Will My Bank Charge Commission During Corona? COVID-19?
In order not to have to pay commissions, the entity requires
us to direct debit a salary or income of a certain amount.
What to do if we cannot comply because our income falls?
Bank Link Policy
Usually, in order not to have to pay commissions, banks require us to direct a payroll, pension, or unemployment
benefit of a specific amount, direct receipts, or make certain monthly movements with the card associated with our account.
However, what if our income has decreased?
If our account required a payroll with a specific amount, the bank will likely charge us commissions.
We can contrast this fact by reviewing a bank statement
from our account that we can easily access through the online banking of our entity.
In case of finding a commission, as users we can play two cards:
1. Negotiate With Our Bank the Collection of Commissions
Some entities, such as Bankinter or Bankia, have decided to show solidarity with their users and have announced that
they will not charge commissions to all those who, previously,
already fulfilled the requirements stipulated in their account contract and who are currently unable to respect them.
Due to a decrease in income caused by the corona virus crisis.
However, this practice is voluntary and not common.
Banks are not obliged to abolish the fees of their users if they have ceased to meet the requirements, especially if they
have started to their customers what their linking policy was.
Therefore, if our entity is part of the group of banks that have relaxed their criteria, we can rest easy.
But if the entity has charged us commissions, the best thing is that we try to negotiate with it the conditions of the
account, expose our situation and highlight the measures adopted by other banks.
Will My Bank Charge Commission During Corona?
Since the branches may be closed or with capacity restrictions, it is best to start these negotiations through the different telematics channels,
such as a call, an email, a wasp, or even a video call, relegating the physical visit to the last place for reasons of security.
2. Change Bank and Account Without Commissions
If our bank remains firm in its postulates, the best thing is
that we say goodbye to it and look for a new entity that offers us an account without commissions.
Currently, the offer of accounts without commissions is very wide and, in many, the only requirement that is demanded
is that all operations, including contracting, be carried out online.
This aspect is remarkable, since the mere fact of not
demanding income or direct debits and requesting only the online operation can be a relief for many of those affected by COVID-19.
Online accounts without commissions are present in various entities, from large traditional banking to 100% digital banking.
And its main advantage is that we can manage all our finances from home: from balance inquiries to making transfers or even contracting other products.
The office, in many cases, will pass a better life in our financial routine.