Opening a bank account, directly debiting the payroll, having credit and debit cards, taking out a deposit, requesting a loan, etc. are common things in the daily life of any citizen. We’re all, at one time or another, purchasers of banking offerings.
As it entails the contracting of very specific offerings, our rights and obligations as financial institution customers have their particularities and are directly defended by the Bank of Spain. This body is responsible for resolving any type of claim or incident between a user and a banking entity.
In these types of contracts, there is usually a lot of small print and conditions that must be read carefully and understood before signing anything, and in general, many doubts are generated for the consumer due to the complexity of this type of service.
For this reason, the Consumer Portal of the Community of Madrid highlights in this report the most important points that we must take into account when contracting banking products.
When opening a bank account
- When a bank account is contracted, the entity must inform the client of all the commissions it will have (openings, overdrafts, transfers, and cancellations) and provide them with a contract with all the conditions in writing before signing.
- It should also be very clear if the opening of the account is associated with any conditions, such as direct debit of payroll or certain invoices, and if some type of permanence is required in exchange for better blessings.
- The bank commission rates and expenses that the bank will charge must be registered with the Bank of Spain, and the client cannot be required to charge amounts greater than those notified.
- Whenever the entity is going to modify any of these conditions, it must inform the client in writing one month in advance (for example, if the interest rate that a specific account is generating changes or if the maintenance fee for an account is going to change). increase…). If the consumer does not trust the brand new situation, he can damage the settlement without penalty.
- The bank must send the client all statements and settlement documents for interest and commissions.
- Check if the information that the entity periodically sends you is correct.
- Review the statements that arrive in the mail, and if you notice any errors, report them. Often, we are unaware of some information because we do not read what the bank sends us.
while the usage of a credit score or debit card
- Find out what type of ATM you can use your cards at and, if there is any type of commission, what it would be.
- The bank must detail the dates on which they will charge you for purchases made with the credit card and if there is any type of limit or overdraft fee. In addition, you must provide the secret identification number, and you must never reveal it to third parties.
- You must be informed, from the moment you sign up for a bank card, how much its maintenance will cost you annually. If you are offered a free card, make sure it is free forever or for a certain period of time. recognise that you may damage the contract or now not renew it in case you want.
- Keep receipts for card payments and examine them at the rate set by the financial institution. If they didn’t match, I complained.
- The entity must provide the client with the means to report, at any time of the day or night, a possible loss or theft. If you find yourself in this situation, contact your bank immediately, where they will explain the procedure to follow. You should know that the entity may only charge you up to a maximum of $50 for charges that have been made fraudulently up to the time of the report.
- Currently, many non-financial companies offer their own credit cards, which are at the same time loyalty cards (airlines, shopping centers) and are usually free. Please read the conditions and fine print carefully.
- Any contract for a card must be accompanied by the delivery of the contract to the consumer.
When taking out a loan
- The banking entity must offer a written contract, which includes the APR (Annual Equivalent Rate), the amount of each installment, as well as the number of installments and the frequency, commissions, etc. You must also specify whether it is necessary to establish any insurance or not.
- The client has the right to receive a binding offer, that is, a document detailing the conditions that the product they wish to contract for will have. These conditions will remain in place for ten days.
- If the financial institution has offered advertising with certain conditions, it must comply with them. It is important to read the fine print in this type of advertisement, as it usually provides more information than what is seen at first glance.