The merger between CaixaBank and Bankia will bring changes in the contracting conditions of certain products for the clients of both entities. First, the business operation may result in commercial networks are reordered and clients are reassigned in areas where branches overlap of both brands. If this occurs, the client must be informed of which office they are assigned in the event of closure and all the necessary steps for the change will be resolved from the entity.
But the news will not stop there. The Bank of Spain itself has warned today that the characteristics of “indefinite duration” products, such as accounts or cards can be changed– Yes, the entity will notify two months in advance if they are not favorable – and the user has the right to cancel the account if they are not satisfied with the application of a commission increase or change of requirements, among other cases. “The new bank could modify the current conditions of the accounts, both current and savings. For example, could raise commissions, change linking requirements, modify profitability… It is a totally legal practice, since these products are not supported by a contract with a defined duration and, therefore, they can be changed unilaterally », they warn from Helpmycash.com.
In the case of insurance and time deposits should maintain current conditions in an initial term. However, when the expiration date arrives, the new entity will be able to offer new renewal conditions to affected users. “At the time of renewing the product, the new conditions present in the bank resulting from the merger would apply. However, given that CaixaBank withdrew its deposits some time ago and Bankia offers deposits with little or no remuneration, the consequences that could occur with this type of savings product would be minimal “, warn from Kelisto.
By cons, the bank will not be able to change the nature of personal or mortgage loans since the characteristics that were agreed upon must be maintained. Consequently, users will continue to pay the same monthly installments and interest rates as before the merger, as indicated by the central entity’s banking client portal.
Likewise, from the OCU Consumer Organization they emphasize that once both entities are integrated, it will be carried out a change in the IBAN of current Bankia customers. «In principle, changing the account number should not pose any problem for the user, since the new entity will automatically associate the old account number with the new one, and any credit or payment made using the old numbering will be automatically transferred to the new account », they remarked.
Monitor direct debits
However, from reclaimer.es they warn that if the bank communicates that it will be in charge of direct debit to the new account all receipts, but ultimately this is not carried out with the consequent damage to the consumer in the form of surcharges or supply cuts, customers may claim. From this portal, they recommend keeping all the communications from the new bank, as well as collecting all the direct debit receipts in the old account so that later, a quick check can be carried out.
Regarding the ATM surchargesKelisto experts recall that Bankia customers can now withdraw money for free at the more than 6,000 Bankia ATMs and that they have four free withdrawals per month in Euro 6000 and those of Banco Sabadell. But, when the integration is complete, these users will come under the umbrella of Caixabank’s policy, which only allows free withdrawal from its network of 9,000 own ATMs.
Finally, the Bank of Spain reminds that in the event that there are clients with their money in both entities they must take into account that The Deposit Guarantee Fund (FGD) covers a maximum of 100,000 euros per holder, so those who exceed that figure should consider the option of opening an account with another bank.