Payday Loan Advice service: Want to know how much your bank pay in commissions ?

Sunday, September 15, 2013

Want to know how much your bank pay in commissions ?

Sorpende time we can lose in buying a new plasma TV and the little attention paid many citizens of the costs being charged banking. In case anyone has any doubt who will end up paying the new tax on deposits and begin to be aware that costs us leave our money in the bank and the ability that you will have the new banking oligopoly to crujirnos we leave the study Fintonic made ​​on costs and banking fees .

Fintonic notes that due to the current economic climate , financial institutions are charging more and more for the services they provide to their customers. In fact , according to the ADICAE ( Association of Users of Banks, Savings Banks and Insurance ) , an average user can pay up to € 567.8 to its entity in fees .

Below is a review of the different sections of the "Study Fintonic on banking fees and expenses " and the recommendations proposed that this new tool to make intelligent use of revenues :

- Fintonic.com users pay an average of € 220 in commissions per year, compared to the 111 € of the European average, ATM fees and overdraft the most important.

- On the other hand , users who use online banking fintonic.com pay significantly less than those who use traditional banks, with an average of 95 € a year. Those who operate a bank only pay up to 35 % less commissions that users who use more than one entity .


Fintonic Study states that since 2012 maintenance fees have increased by about 78 % compared to 2011 , from around € 26.70 to € 45.85 average at present , and up to 84 € in many cases ( the audited entities are the ones that have elevated ) .

Fintonic analysis shows that in case of resident payroll, no bank charges for account maintenance . However, if you are domiciled , banks where it is more costly to maintain an account are Ibercaja (84 € / year) and Barclays ( € 72 / year). The only banks that do not charge fees , even without the account domiciled , are ING Direct, Openbank , A- E and Selfbank .

Fintonic , through his study of mystery shopping , except Caixa Catalonia states that no bank charges its customers for making transfers if the payroll is domiciled in the same . But if the list is not, the only entities that maintain these conditions are ING Direct, Evo bank, A- E, Bankinter and Openbank . The banks which is more expensive to make a transfer are Barclays ( 0.6 % with a minimum of 8 € ) and Sabadell (0.45 % with a minimum of 4.50 € ) .

Transfers can account for a good amount of spending , reaching € 8 minimum charge or 0.60 % on the transfer when the payroll is not domiciled in the bank. Many entities suppress the commission if the customer orders transfers itself through its online banking.

Fintonic revealed through this research that the study groups or open a credit can be avoided if requested within the special conditions of the loans for young , independent or small companies , where such commissions are usually more flexible.

In regard to prepayments of deposits, to get a complete liquidity , fintonic.com recommended to opt for a demand deposit or interest-bearing account , which not only can be canceled at any time , but it allows withdrawals whole or in part without changing the product's profitability .

In general should always hire financial products which do not penalize early repayment .

After knowing this stage and with the goal of eliminating commissions Fintonic recommends:

- If the user has multiple accounts that use open , merge them into one. If for example you have three accounts open but only uses one, to remove the other two accounts you do not use , you save an average of € 91.7 per year in maintenance costs.

- Maintain a high balance in the accounts may allow the client to negotiate commissions or delete them entirely . Other companies allow you to leave a minimum balance in account to avoid fees . Should ask each entity.

- Use online banking to make arrangements saves charges entity would charge them for doing the same job.

- The relationship with the entity enables negotiate a reduction or elimination of fees : household bills (electricity, water , gas , telephone and Internet connection) , payroll, pension or unemployment benefit ( over 600 euros) and have any insurance contract , deposit or pension plan , etc. . allow the removal of some commissions .


When a customer is overdrawn faces this situation: banks usually takes about four days from the occurrence of the overdraft in penalizing with charging a commission on the overdrawn balance . From the sixth day on red number until the situation is regularized , banks charge an interest of 10 % APR on the days of delay. Also, while not paid the amount of the debt , each claim for liability position an additional cost of about 35 € approximately .

Thanks to the fintonic.com overdraft alerts , unique on the market , the user of this site will be informed in real time of your overdraft situation and have time to react in those first five days , to prevent the bank will apply claim expenses debtor position , commissions and interest involved be in the red.

Fintonic Study states that the average cost per claim for pay debt position of € 29.64 Spanish is whenever you are in the red.

According to the Study Fintonic , the bank most claim charge for debit position is Banesto (39 € ) and the lowest paid are Selfbank (14.90 € ) , followed by ING (25 € ) .

EVO bank is the only bank that does not charge overdraft . However, it compensates with a commission of 20 % of the debt when it is below 200 € and 9.56% if the debt exceeds this figure .

To manage well the accounts, fintonic.com recommends:

- Ensure that you are never overdrawn, to avoid the risk of being penalized by the bank for the commission . Besides having to pay an interest of 10 % APR on the outstanding balance and a penalty of between 20 € and 39 € per claim discovered .

- To avoid this , simply always maintain a minimum balance of receipts tested last minute . Fintonic.com also alerts warnings specific minimum balances and fees .

- Avoid paying commissions. Also well , you get a good credit history that will play in favor of the customer in future banking transactions .


Fintonic recommends caution to the offer of free credit cards of many entities . The fine print says they are , but only during an initial promotional period . It should ask before accepting such offers . For some cards , banks charge an annual , and other just need to make different payments per year for a minimum amount . Keep in mind that the amount of this fee depends on the type of card : the higher the rank of the card, the higher the commission.

Thanks to Studio Fintonic , regarding card fees known that:

- Cheaper for banks have debit card without payroll are domiciled and Evo Selfbank bank (0 € ) , Open Bank also is 0 € , and only if you have a second holder will pay € 12 Open Bank (12 € ) and Kutxabank (10 € / year). The most expensive are Bankinter (30 € / year), Caixa Catalunya (30 € / year) and Unicaja (25-40 € / year).

- The only banks that charge debit card to have , even if you have your salary paid to them , are La Caixa (23 € / year for over 26 years) and Kutxabank (10 € / year for over 26 years).

- The only banks that do not charge to have a credit card without having your salary paid and Evo are SelfBank bank, followed by ING Direct and the amount charged Kutxabank least 20 € / year. The most expensive are Caixa Catalunya (60 € / year) , La Caixa (52 € from the second year) and Bankinter (50 € ) .

- In case you have your salary paid , all banks offer credit card service free of charge except La Caixa (43 € / year for over 26 years) , Cajamar (18 € / year) and Kutxabank (10 € / year to over 26 ) . Many of the banks , if you have your salary paid provide a free card debit or credit , but not both unless conditions are met and minimum volume usage .

The maintenance fee for the debit card is around € 20.02 on average per year, with up to 60 € for the credit . Therefore, fintonic.com recommends:

- Unsubscribe cards are not used , in order to save each year and pay the outstanding balance on the credit card every month.


Fintonic.com proposes that if you opt for a frequent withdraw money from the ATM with the card, it is better to opt for a debit card whenever possible , make the withdrawal at ATM of the same bank that issued the card to avoid the high positions of other entities. These fees range from € 5.5 minimum and 5.5 % on the amount withdrawn. We must also be aware of when drawing money at an ATM at another bank that belongs to the same network of the bank ( 4B , Servired , euro6000 ... ) , because often billed as 3.5 € and 4% of the retired .

Fintonic Study shows :

- EVO bank is the only bank that does not charge for withdrawals at any ATM network is that it ( Servired , 4B , euro6000 ) .

- Direct ING ste no service charge if it is the same network ATM (4B) .

- Lender Bankia is the most charge customers for cash withdrawals at other banks of the same network ( Servired ) , imposing a rate of 4 % with a minimum of € 3.50 per transaction.

- When withdrawing cash from an ATM that does not belong to a network of ATMs , the only bank that does not charge for this service is EVO bank.

- Bankinter only charges if you use another bank of the same entity if the withdrawal is less than 90 € .

- The most expensive are Cajamar ( 5.5 % with a minimum of 5.50 € ) followed by Caixa Catalunya ( 4.5 % with a minimum of € 4.50 ) and La Caixa ( 4.5 % with a minimum of € 4 ) .

- Avoid at all costs get in the ATM network card not related .

Among the possible charges that banks identified by the management of customer accounts , are the correspondence or communication . There are companies that charge for correspondence. In that case, Fintonic recommends entering the online platform of the entity to unlock this option not to send mail or movements Requests made on the account. You can always look via online.

Other possible cases of communication costs between bank and client fintonic.com identified as hazardous by the associated costs are:

- If the payroll is domiciled in a financial institution , it does not charge its customers the service of notice of purchases by SMS except Kutxabank (0.10 € ) .

- In case you have no payroll domiciled , all financial institutions offer free service shopping SMS notice except Kutxabank (0.10 € ) and A- E (0.15 € per alert ) .

- Receive by mail the receipts bank is free to all users except for banking customers bank EVO , which shall bear the shipping costs .

- The only bank that charges for telephone banking service is La Caixa , which from the second monthly operating charge customers 0.4 % commission with a minimum of € 3.50 per transaction.

But according Fintonic not only have to be aware of control spending caused some banks in the sense of correspondence , but sometimes the problem is precisely the opposite : the lack of communication of certain notices of significant risk or for the customer who in some cases will involve abusive or commissions expenses , such as being overdrawn, a card payment doubled , having received a transfer ...


- Oversee maintenance fees entities where there is no resident payroll, can reach up to 84 € .

- Monitor overdraft fees , up to 20 € for debt. If the situation continues and no claim for liability position , it gets worse , charging up to 39 € plus a 10% APR interest on the outstanding balance .

- Avoid at all costs using ATMs that are not of the network itself costs up € 5.5 minimum and 5.5 % on the amount withdrawn , and even on the same network it carefully because many companies charge for it , some up to 3.5 € and 4% commission only avoided if the same entity , where no cobra.

- Check the potential cost to have cards : debit of up to 20 € and 120 € credit .

- Know that transfers can also be a good amount , reaching € 8 minimum charge or 0.60 % on the transfer .

- Reduce the number of banks , never more than two entities for personal or family unit .

- Reduce the number of accounts by entity and centralize liquidity in one or two banks profitability for more money and have more bargaining power.

- Reduce the number of cards to avoid unnecessary costs ( at most two of credit in order to be able to increase credit and tranquility if one does not work)

- Work in a bank online , instead of going to the bank branch offices .

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