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Banks Consider Charging for Cash withdrawals

Source: Cinco Dias - Sun 6th May 2012
Banks Consider Charging for Cash withdrawals

A few months ago Bankinter began to charge for the withdrawal of cash from their desks when the payee was not an account owner.

Earlier this year BBVA also increased the commission charged when withdrawing cash from one of their ATM's, but now it appears that many Banks are contemplating following suit.

Barclays, BBVA, Santander, Banco Popular and Bankinter are also believed to be considering the introduction of a charge when a client withdraws cash from the counter in any branch other than the one where they opened their account.

The report by Cinco Dias goes on to say how there is currently no Bank in Spain that makes such a charge, although Bankinter and Banco Civica state in their account terms and conditions that a €3 charge 'may' be made if such withdrawals are made, whilst CaixaBank's T's & C's make provision from a 'possible' €0.12 charge.

Meanwhile, Santander and BBVA are proposing the introduction of a €1.50 withdrawal fee under these circumstances.

Bankinter, Sabadell, Pastor, Barclays, Deutsche Bank and Citibank do not currently have any such charge.

The Bank of Spain note in their industry regulation EHA/1608/2010 of June 14, that such charges can be made by providers as long as they are clearly advised in their T's & C's and that the service being charges is actually provided. The BoS also note that such commissions and charges can be subject to change.

Comment on this Story

 
I left money in a building society in the UK, although very limited, the balance rose with interest payments, I have an account in the UK and the bank (the Co-operative Bank) never remove a penny in charges and I dont go overdrawn. However, if I leave 50 euros in the BBVA or any other bank in Spain - within 6-9 months, it has nearly all gone. I knew someone who had a small balance in a Spanish bank and the bank charged him so many charges that they sent him overdrawn and started charging him even more charges for the overdraft. Totally outrageous! Thieving comes to mind! Sin vergüenzas! @ C Shaw - what is the alternative you mention? Anything is better than a Spanish bank. There is a corruption epidemic in Spain. Robbing and ripping people off is the national sport!
Joanna - Mon, 7th May 2012
"You won't earn interest"... tell me a Spanish (Current) account that actually pays the account holder something as opposed to take, take, take .. ? Time the Spanish residents realised that there IS an alternative to being treated like shite all the time !
C Shaw - Mon, 7th May 2012
@Losmarts - couldn't agree more! I find it rediculous that banks charge account holders for accessing their own money in their accounts! Is it me or do banks actually need bank account holders money in the first place! Surely following the Spanish mentality is better... Store it under your mattress, floor boards etc.. You won't earn interest, but at least if the bank goes bust, your money is safe!
David Adam - Mon, 7th May 2012
How shocking! The banks tried to do this in the UK some years ago, but there was such uproar and outrage that they finally dismissed the idea as they saw, I imagine, that it was going to effect their competetive market positions! I find it amazing that banks, in Spain or in the UK are legally allowed to charge the public to remove THEIR OWN money from THEIR OWN account! Bank charges 4 private accounts in Spain are high enough already! However, sadly I doubt there will b the same amount of complaining from the Spanish public-they dont appear to object 2 organisations hiking prices up, as much as the Brits? Why not? perhaps they know it's of little use. Though I think we should remember how important consumer power is. I am sickened by the way it is increasingly obligatory to have a bank account for some services and utilities lately. I wonder why we dont protest & keep our money in some other safe place. I have noticed I am much worse off by keeping my money in a Spanish bank account!
Losmarts - Sun, 6th May 2012