Obligation to purchase share in Cajamar Bank

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17 Dec 2011 00:00 by wrixonshea Star rating. 13 posts Send private message

Cajamar Bank deducted €61 from my account, without informing, to purchase one share in the bank. I have this account for the past three years and this is the first occasion that the bank have mentioned same to me. I only received an explanation when I queried the charge.

Their explanation is as follows ;

Cajamar is a cooperative bank, the "owners" of Cajamar are the clients that need be holders of 1 share of Cajamar. This share is guarranteed, don't loose value without you win a interest of this amount (61€ )that we pay you in your current account each three months and this only 61€ per client and a unique deduction. This share can be reimbursed when you decided cancel the account.

 

Has anyone else come across this charge and if so is it legal

Wrixon





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17 Dec 2011 15:26 by nuflow7 Star rating in Solihull/Vera Playa. 138 posts Send private message

we recently opened an account with Cajamar and were asked to pay the same ie a share each on a joint bank account.





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17 Dec 2011 16:23 by johnzx Star rating in Spain. 3432 posts Send private message

3058   CAJAMAR CAJA RURAL, S.C.C.  (also known as CA Y M:P: DE CORDOBA)

 

News to me too,  I have a joint account with my wife, she has an account, my son has one and a personal friend has one. None of us has a share.

 



_______________________





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17 Dec 2011 18:17 by TheGuru Star rating. 39 posts Send private message

Its basically a con the bank is technically insolvent it needs these share payments to meet basel capital rules
Seriously i would move all your money out of this and any other Spanish bank and move your money to Bank of Valetta on tier one capital ratios they are the safest

Thats my advice

Yours G



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22 Dec 2011 21:17 by benjamintim Star rating. 10 posts Send private message

They do this as its a coop type bank,if you wish to have a credit card or such you have to be a member its not a con,as for someone saying there going bust is rubbish they have just bought another bank and out of them all are doing well.



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26 Dec 2011 03:59 by Susanspain Star rating in Mijas, Malaga. 139 posts Send private message

Susanspain´s avatar

Thanks Benjamintin... Was a bit worried there! We each have a current account with Visa Electron ATM/Debit card. Have never been asked for this Eu61! 

Likewise, OH is about to get their wages paid in there - so would worry if it was not safe!

Please please check the facts before scaring people ;)





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04 Jan 2012 19:07 by spiritofspain Star rating in Riviera del Sol, Mij.... 115 posts Send private message

spiritofspain´s avatar

Have been a Cajmar customer for over 10 years - have never HAD to buy these shares but frequently do when I have a few more euros than I need. Max holding is about 6000 euro and they give a reasonable rate of interest (currently 3.4%) that is credited every 3 months.

Only takes a few minutes to cash them in when need the dosh in a hurry. I tend to buy them in blocks of 10 ... then can cash them in 10 at a time if thats all I need at the time.



_______________________

Margery

www.losarqueros.iowners.net  and www.calahondapark.iowners.net




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