Cajamar Interest Payment

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AkoAko
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Cajamar Interest Payment

Postby AkoAko » Wed Jan 03, 2018 7:24 pm

Seems Cajamar have not been paying interest on their €61 units . For many years interest was paid every 3 months but last June they changed it to every 6 months without informing anyone and now that its due they dont appear to have paid or explained why .

Was due Dec 31st and yesterday they did not seem interested when asked in person , they just brushed the question aside saying it will definitely be done today but it wasn't , its now 3 days late and still no sign of payment or replies to messages . The concern is that money invested in these units are not covered by the bank guarantee scheme but the limit was very low , only a couple of grand so worth the risk , a few months ago the limit was removed and anyone could invest as much as they like and receive a very generous interest rate , now it come time to pay after delaying 3 months its not paid us . would suggest anyone with a large number to speak to your branch and weigh up everything .

If anyone has received their interest payments it would be nice to know on the off chance its just a local branch thing in which case hopefully will just be a matter of waiting for our branch to sort themselves out .

maureenscot
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Re: Cajamar Interest Payment

Postby maureenscot » Wed Jan 03, 2018 7:33 pm

Try getting advice from gestor or equiv of Citizen Advice

AkoAko
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Re: Cajamar Interest Payment

Postby AkoAko » Thu Jan 04, 2018 11:15 am

Finally had a reply from Cajamar online banking . The reply was short and made no attempt to answer our question as to why no payment was made but was sufficient for us to decide to dispose of all of our holdings and transfer them to an account covered under the Bank Guarantee scheme .

Possibly we could be over reacting or interpenetrating all the actions regarding these units over the last few months by seeing them as part of a pattern when they might just be coincidental and for a variety of different commercial reasons but now the peace of mind is worth more to us than the higher interest rate they give .

katy
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Re: Cajamar Interest Payment

Postby katy » Thu Jan 04, 2018 2:39 pm

There is a banking Ombudsman, think it's based in Madrid.

A friend put 15,000 into one of their investment accounts just before the financial crash. They told her it was invested in solid company shares such as Telefonica etc. When she came to cash it in she received a few thousand less than she put in. All legal of course the Cajamar guy just neglected to tell her the negatives. On asking for further details it came out that most of the investment fund had been used to buy their own bank shares. Even if the bank is just a few days late paying interest it can be a nice little earner for them.

Just curious, can I ask how much is the interest rate.

morlandg
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Re: Cajamar Interest Payment

Postby morlandg » Fri Jan 05, 2018 8:56 am

We bank with Cajamar and have a 365 account. On 31st december 2017 I note that we received credit interests and paid tax on capital yield. Presumably this is what you are referring to akoako?

AkoAko
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Re: Cajamar Interest Payment

Postby AkoAko » Fri Jan 05, 2018 9:21 am

No Morlandg , i wasn't referring to an account , i was referring to their units of €61 . As a Co-Op every customer has to have at least one to be a member but you can purchase far more and receive a better rate of interest on them which used to be paid quarterly but last June changed to Bi- Annual .

morlandg
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Re: Cajamar Interest Payment

Postby morlandg » Fri Jan 05, 2018 9:29 am

AkoAko - sorry I didn't make myself clear. In order to open a 365 account we had to purchase some of their units (I forget how many but I seem to remember it totalled more than 1000 euros worth). So I should receive interest on these units.

AkoAko
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Re: Cajamar Interest Payment

Postby AkoAko » Fri Jan 05, 2018 9:58 am

I dont know about the 365 account but from what you say it appears to me to be an account , possibly you needed to purchase the units to get free banking for which they require you to have more than €1000 off . It would explain the confusion and connection but im only guessing on that . I have also found that bank staff dont always explain things completely and leave customers with a false impression as i have heard friends say they have an account with a certain number of these units in which of course is wrong .

We have a Savings account from which we pay DDs and have private pensions paid in which we would be paying €15 a quarterly maintenance , we dont pay because we already had more than €1000 of the units ( only one party to an account needs €1000 worth for the account to qualify for free banking ) , its quite possible the same applies to other types of accounts which if not explained properly and bought at the same time could confuse things , it possible that it might also be a requirement when opening a 365 account but as i dont know anything about 365 accounts i wouldent know but would be interesting to know what you were told at the time you opened your account .

You need minimum of 17 units @ €61 so the cost is €1037

morlandg
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Re: Cajamar Interest Payment

Postby morlandg » Sat Jan 06, 2018 6:12 pm

AkoAko - the 365 account is supposed to be free banking and yes you have to purchase the shares to qualify. Years ago simply transferring my pension into my cajamar account meant I qualified for free banking but they changed the rules to the above.
Free banking does not mean that everything is free. I have just paid 30 euros for maintenance of our 2 cards.
I also only received 1.01 euros interest on the 17 shares that we hold and paid tax of 0.19 euros. Some return!!

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peteroldracer
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Re: Cajamar Interest Payment

Postby peteroldracer » Sat Jan 06, 2018 7:56 pm

“ just paid 30 euros for maintenance of our 2 cards”
If you make at least 50 transactions a year using your debit cards (each card), not counting cash withdrawls, the cards should be free. You can monitor usage if you use online banking, but need access number and password for each card.
The saddest people are those that cannot laugh at themselves

morlandg
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Re: Cajamar Interest Payment

Postby morlandg » Sun Jan 07, 2018 7:56 am

"...If you make at least 50 transactions a year using your debit cards (each card), not counting cash withdrawls, the cards should be free"
That's interesting. I'll check my usage history. Might save me 30 euros. Cheers peteroldracer. Graham

AkoAko
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Re: Cajamar Interest Payment

Postby AkoAko » Sun Jan 07, 2018 9:48 am

To be exact you need to make 49 transactions a year to recieve a discount , the website says over 48 and from experience we know 48 you dont get the discount 49 you do . the discount you will get is shown under CARDS > GENERAL so you can see the running total of how many you have been credited with to date , it will return to zero at the time your purchasing period expires . If you use your card in their ATM to pay any bill with a bar code by scanning it then that also counts as a transaction .

AkoAko
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Re: Cajamar Interest Payment

Postby AkoAko » Sun Jan 07, 2018 9:57 am

morlandg wrote:AkoAko - the 365 account is supposed to be free banking and yes you have to purchase the shares to qualify. Years ago simply transferring my pension into my cajamar account meant I qualified for free banking but they changed the rules to the above.
Free banking does not mean that everything is free. I have just paid 30 euros for maintenance of our 2 cards.
I also only received 1.01 euros interest on the 17 shares that we hold and paid tax of 0.19 euros. Some return!!


Thanks for that information Morlandg , we visited the branch again Friday and were told it will not be paid until January 31st and we will receive 7 months interest , thereafter every 6 months and the following one will be July 31st and so on . We also received a reply from Cajamar via the website saying partly the same , it was in English so will post it below as it was written , removing my name is the only change i made ..........

Dear Mrs. ***** :

We thank you to devote your time using this communication channel available in our web.

In reference to your enquiry, we inform you that you will have the interest payment next 31st January

You can be in contact with us in gcc@grupocooperativocajamar.es or in our telephone number 901 511 000

I also recall being told that we get our card at a 50% discount because we hold sufficient units and the discount shown on our online banking seems to confirm that because the discount shown as applicable to us if we use it for more than 48 purchases is €15 , we didnt pay anything last year or this , last year we had 49 purchases , this year we had 66 in the last 12 months , coincidentally it was only today our details reverted to zero so we must have had our first card Jan 6th . I notice the card charging period and the issue and expiry date is different so be careful if your close t the 49 debits needed , dont use the expiry date , find out what your own charging period is . Again i copied and pasted it from the website which might explain it better .

Card 415007******7029 - VISA ELECTRON CONTACTLESS
Card type Debit Expiry date 30/11/2019
Debit account ES82 **** **** **** **** **** Related main card -
Accumulated operations for discounts 0 Accumulated amount for discounts 0,00 eur.
Discount for card use 15,00 euros with more than 48 purchases.

CovetaBob
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Re: Cajamar Interest Payment

Postby CovetaBob » Tue Jan 16, 2018 3:06 pm

I have a holiday home in Spain and bank with Banco Sabadell, they charge my wife and I, 120 euros pa fees and every two years we have to pay the bank approximately 200 euros so they can check we are "Non Resident" . This means we are paying 220 euros p.a. just to pay a few direct debits. The bank provides very few benefits if any.
We tried opening a Santander 123 account in Spain which pays 3% interest and were told "its not Possible by the branch manager" even though we have a Santander 123 account in the UK.
In view of this, I read with interest that one can now, under new legislation open one bank account for the whole of the SEPA area (single euro payment area). In theory this means I can close my Spanish bank account and all direct debits can be paid in the UK. I am sure when I try to do this the banks will close ranks, and there will be a reason why I cannot do this. Is there anyone who has more knowledge on this subject than me I would welcome help.

Would it be so difficult, look what I do at the moment, Rates,dustbin charge, car tax can be paid using credit card (no charge and we get the rate of the day), and can be paid over the telephone in the UK. Iberdrola is the same as Scottish power in the UK, I have been informed I can pay both bills in the UK. Water rates are onlys 4 bills a year, our telephone company and internet is German paid monthly. House insurance paid with credit card over the phone in UK. the same with car insurance.
I would very much appreciate your feed back.
CovetaBob


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