Banks Requiring Life Insurance Policy To Open Account?

[steveinbsas]

Thank you, Steve. This is very helpful. I think I'll be banking with them as they were very kind. I just needed to check some things out first and make sure this was legit. As systems are different here than what I'm used to I just didn't want to rush into anything that wasn't above board without doing a bit more research. I admit I was a bit overwhelmed so said I'd be back next week. Your answer makes clear what I was wondering about. They may have been offering a credit card account rather than simple savings. I wasn't sure I was able to get that as a temporary resident on a rentista visa, so assumed it was for basic savings account and felt a bit uneasy. While I wasn't needing a credit card, it could be useful to build credit. Will go back with a bit of clarity and my wits about me and speak to the teller again.

When I opened the account in 2012 I already had permanent residency, so I had the option to ask for several credit cards and a dollar account.

 

[citymike]

I had something like this with BBVA. To cut the h

I've seen this with Santander ,in one instance if you lose your debit card and they replace..they want to charge you a Seguro(Insurance policy),that you have to pay but can cancel after one

 

[citymike]

Oh! I thought I had cancelled that post. Well, signed it, cancelled it within 1 month, no more hassle

 

[antipodean]

When opening a bank account (savings) here is it standard practice for them to ask you to fill in life insurance policy forms?

Quite a few commercial banks have internal “policies” that customers should operate paid products (like a token insurance policy for accidents or ATM robberies etc) rather than just a free caja de ahorros or cuenta corriente.

Typically the more business you give them, the more you will get from them with less hassle (credit cards with more juicy limits, overdrafts, premium banking packages, dollar accounts etc.)

 

[Rich One]

Have always signed a Seguro de Desgravamen/Lien insurance for a Bank account with overdraft , credit line and CC.

 

[Silvie]

One of my banks, offered me a package of products with a mandatary insurance attached to this package (not optional); it is such a small amount that I don't even realize I'm paying for it.

 

[DasMeer]

Unlikely that it was required. Most possible it was a hidden option upon opening the account you missed. Happened to me once when I saw a monthly charge I didn't authorise, found out it was one of these life insurance policies, made the bank cancel it immediately, and got refunded.

 

[Rich One]

In some banks the Seguro de Desgravamen is mandatory otherwise the inheritors would be liable for your debt in case of death. You wouldn't want that.

 

[americas]

How did you open a bank account with Santander with a temporary residency? I was told at the branch in Tucuman that only permanent residents are permitted to open accounts. It had nothing to do with other personal information like proof of income. I activated the CUIL for my DNI at ANSES.

I then tried BBVA online and got a very clear message on the first page of the form that only permanent residents could open an account (see attached): "Para continuar con la contratación del producto, es necesario que poseas residencia permanente en el país"

I searched the forum and didn't see anybody say anything like "you can't open a bank account with temporary residency for some banks" -- the opposite, it seems like people are saying that a DNI and CUIL are all that is needed to open accounts for temporary or permanent residency at all of the major banks. Maybe they are using CGUs and I wasn't specific enough when I asked Santander "quiero abrir una cuenta." If this is surprising to people, I will make a separate post about it.

 

[steveinbsas]

How did you open a bank account with Santander with a temporary residency? I was told at the branch in Tucuman that only permanent residents are permitted to open accounts.

Since I'm te only one who said (in this thread) that I opened a bank account with Santander Rio, I wonder if you are asking me this question.

Here's what I wrote:

When I opened the account in 2012 I already had permanent residency, so I had the option to ask for several credit cards and a dollar account.

This was in Bahia Blanca.