Date Published: 31/05/2021
ARCHIVED - From June 1: Spanish banks introduce new commission fees to combat the effects of the pandemic
ARCHIVED ARTICLE
Conditions for commission-free banking are being made more difficult to meet as banks see profit margins shrinking
Among the sectors of the Spanish economy to have suffered serious consequences of the coronavirus pandemic is banking, the pandemic coinciding with a prolonged period of very low interest rates which has eaten into the banks’ profit margins, and in response many banks have introduced new commissions structures designed to limit their losses and oblige customers whose accounts were previously commission-free to start paying charges.
This follows moves last year to introduce new charges on the use of cashpoint or ATM machines as the banks sought ways of combating their loss in earnings.
Among those to have made it more difficult to escape commission fees are BBVA, who justify the move by referring to the “economic situation after the health crisis”. The BBVA “Adiós Comisiones” account has been renamed the “Cuenta Elección”, and now includes commission fees for all customers except those heavily committed to the bank.
These fees are payable on 15th March, 15th June, 15th September and 15th December, amounting to 15 euros for some clients and 40 euros (or 160 euros a year) for others.
In order to avoid fees it is now necessary for a client to receive a salary of at least 800 euros paid direct into their account, to pay at least five bills per quarter through the account or make seven credit card purchases every four months and to have contracted another bank product such as a loan, a mortgage, a pension plan or an insurance policy.
Apart from BBVA, other banks introducing new charge and fee structures include the following:
Banco Santander: Santander One clients without close ties to the bank face a monthly 20-euro fee.
Banco Sabadell: A quarterly commission fee of 30-euros for Cuenta Expansión customers who do not comply with special conditions.
Bankia: A monthly charge of 14 euros for “Por Ser Tú” account customers.
Kutxabank: A quarterly 30-euro charge is introduced.
Abanca: 50-euro commission fees are payable in June and December for all “Cero Comisiones” customers except those who meet special requirements.
Ibercaja: 60-euro commission fees are payable in June and December.
Unicaja: Customers without close ties to the bank face a quarterly 30-euro fee.
ING: Clients with over 30,000 euros in a “Cuenta Naranja” account will pay 10 euros a month unless they meet the special “Cuenta Nómina” conditions.
At the same time, CaixaBank now charges commission fees every three months and Bankinter every six months.