Be careful if you have forgotten accounts: forgetfulness can be very expensive for this

Switching banks carelessly can leave accounts unclosed and forgotten in between.

Thomas Osborne
Thomas Osborne
19 May 2022 Thursday 21:51
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Be careful if you have forgotten accounts: forgetfulness can be very expensive for this

Switching banks carelessly can leave accounts unclosed and forgotten in between. The problem that it can cause is not minor, because the collection of commissions and the overdrafts that can occur make the bill grow year after year, with the consequent claim of the debt.

To cut to the chase and avoid future problems, if possible the forecast "the most sensible thing is that you cancel it", is recommended in a publication this week on the Bank of Spain's banking client portal. And the emphasis is on closing it, not letting it die: "An account without movements, even if you leave it with a zero balance, is not a canceled account and can generate costs."

If it is not cancelled, there may be surprises. Maintenance fees can continue to be charged, which can currently reach 240 euros per year, and the account ends up falling into negative territory when discounting them.

When entering the overdraft account, interest and commissions can be charged, "unless the overdraft was due to the charge of commissions, in which case it cannot be done," details the Bank of Spain. Yes, they would be charged if the overdraft is reached for other reasons, such as a debt or payment that is discounted.

Normally, entities do not usually charge commissions for accounts with a zero balance, but if you initially had 100 euros, amounts could be deducted until you left it without funds.

The client, in any case, should receive information about their account and balances, as agreed in the account contract - the traditional letters have been replaced by online banking or an app, which require you to be more attentive to see the notices- In case of overdrafts, the outstanding balance should also be claimed periodically to "avoid the surprise of unknown outstanding amounts", so you would know that the account is still open. Although if there are no movements, the bank is not obliged to send the periodic summary.

When 20 years pass without movement, the bank may consider that the account is "abandoned" and transfer the remaining balance to the State.


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