December 4, 2020

ING will charge its clients 10 euros per month to save their savings if they do not direct their payroll to the bank



With the ‘runrún’ in the background banking sector on whether customers should be charged for deposits, the Dutch group ING has informed its clients in Spain this Wednesday by email that it changes the conditions of its known as’ orange account ‘. This savings account of the bank will now be marketed exclusively for clients who have their payroll domiciled in the entity.

For those users who do not comply with this requirement, however, remuneration will cease as was done to date. The bank had already cut customer fees in recent years while interest rates continued to fall. Currently, this account generates income of 0.1% APR for clients who do have their payroll. In addition, as of April 1, it will start charging those who maintain the orange account without having their income domiciled in ING and who add more than 30,000 euros of deposits.

Specifically, it will apply what has been called “custody commission”, which will be equivalent to 10 euros per month for these clients without the direct debit payroll and with more than 30,000 euros in the orange account. The bank has already begun to notify those customers who are in this situation, ensuring that it gives them “enough time” to decide the option they prefer.

“We understand that it calls your attention that a bank can charge you for having your money,” acknowledges the entity in these letters that have reached customers today. “We were born as a savings bank and precisely for that reason, we have always opted to give your savings the highest profitability that the market allowed us,” adds the entity in the letter. “Now, this situation of negative rates forces us to take this measure. But it does not change our commitment to continue being a simple and transparent bank in which, as you can see, you are always free to choose,” he concludes.

In recent months, banks have been modifying the conditions of their checking and deposit accounts, increasing the demands to avoid the payment of commissions. These requirements range from the mere direct debit of the payroll and some receipts, to the contracting of some insurance, pension plan or investment fund with the same entity, looking for increasingly linked customers. Santander, BBVA, CaixaBank, Bankia or Unicaja had already presented programs of this type.

The deposit charge for individuals is still a decision that banks have tried to avoid in recent times and some entities have ruled it out. However, the validity of negative interest rates, which will continue for several years, leaves open the debate on whether to charge the client for saving their money. Yes, it has begun to apply to large companies or institutions, which have to pay the bank to keep the money for them.

.



Source link