World Business Advices

It is not easy to know when a bank clause is abusive or not. As consumers, there are a right that is important to know not to be deceived.

Most banks and businesses charge customers for certain operations such as sending a transfer, liquidate or pay a bill, cash a check or simply maintaining a checking account. Except for the entities that charge fees, the other entities are doing so by the very concepts but by varying amounts.

In general, recognize if a bank fee is unreasonable or not is up to the courts, but because of the bank’s daily efforts is important to note some aspects of banking clauses will avoid certain situations unfair.

Why so many banks charge fees?

Financial institutions charge fees as revenue to offset the fact that more and get less benefit from performing loans due to lower interest rates. Most banks and achieve more benefits from commissions than any other business activity.

However, users and consumers can refuse to pay certain commissions, if they consider that they are abusive or may simply choose to change to a bank that does not charge commissions. Banks charge fees do so because the law allows and is liberalized. Anyway, we must bear in mind that there are limits reported in the Bank of Spain.

There are banks that do not charge finance committees (maintenance of accounts, transfers to an amount, issuance, renewal cards and other services) but have other committees, because their complete elimination would remove a major source of income.

Payment for a service rendered

The charging of a fee is for payment of a service, therefore, make sure that the service has been carried out correctly. It should also be fixed at the rate you are paying must be in writing so you can see and thus allows the necessary checks.

Importantly, the bank is obliged to publish a visible to customers a leaflet with the rates or provide the consumer if he so requests. Moreover there is an official book of rates, all banks should have.

Online banks must also publish this information on its website, but in any case, the Bank of Spain provides a brochure rates all existing entities. So, if a consumer disagrees with a commission, you always have the possibility to consult the official book to substantiate charges that a commission is unfair.

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