At the same time that cash continues to lose steam and represents less and less the usual payment of the majority of Spaniards, the Bank of Spain has begun to notify how some entities charge their clients commissions for withdrawing cash. A practice not widespread so far, but it is legal as long as it is done within certain parameters.
Historically, withdrawing cash from an entity that was not the one that corresponded to the account entailed, in most banks, a small commission for carrying out such management in an external ATM . A practice accepted by the vast majority of users that is now beginning to join one that does not quite win the favor of public opinion.
The charge in the institution itself for the sake of taking an undetermined amount of cash money. This has been notified by the Bank of Spain, following complaints from many clients , which has led the institution to explain the legality of this while developing a guide to good practices.
Every entity is obliged to provide at least one means of free withdrawal
And it is that these new commissions make it difficult to access cash for certain sectors , such as older people who are reluctant or unable to adapt to the latest technologies. For this reason, every entity must provide, at least, a simple and free means of withdrawing banknotes.
Another case of vulnerability to these commissions are clients at risk of financial exclusion. This charge cannot be applied to them either, as long as they have basic payment accounts where the maximum monthly commission is limited according to which services.
Commissions must always be clearly and easily notified in advance
In addition, the Bank of Spain has informed that just as these commissions are, in general, legal, they must be accompanied by clear and specific prior information. That is, the extra cost to be introduced must be announced after withdrawal, as well as an ideal service must be provided.
Finally, in case the commissions vary, this is also allowed as long as the clients of the entity are informed by different means. All in order to protect them against a new practice that threatens to go viral among the entities, despite the reluctance of its users to pay to withdraw what is considered “their” money.