The ones that never seem to lose money, even in times of crisis, are the banks. Banks offer what everyone wants: money! And the system is perverse, because if you take the money to the bank, your return can be zero, or very low compared to what is offered.

But let’s go to the issue that really concerns us, as customers, to know if the bank is charging me more, if it is applying fictitious fees for maintenance, for overdrafts… It is true that banks have the power to set the prices they consider pos their services, due to the free market, however, there is a regulatory body which is the Bank of Spain, which acts precisely as a controlling element of banking activities, and there are certain regulated banking operations by current regulations.

Many banks make significant profits by charging customers additional fees. These are often undisclosed fees that were never agreed upon by the consumer and may even include illegal fees for the bank. In some cases they may be charges for services that were never performed. Any banking entity in the Spanish State must comply with this law and not charge commissions to its customers for the operations, detailed below:

Fees for cash income

A common case we encounter with our clients is whether it is legal for our bank to charge us for a cash deposit in favor of a direct debit account on their records. These types of commissions, for transfers or income, are not providing service to the customer who makes the deposit, but to the owner of the account, the current jurisprudence has declared them illegal.

Overdraft fee

The rate that the bank makes us pay, for the loan that the bank gives us, to be able to meet a payment, when the balance of the account is insufficient. Is this type of fee legal or illegal? The answer is no, as long as they do not exceed the limits established by the Bank of Spain. Therefore, it is necessary to know or consult with the banking entity which interest on late payment is being applied to us.

SEPA transfers outside Spain

Just as no bank should charge us to send money from entity A to entity B in Spain, you should not be charged any kind of commission to send money to any other bank, by wire transfer, as long as it is located in the euro zone. Regulation 924/2009 establishes a principle of equality for transfers of up to 50,000 euros in the SEPA zone.

Consult with a banking mediator or take the matter to court

Finally, if the bank mediator fails to reach an agreement on the abusive bank charges, there is still the judicial conciliator (which can be taken to the nearest district court) or the district court. Usually, the customer who goes to this extreme does so for a large sum. Another way to challenge abusive bank fees is to contact a consumer association.

Actum Advocats