How Much Does a Banking Correspondent Earn?

For those who do not understand much about the finance area, it is very common to have doubts about the positions, areas, actions or similar related to this sphere.

One correspondent banking for example is a non-banking company (legal entity) responsible for mediating institutions financial institutions and customers exists to bring to a larger portion of the population the services provided by banks.

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This type of action is important in the sense that there are areas in the country where many banks do not reach and therefore remain unserved by banking and financial services.

Among the best-known correspondents are the lottery shops and the postal bank, brand used by the Brazilian Post and Telegraph Company 

What does a banking correspondent do and how much does it earn?

A banking correspondent is a legal person, a firm, an association or some institution that works as an intermediary agent between banks and customers.

Those who work in this area of ​​bank correspondence start earning BRL 1,090.00 salary and can earn up to BRL 1,997.00, being its average in Brazil in the value of BRL 1,426.00.

Responsibilities of a Banking Correspondent

• billing services;
• Registration and credit analysis;
•  Payment orders;
• Financing requests;
•  Personal and business loan applications;
• Proposals for opening demand deposit accounts;
• Data processing activities;
• Applications for opening savings accounts;
• Receipt and payment of bills;
• Application and redemptions in investment funds;
• Proposals for opening time accounts;
• Debit and credit card applications for working men and women;
•  Ordering debit and credit cards for retirees and, in some cases, for college students
• Guarantee full access to the Central Bank of Brazil;
• Release information and documentation with respect to the contracted firm and relating to its transactions and operations;
• Guarantee the responsibility of the entity authorized by the Central Bank for the services provided by correspondent banking.

Banking Correspondent Salaries at different companies