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The Bank of Spain warns: this is the letter that your bank has to send you at the beginning of the year


The Bank of Spain expects that mortgage payments will decrease between January and March for one in three families.

The bank clients They have to stay alert and check their mailboxes. He Bank of Spain has issued a reminder for the users of financial services Don’t overlook the next letter from your parent company. Banks have the obligation to send every year during the month of January a detailed summary of accounts and products contracted by each user. The objective of this letter is none other than to ensure that consumers are fully informed of the commissions, interest rates and other relevant aspects related to their banking products.

“The document will include all the commissions applied during the previous calendar year for the associated services, with unit and total amounts,” notes the Bank of Spain in his web page. Clients must receive a report this month at their respective addresses that will not only detail the commissions applied during the last year in each of your accounts, but also the accumulated debts and interest rates. The organization that leads Hernandez de Cos has taken the opportunity to highlight transparency as a crucial value in financial relationships, key so that users can have under control the expenses derived from the managing your bank accounts.

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The Order EHA/2899/2011, of October 28of transparency and protection of the client of banking services, establishes that financial entities have the obligation to send their clients a annual communication with all the data about the contracted account, the commissions, the accrued expenses and the interest rates applied during the previous year. The document “will take into account the different business practices of each entity” and will arrive in the mailbox of Spaniards before the end of January. What is this document for?

Banks have to send a letter to customers with all their account information. (Freepik)

Entities have the obligation to send to the public all information about the accounts and contracted products. The letter, which must arrive at the clients’ home before the end of the month, must include the following information:

  • The status of all contracted commissions. The document must include all commissions applied during the last calendar year for the associated services, with the unit and total amounts.
  • The interest rates of creditor and overdraft applied to the account balance and the total amount of interest accrued during the year in question.

In the case of other banking products, such as loans and creditsthe letter must include a detailed summary of all interests —both collected and paid— and another of the commissions and accrued expenses for each banking service. The notification will arrive at the users’ home by regular mail, although they can also receive the message through the banking on-line if you have selected this contact method. He Bank of Spain has taken the opportunity to remember on its website that this communication is personal, that is, the letter is received individually, also when the client is co-owner of the banking product in question.



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