Cajamar started charging

[alisonb]

I've just checked our statement, which I don't do as often as I should, and Cajamar have started charging 15 euros per quarter account administration. When I queried this via internet banking they have told me to go into my branch and negotiate. Is this new? Santander are advertising no charges if a pension is paid in. Can anyone confirm this?

[Mowser]

I saw the same thing myself. When I opened the account it said "No commission forever". I emailed the manager. He asked me to visit him next week. I'll post the outcome.

[Campo Steve]

I normally check my statements but must have missed that. Just noticed that three months ago they charged 9 euros and the same three months before that. Don't remember being notified of an increase.

[alisonb]

Steve - does that mean you've always been charged, just not that much? We've been paying 10 euros per year for one of the debit cards for a few years now, but haven't paid anything else up to now. Some friends say they went into the bank and because they were pensioners, the charge was waived. It's a bit naughty charging it with no notification. I remember when they stqrted charging for one of the debit cards, at least they wrote first with the option to cancel it

[Chunky Monky]

My local BBVA Bank are advertising "Dí adiós a las comisiones"

[Campo Steve]

It started last year at 9 euros per quarter and been that rate until this month.

[Mowser]

Just checked my account. No interest charges any time this year except the payment of €15.
The same was taken off last year and that was refunded when queried.

[knowal]

This is the advice of forthcoming charges which Cajamar sent out in April.
As a result of receiving this, I went and closed the account in question, as it would have cost €60 per year to keep an account with no transactions.

[alisonb]

Reading the document, it looks as if, if a pension is paid in, there should be no charges. Will have to go tackle them.

[Mowser]

Just back from Cajamar. I complained that the original account said "No charges forever". Antonio explained that most banks are now making a charge because of the "crisis." I said that as it was only €15 per year, I'd just grin and bear it. He explained it was €15 every three months. He said there was a way round this.

If I open an account called "Aportacion Capital Social Cajamar" and deposit a minimum of €1,037, the bank will pay interest of 3.9% gross. In addition, commission on the "normal" account will be scrapped.

Hope this helps.

[Campo Steve]

I got the same answer but didn't really understand it. Is it a case of having to deposit 1037 euros every month or just a one off?

[Mowser]

Just a one-off. Maximum holding in this account is €6,100.

[Campo Steve]

Did a bit of googling about this account. It looks to me that if the bank gets into trouble these will be the first accounts raided. In other words, they are a safety net for the bank. Hmmmmmmm

[susanspain]

Both OH and I had seperate accounts with Cajamar, but I closed mine when they started charging this Eu9 quarterly last year.
They said they had sent out a notification letter to ALL clients, but of course when I went into the branch to complain the guy shrugged his shoulders and said he knows how bad the postal system is.
I still closed my account.

OH is 65 this year - and then there will be no more charges! (All pensioners get free banking!

Don't know about it going up to Eu15... will keep an eye out for next DD.

Re the shares in Cajamar. It is a savings account/shares. You can cash in at any time (I think in values of Eu300)... Not sure if you will be charged the Eu15 if you drop below the min 1,037?

[Stoker]

[quote="susanspain"
OH is 65 this year - and then there will be no more charges! (All pensioners get free banking!

?[/quote]
My wife and I have a joint account with Cajamar and are both over 65 . We were hit with the 15euro charge on 16th June. When we enquired the only way to avoid the charge was either to have a pension paid into our account or open a savings account with a minimum of 1037 euro (i.e. 17 units of 61 euro each).

[Stoker]

Did a bit of googling about this account. It looks to me that if the bank gets into trouble these will be the first accounts raided. In other words, they are a safety net for the bank. Hmmmmmmm

Is it not protected under the equivalent of the FSCS up to a limit of 100,000 euro?

[alisonb]

Been into our branch today. We had choices! Once we pointed out the pension, we could either pay 5 euros per quarter instead of 15, or open the account others have mentioned. Fortunately, we only had to deposit 61 euros in it, not 1000, so we left relatively happy

[Chunky Monky]

Been into our branch today. pay 5 euros per quarter

From an admin point of view can it really be cost effective to take €5 four times a year?

[alisonb]

I would be surprised if it is cost effective. They also charge 10 euros per year for one of our cards. I suppose every little helps. And anyway, he was such a nice young man