What to do if the bank raises the commissions of the checking account?

The main banks in Spain have raised commissions on their accounts in recent months, which has forced many clients, who were not willing to pay more or to accept the new connection conditions, to look for alternatives.

The Ministry of Consumer Affairs has recognized the right of consumers to maintain the original conditions of their accounts “if the commercial offer included the expressions without expenses or zero commissions”. In these cases, the ministry and autonomous communities consider “unjustified for a bank to modify the conditions of a contract unilaterally in order to collect commissions”, even though this contractual modification has been made valid, according to a statement published by government.

Thus, clients with an account without commissions whose contract is changed can complain to the consumer authorities of their autonomous communities that, from now on, “they will take this agreed criterion into account when they have to resolve claims or initiate disciplinary proceedings”.

However, according to the experts of the account comparer without commissions HelpMyCash.com, those who prefer not to spend time and effort to claim have other faster options to tackle the problem.

Meet the new bank requirements

Many banks have increased the fees on their accounts and tightened the conditions to get rid of them at the same time. Thus, some clients that until not long ago only had to have their payroll paid in order not to pay for maintenance and basic services now need meet other additional requirements like taking out insurance or spending a minimum with a card.

From the HelpMyCash comparator they point out that the client must assess the new requirements and commissions if they are not met. And, they add that It is not advisable to hire extra products that are not needed only to stop paying commissions, since what is saved on one side may end up paying on the other.

Change account within the same entity

Some entities market digital accounts that are exempt from commissions, even from connection conditions, designed for customers who operate remotely. They are an option for those who are not satisfied with the new conditions of their accounts, but want to continue being part of the bank. In this case, you can contact the entity to ask if it offers an attractive product and, if so, open the new account and close the old one.

Make the jump to another bank

There is a wide range of accounts without commissions and even without mandatory linking. These are current accounts that allow you to carry out all the basic operations (transfers, direct debit of receipts, withdrawals at ATMs, sending money through Bizum, payment by mobile phone, etc.) without paying commissions and without the need to domicile regular income or hire extra products, explain sources of HelpMyCash.

The Open Bank Current Account, for example, does not charge commissions for basic operations or for the associated debit card that can be used to withdraw money at the more than 7,000 Santander ATMs. In addition, it allows you to save money on purchases thanks to its discounts. It admits up to five cardholders, but only the first one will receive a card at no cost and it is not necessary to assume any connection requirement to contract it.

Entities such as BBVA, Bankia, Cajamar, Abanca, Imagin and Liberbank also market accounts without commissions and without mandatory payroll, although some of the offers are reserved for new clients.

The Liberbank Online Sin Account is an example. It has no maintenance fees or fees for making transfers as long as the client operates through digital channels. Holders (admits up to two) will each receive a free debit card with which they can withdraw money at no cost at more than 18,000 national ATMs. It is aimed at new clients, does not require direct debit of the payroll and can be contracted online.

Those who can direct a payroll to the bank have more options at their fingertips. The Bankinter Payroll Account, in addition to being commission-free and including a credit card with no annual fees that gives access to more than 17,000 free, has a 5% APR profitability the first year and 2% the second for the first 5,000 euros. In two years you can earn about 350 euros gross. To contract it, it is necessary to direct a payroll of at least 800 euros, three receipts per quarter and carry out at least three card movements every three months.

Another option is the ING Payroll Account, exempt from commissions, with free cards, access to 50,000 free ATMs and exclusive benefits such as two days of free overdraft for those who direct a payroll, pension or unemployment benefit of any amount or receive transfers of at least 700 euros.