In different parts of the world, the checkbook is also referred to as the chequebook. This is a booklet that allows customers to make a payment by providing the recipient with a promise to pay once they present that to the bank. These are slowly being phased out due to the increase in fraudulent activities and also the slow speed at which it is processed.
Banco do Brasil Current Accounts Product Offerings
If there is one thing that can be said about the Brazilian bank’s products, it’s that there is no complication or misdirection. The range does exactly what it says it will do and customers know exactly what they’re signing up for.
Common Current Account
This is a simple current account that does not require a lot of interaction with the client. It is merely a means for customers to do their daily transactions without the hassles of too many bells and whistles. It also provides customers with access to basic banking services without carrying the high price tag for items they may not end up using.
- This account does not carry a credit limit.
- Furthermore, customers access the account with card or checks.
- The account provides customers with basic banking services, except those unique to the special account.
- Finally, the account is suitable for individuals and legal entities.
Special Chain Account
Customers who require something extra from their accounts will find this account ideal. It allows them access to a few extra bells and whistles and there is also the possibility of a credit facility.
- This account provides customers with access to the funds via card or checks.
- Furthermore, customers will also have special access to additional products. These include all the bank investments, products, and services.
- Legal entities and individuals have access to this account and the additional services.
BB University Account
Those who wish to make their time at university hassle-free without the cumbersome troubles of trying to manage an account will find this one ideal. Furthermore, students who qualify may have access to a credit limit to make their journey a little simpler.
- With this account, students are under no obligation to prove their income.
- The card is also customizable and students may add the name of their undergraduate course.
- Also, they have access to both debit and credit cards.
- Finally, this account is exclusive to university students aged 16 to 28 years.
BB Young Account
This is a simple account that is designed for those aged between 12 and 21 years old. Also, the account is not designed for those who are at university.
- There is no credit limit on this account.
- Furthermore, customers have access to the account through cards or checks.
- Customers also have access to additional services such as deposits, balances, withdrawals, statements, and more.
- The special account is not available to these customers.
See how this review compares to that of the Bank of Ireland.
Additional Considerations on the Banco do Brasil Current Accounts
The information on the website is provided in such a way that prospective account holders know exactly what to discuss with the banker when opening the account. The other relevant information such as the rate table and general clauses are also easily accessible. The bank also provides customers with essential information on current accounts that allows them to make an informed decision.
What We Like About Banco do Brasil Current Accounts
Customers who prefer simple will find this range suits that need. The list of accounts is limited to four and there are no special bells and whistles to make the accounts cumbersome. There is also no overlapping of services that cause confusion and the accounts are chosen by individuals or juristic entities who have an exact need.
The fees are easy to work through although the list is extensive. There are no hidden fees or charges which means customers enjoy full transparency. The terms and conditions are pretty standard and customers are warned early that account conduct is an important factor.
These accounts cater to a few different age groups that range all the way from 12 years old to those who are already in the job market and older.
Finally, customers still have the opportunity to embrace traditional banking as these accounts are mostly opened in the branch.
What We Don’t Like About Banco do Brasil Current Accounts
When we work through the list of accounts it’s hard to feel impressed or inspired. A little bit of marketing from a competitor and clients will find it hard to choose any of these products. They are simple and standard, but this does not always sit well with those who desire a bit more from their accounts.
The information on the accounts is a bit sketchy and it’s hard to determine what the special features of these accounts are. We’re assuming there’s internet banking based on the login request, but there is very little information in the account descriptions. It will also be helpful to know the main charges without having to go to a separate tab and work through the extensive list of charges.
Finally, the age groups 12 to 55 years old have options. However, those who find themselves on the senior end of the spectrum don’t have anything unique. Once again this is a gap for other institutions. They will not only benefit from the current account but also potentially poach over investments and savings.
Critical Reviews Rating Banco do Brasil Current Accounts – 6 of 10
We want to give this range a higher rating as we find value in simple information. Unfortunately, it also happens to be the simplicity of the account structure that is letting the bank down. There is too little information to make an informed decision. This does not relate to the pricing or terms and conditions. Rather, all the other related services offered on the accounts.
This range is also a little worrisome as the bank is opening themselves up to fierce competition. We would like to see the bank make a little more effort on the product page. They should highlight the features on the accounts. Especially those that make them a little more special than any of the other accounts.
Finally, inclusivity is important to us. We would like to see the bank do something special for young professionals and seniors. This will avoid an unnecessary outflow of clients. It’s also a good idea to simplify the pricing structures for the accounts. Perhaps a comparison table would be a good idea?
A bank that understands a healthy range of current accounts is Lloyds Bank.