Bank Of Spain Warns Residents Of An Important Letter They Will Receive In January
Spain News
Published: 16 January 2023 15:21 CET
The Bank of Spain has warned banking customers of a letter they should receive during the month of January which will contain important information and of which should not be ignored.
The letters which will be sent annually to each account holder will detail key account information including contracted banking services and account information.
“The banks are obliged to send these letters and they should not be ignored,” the announcement from the Bank of Spain warned.
Below we outline what you need to know.
Why are banks having to send out the letters?
According to the law EHA/2899/2011: “credit institutions will send their clients, annually, during the month of January of each year, a letter which details information on accrued commissions, expenses and the interest rates applied to the client during the previous year”.
What information is included in the letter?
The letter will provide you with two separate documents, one an annual summary of your bank account, and the other, a list of contracted services.
Summary of your bank accounts
For the bank account summary, your bank will provide you with a statement of any commissions that were applied to each of your accounts and any overdrafts you may have.
The information will detail any fees that were applied during the previous calendar year with both unit and total amounts.
You will also be notified of any interest rates that were applied to the account and the total amount of interest accrued during the year.
Contracted services
This information will typically be a list of loans or credits that have been taken out.
A detailed summary of any interest charged and paid as well as any commissions and expenses should also be provided.
You can see the exact guidelines from the Bank of Spain to banking institutions and which information the statements will need to contain here.
How is the information received?
The letter will usually be sent via post, however, if you have chosen not to receive communications in this way, then you will be notified digitally via the mailbox within your banking website or app.
If a joint account, each account holder will receive the notification individually.
Source
https://clientebancario.bde.es/pcb/es/blog/has-recibido-ya-el-resumen-anual-de-comisiones-e-intereses-.html?blog=/webcb/Blog
https://www.abc.es/economia/aviso-banco-espana-sobre-carta-recibiras-enero-que-dice-como-afecta-nsv-20230113131933-nt.html
https://www.thelocal.es/20230116/bank-of-spain-warns-residents-to-open-an-important-january-letter/
