Maintaining a current account that is rarely used can be expensive. Among 11 institutions analysed, CaixaBank and Cajamar impose the highest potential annual charges, reaching €276 for an account and debit card when customers meet none of the conditions required to waive fees.
Santander and Sabadell can charge up to €240 a year, while the maximum fees reported for BBVA, Unicaja, Abanca and Ibercaja are €195, €192, €190 and €148 respectively. Bankinter and ING have the lowest charges for a standard current account, at €75 and €36 per year.
Much of the traditional banking sector links fee waivers to customer activity. Direct-depositing a salary or pension, using a debit card, maintaining a balance or purchasing products such as insurance and investment funds can allow customers to avoid charges. Banks argue that these requirements help offset the cost of maintaining accounts through the income generated by more active customers.
Banking sources cited in the report say only a small proportion of customers pay these fees because most meet the conditions. However, the consumer organisation OCU warns that the requirements have become increasingly complex. Customers may discover they have lost free banking after a change in their circumstances or because they failed to notice a change in the terms.
Free accounts without conditions are now largely offered through digital channels. Banks can process transactions through an app or website at a lower cost than operations requiring personal assistance in a branch, encouraging them to promote online accounts to new customers.
This shift can create difficulties for vulnerable groups, including older people, those who struggle with technology and workers without stable incomes. Antonio Gallardo of financial users’ association Asufin said customers whose economic circumstances change may find themselves particularly dependent on their bank, especially if they do not want to use digital accounts.
A regulated alternative is the basic payment account, which banks are required to offer and explain. It includes standard services such as an account and debit card, with a maximum cost of €36 a year. For the most vulnerable customers, it is free.
These accounts are subject to restrictions. Applicants must not already have another bank account in Spain, meaning existing accounts generally have to be closed first. They also allow up to 120 operations a year, after which the bank may charge fees. OCU considers these conditions a significant barrier and has asked for customers to be allowed to switch to a basic payment account without first closing their existing one.
Other banking operations can also generate charges. Ordinary transfers to other banks are generally free when made through an app or website, but may cost more in a branch. Santander charges between €6 and €25 depending on the amount, BBVA applies a 0.40% fee with a €6 minimum, Abanca charges 0.60% with the same minimum, and Sabadell charges €2.
Overdrafts can involve several separate costs: a fee for authorising the negative balance, interest on the amount advanced and a charge for recovering the debt. Some banks charge up to €50 for the latter. Asufin says overdrafts are among the main sources of complaints because small shortfalls can lead to disproportionate costs.
A draft consumer credit law would limit debt-recovery expenses to €15 when they correspond to services actually provided and are properly justified. The proposal had not yet reached Parliament and had not entered into force.
Customers who consider their fees excessive can transfer their account to another bank. The regulated switching process is free and can preserve direct debits, recurring transfers and the balance, with a maximum period of 13 working days.
OCU recommends checking the annual summary of fees that banks must provide, reviewing the conditions for fee waivers and comparing alternatives. Online accounts without fees or linking requirements are widely available, while customers who need branch-based service have fewer options.
Sources: El País Economía.