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Bank account commission to be capped at €3 a month
06 March 2019 @ 23:07

BANKS will be forced to cap current account commission or ‘admin charges’ to just €3 a month by March 25 in a welcome move introduced this week by Spain’s national government.

Depending upon where you bank, charges can vary from €1.50 to over €12 a month on each and every account, meaning it is not worthwhile setting up separate ones for bills, holidays, car expenses and so on.

Even at €3 a month, banks will still be netting €36 per year per account, but with the high-street finance industry being forced more and more to become competitive and offer customers good reasons to stay, some are opting to reduce or even axe commission altogether.

Unfortunately, many banks continue to demand a minimum average balance of around €2,000 to €3,000 a month to waive commission – amounts unlikely to be maintained by the ordinary wage-earner and high enough that €36 a year in admin fees would not make much of a dent.

The difference now is that the €3 a month maximum must cover credit and debit cards, meaning charges for renewing expired ones must be included, and up to 120 annual withdrawal or payment operations within the entire European Union, not just Spain, to include direct debits, standing orders and transfers.

Read more at thinkSPAIN.com

 



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