2023-12-21 01:17:52
Thursday, December 21, 2023, 00:17
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The Government will soon approve a law that will prohibit banks from charging those over 65 years of age and people with disabilities fees for withdrawing cash at the branch counter. This was recently announced by the still Minister of Economy, Nadia Calviño.
The first vice president of the Executive met last Monday with the banking employers’ associations to make a joint assessment of the financial inclusion and protection measures for mortgage holders in a situation of economic vulnerability.
After that meeting, Calviño announced that “we are going to adopt a legal change as soon as possible to prohibit commissions for cash withdrawals for older people, so that this area of unrest is eliminated.”
Many banks no longer charge these surcharges, after the Government requested it last summer to take another step in the code of good practices to which a good part of the sector has committed.
Some financial entities still impose the commission although, as the Spanish Banking Association (AEB) claims, all its affiliated entities had eliminated them. Even so, in the words of Calviño, “it is convenient to have this legal obligation so that this attention is guaranteed” to this group of the population.
Included in the basic cashier service
According to the Bank of Spain, the usual thing is that banks do not charge a commission for withdrawing money over the counter, “as it is included in the so-called ‘basic cash service'” which in these cases “is remunerated through the maintenance commission ».
However, there are some entities that expressly exclude this operation from their basic cash service and charge a fixed amount for it. The supervisor recalls that the commissions charged by banks “are free, except in cases where they are legally limited.” For now there is no reference to cash withdrawals over the counter. But that freedom’s days are numbered.
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