Advice on Cajamar Bank

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11 Jan 2018 12:51 by Silvertop Star rating. 9 posts Send private message

A brief message for anyone contemplating a property purchase in Spain and the necessary opening of a local bank account might want to consider my experiences with Cajamar.

I opened an account with Cajamar in 2006 for a property transaction, and without going into how the developer went into administration and the whole drama about eventually getting part of my money back (I was luckier than some), I contacted them at the beginning of last year because I knew I had a few hundred euros left in the account, this being the remainder of some funds which had been deposited for the use of my solicitor who helped in the property deposit return process. By the way, high praise to Maria Luisa de Castro and her team at Costaluz Lawyers.

From the very start of this current process Cajamar have been obstructive. It wasn't until I mentioned getting the Defensor del Cliente involved that customer services eventually told me I had to deal with the branch directly although they wouldn't give me any english speaking contact details. In August last year I had the opportunity to visit the branch  in question (oficina 0874, Torre del Mar) while on holiday nearby but I was disappointed to find that despite signs to the contrary on the front door, no english speaking staff were available. As a result of this visit, someone from that branch (no names allowed!) did eventually contact me. After being informed that my account would have to be 'reactivated' so that I could get my deposits back, I paid for a new non-resident certificate and signed some dodgy looking paperwork but since then that person has ignored all requests for progress information while more recently the central customer services office have continued the trend and ignored further threats of passing this to the Defensor del Cliente.

I shouldn't be treated any differently to someone who has an active account. Cajamar has my money but despite numerous requests and even verbal assurances, they won't even give me copies of my statements so I have no way of knowing if the account has or has not been abused by a third party over the last few years or even if all my money is still in there. 

I would urge anyone thinking about starting off any financial dealings in Spain to seriously consider avoiding Cajamar for the provision of their banking services because if you ever want to close your account you could well find yourself in the same position. I can't speak for any other financial institutions in Spain, but I'd be very surprised if there were any worse service providers out there.

Of course, this isn't a purely altruistic message. I would hope Cajamar customer services read this and deceide they have not only the integrity but the common sense to recognise they've fallen down on their responsibilities on this occassion, and act accordingly to rectify it as soon as possible. I will continue this thread on a regular basis with details of how and if things are progressing.

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11 Jan 2018 13:33 by johnzx Star rating in Spain. 4965 posts Send private message

Sorry  but I have not had time to read this long post

I have had accounts with several banks and Cajas since 1983.    I have had an account with Cajamar for over 12 years. That I am still with them may show that I am very satisfied.  For me they have always been almost perfect.

When I opened the account I asked about what services they provided and negotiated  charges for each service which I might use, thus I have very low charges and for most things there is no charge.

My son opened a non-residents account with them about ten years ago.  Amongst charges he discussed was what they would charge for funds being deposited into the account when transferred from a sterling account in UK.  He was about to buy a property. The manager said they had to make a charge but agreed that for any transaction, no matter how much,  it would be just 30 cents.  He too is happy with the caja

I can only think that Silvertop was unlucky and the servvce he has received was far from typical


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11 Jan 2018 15:09 by johnmcmahon Star rating. 243 posts Send private message

had an an account with Cajamar for 5 years now. No problems at all

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11 Jan 2018 16:22 by Roberto Star rating in Torremolinos. 4316 posts Send private message

Roberto´s avatar

Personally I think all banks are *&#¡!, all as bad as each other, and especially so in Spain.

Although Silvertop made a fairly lengthy post, there's not very much to go on, but my take on it, for what it's worth:

The account has been inactive since 2006 - or maybe far more recently, we don't know. Either way, the "few hundred" euros in the account may well have eroded to €0 with maintenance fees and charges etc., putting the account in to the red and being suspended. Dealing with central customer service departments (probably based in South America) is a waste of time, and it's far better to deal face to face - but if the last such encounter was in August last year, I'm not at all surprised that no further info has been forthcoming. This needs a visit in person and a simple request for the complaints form. Obviously not an option if the OP is not in Spain - but this seems to be a recurring issue lately: people trying (hoping) to carry out what should be fairly simple tasks in Spain from afar, either using what most of us consider fairly normal forms of communication, or using the services of "professionals" who most of us expect to be trustworthy and reliable.

Big lessons to be learned by many, methinks!



"First get your facts; then you can distort them at your leisure"

Mark Twain




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11 Jan 2018 19:30 by johnmcmahon Star rating. 243 posts Send private message

cajamar is a cooperative savings bank. I used them to buy my place and for utilities and car tax DD. I get letters and emails in English of any changes including when non res have to declare something every couple of years. Their charges are modest but if you buy 1000 Euro shares in the coop, there's no charges

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12 Jan 2018 07:44 by johnzx Star rating in Spain. 4965 posts Send private message

John yes good comment about buying shares on the caja.  My wife did that to avoid charges on her personal account.  Now she gets free banking and dividends on the shares 


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12 Jan 2018 21:44 by hughjardon Star rating in Jaywick Sands. 420 posts Send private message

hughjardon´s avatar

BANKS in SPAIN ARE A JOKE its just some are bigger JOKES than others 

KEEP your MONEY in GIBRALTAR thats what most PEOPLE always told ME 

Love Hugh xx

Done the Spain thing Happier in the UK

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