Before opening a bank account, it is important to analyze all the conditions and commissions that will apply. And it is also recommended to compare the different options available to choose the one that best suits the client’s profile. Detailed information with the main characteristics is found in the pre-contractual document, which the bank must deliver before signing the opening contract. However, over the years that the client keeps their bank account open, the conditions may be modified. The fees charged by the bank may increase, although this must be notified in writing at all times.
Specifically, this document must specify the manner of disposition of the balance and in general of the operations related to the account, as well as the associated payment services and their conditions of use. In addition, the duration of the contract, the associated commissions and expenses and the deposit guarantee fund to which the banking entity is a member will be indicated.
Once it is clear which account we want to open, the opening process does not take much time, but it is important to have all the documentation at hand. The OCU explains that the documentation that is usually required is the DNI – it can also be a NIE or a residence permit -, the payroll or the income tax return. With the documentation already delivered, all that remains is to sign the account opening contract.
If the conditions of the account are going to change, you must notify
But despite the conditions that are signed in the opening contract, these can be modified by the bank. The contract for an account does not expire and usually has a long life, so entities are allowed to modify the conditions. For example, you can change the import of a certain commission or the conditions of its application.
However, any modification must be made in compliance with certain requirements. Only if the modification of the conditions were favorable, could the bank apply them immediately. However, if they are not beneficial for the client, the bank must notify the account holder in advance, two months before the proposed modifications come into force.
The two months are understood to be a “reasonable” time for the client to evaluate the changes and decide whether or not to change their account to another entity with new conditions. This communication may be on paper or other durable medium and independently of the transaction settlement documents.
If the client does not agree with the modification of the conditions, they must notify the bank before the proposed date for entry into force. The Bank of Spain (BdE) warns that “if you do not communicate your rejection, your bank considers that you tacitly accept the communicated modification, as long as the account contract includes this possibility and you are informed in the notice of the right.” that assists you to immediately cancel the account at no cost if you do not agree.”
On this issue, the BdE also points out that, as part of their commercial policy, some banks decide not to charge commissions to their clients for a certain period of time. In this case and even if the commission is contractually included, “good banking practices and customs would require prior and individualized communication to the affected clients, in which they are informed about the new applicable conditions.”
In what cases cannot the conditions of an account be changed?
The possibility of changing the conditions of a bank account is not included when this account is linked to a product contracted with the entity – such as a mortgage or personal loan. In that case, they must be considered agreed in an unchangeable manner until the final maturity of the loan, so they cannot be modified. Furthermore, “if we use this account exclusively for the payment of the loan, to know if the collection of maintenance fees is in accordance with good banking practices and customs, we will have to keep an eye on the date of signing the contract,” recommends the BdE.
THE NAIS IS OFFICIAL EDITOR ON NAIS NEWS