Spanish banks will be able to charge up to 600 € just for telling you about their products
Tuesday, September 13, 2011 @ 11:25 PM
Banks in Spain will be allowed to charge their clients between 120 and 600 € just for informing about their products, as the Spanish Government is to allow banks to charge for the information.
The change will mean that the banks can also include ‘ground clauses’ on mortgages which stop interest rates falling below a certain level, and also to charge for insurance on such policies.
So-called Transparencia Bancaria it will make the use of insurances policies legitimate against interest rate rises, and ground clauses, both practices which have landed the banks in court before now on a number of occasions.
Already the idea, which press reports indicate is currently being finalised by the Ministry for Tax and the Economy, is being shot down in flames by consumers groups, and there are reports of them drawing up a joint text of rejection with some of the banks themselves. They consider the legislation has been hurried by the Government......... read more by clicking 'source' below.
Source : Typically Spanish