Bank account commission in Spain to be capped at €3 a month

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03 Jul 2019 07:14 by nigel188 Star rating in Estepona. 576 posts Send private message

Good Morning

 

I am still getting charged euros 24 for my main cheque account at La Caixa Bank and 12 Euros each for my other two accounts. Is this correct. I mention I have a Hola Bank styled Bank Account. Can someone give me a link to Spanish Boletin where this law was promulgated this year.

Thank You



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Nigel




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03 Jul 2019 10:31 by Marksfish Star rating in Vera, Almeria. 2527 posts Send private message

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Is that just commission or fees in general? Sabadell charge 30€ per quarter for a no resident account. They do have a fee free account, but it is only available to residents sad

Mark





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03 Jul 2019 12:33 by mariedav Star rating in Ciudad Quesada. 947 posts Send private message

As from March 25th this year, all banks must offer a Basic Bank Account to customers and the charges cannot exceed €3 per month and that must include debit and credit card charges. The accounts are to be open to both residents and non-residents and will not be dependent on the amount of money you pay in each month.

Bank Charges Capped

There are several sites (including the Citizens Advice Bureau) which mirror the points in that article. However, many people are complaining that they are still being charged 12 euro a month. 

Perhaps a "Basic Bank Account" is different?

 

 





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03 Jul 2019 13:31 by ads Star rating. 3917 posts Send private message

Who is responsible for enforcing this? The Banks themselves? Self regulation?





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03 Jul 2019 13:50 by Jarvi Star rating in Halifax UK and Sucin.... 704 posts Send private message

Mark

I am with Sabadell and paying the 30 euros a quarter. I have just checked on their website and they are now offering a 3 euros a month basic account which is not resident only based.  I will be changing it the next time I am in Spain as it can only be done in the branch.





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03 Jul 2019 16:07 by Marksfish Star rating in Vera, Almeria. 2527 posts Send private message

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Sounds good Jarvi, I will have to look up my new branch in Vera when i'm next out, as our old one shut sad





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03 Jul 2019 18:26 by ads Star rating. 3917 posts Send private message

Hopefully other Banks will follow if customers vote with their feet so to speak and transfer their custom to those Banks who comply......but sadly some have found that when they try to do so, all manner of obstacles are placed in their way.😣

 


This message was last edited by ads on 03/07/2019.



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05 Jul 2019 16:58 by angeleyes1 Star rating in Camposol & Bradford. 394 posts Send private message

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‘’all manner of obstacles’’

Who would have ever thought that would happen. Maybe the main purpose in life is for the have’s to take from the have not’s by any means possible.



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When you have to shoot, shoot, don't talk.



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05 Jul 2019 18:28 by ads Star rating. 3917 posts Send private message

Independent regulation, regulation, regulation.....

Isnt this in reality the problem with those financial institutions intent on non compliance, that laws and directives are only as good as the independent regulatory structure in place to enforce and disincentivise abuse?

 





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19 Jul 2019 10:08 by Marksfish Star rating in Vera, Almeria. 2527 posts Send private message

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Just had a look at Sabadell's website and have seen the following about their basic account:

"To sign up for this account, the holder must sign the account contract in a branch of Banco Sabadell and declare that he or she does not hold another payment account in Spain."

I wonder how that will work out if you wish to transfer from a fee paying account to a basic?





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19 Jul 2019 13:03 by ads Star rating. 3917 posts Send private message

So does this mean that this bank are working on the principle to restrain customers from having any flexibility to move their monies as they so wish, within different banks, if required? Does this contravene any existing banking compliance structures? Or have I misunderstood this scenario?

Given the recent observations that have been made against some Spanish Banks who have been purposefully obstructive with requests to transfer their monies to another financial institution, is this now cause for concern?

Or perhaps this is intended to purely act as a means of clamp down on money laundering? 

(In the UK flexibility has been regulated, such that ease of switching accounts is not just allowable but encouraged, which appears to have resulted in a better citizen friendly environment where rights to ease of access and ability to switch accounts are protected. Win win scenario if it results in better accountability and compliance but also it encourages loyalty to those who look after their customers best interests. But this only works as there are now much stricter identification administrative practices in place which better control money laundering).

 

 





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19 Jul 2019 15:43 by angeleyes1 Star rating in Camposol & Bradford. 394 posts Send private message

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The thread is about banking in Spain and not the UK or any other country.



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19 Jul 2019 16:03 by ads Star rating. 3917 posts Send private message

Regulatory schemes to compare to are useful .... what have you to fear from workable comparisons?





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19 Jul 2019 17:05 by angeleyes1 Star rating in Camposol & Bradford. 394 posts Send private message

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‘’Regulatory schemes to compare to are useful’’ How?

What use is another countries regulation when you are in Spain? In Afghanistan they have free banking.



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When you have to shoot, shoot, don't talk.



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19 Jul 2019 18:40 by ads Star rating. 3917 posts Send private message

So you discount reform of any kind?. Sad really not giving the benefit of the doubt to those who are willing to debate and remain aware of alternative options to improve the situation for citizens. Who knows a polite conversation with a manager highlighting the financial benefits of a loyal customer base from someone not so cynical or confrontational could  work to the benefit of the Bank and customers alike. 😉

 


This message was last edited by ads on 19/07/2019.



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