Be careful not to fall into overdraft and get into debt

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Pix, the Central Bank’s new instant payment system, went live for everyone this week. In this new modality, it is possible to register up to five keys in different financial institutions. With the possibility of having more accounts, the consumer must be careful not to lose control of finances and end up in debt.

The side to be observed, is not only the ease, it is that we will have a big increase in the use of overdraft. The payment with Pix is ​​in cash, that is, you need to have money in your account. Otherwise, that customer enters the overdraft and will start paying very high interest. This is the great villain of the story.
Reinaldo Domingos, president of Abefin ​​(Brazilian Association of Financial Educators)

Ricardo Teixeira, coordinator of the MBA in Financial Management at FGV, agrees that the greatest care is not to spend more than he can. “What can happen is to make the transfer using the overdraft limit. The consumer must not make commitments that he cannot pay.”

Pix works like any other form of money transfer. Just like TED, DOC or payment of slips, if the customer makes a transaction with a value higher than what he has in the account, the bank will cover the difference using the overdraft limit, if he has this type of credit.

According to the Central Bank, the customer needs to be warned before starting the transaction that he is using a loan.

Having multiple accounts requires planning

If you decided to register Pix keys in several financial institutions and started to have more accounts, the guidance is to make a plan to know how much money you have in each place.

The ease of transfer has become greater, but the planning should remain the same. Pay only what you can afford and avoid any high interest credit.
Ricardo Teixeira

Do not resort to credit, only in an emergency situation. If you need to, look for lines of credit cheaper than overdraft to have less pressure on the budget.
Ricardo Teixeira





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