I was interested to read Bernice Brandt-Wisnick’s letter (CBN 28/06/2019) about a bank’s Sabadell’s ‘Key Account Plus’.
I too was aware of the new law capping bank charges at €3 per month and was also looking forward to my €35 per quarter charge being slashed… of course no such luck, last week they took the usual €35. I queried it by email and received a reply from my ‘Account Manager’ saying the charge was in accordance with the conditions I had signed up to (many years ago).
However, the name of my account is exactly the same, unlike the one Bernice has, it has not changed to a Business Account.
Incidentally, we have been aware for many years that Sabadell actually have another account with much lower charges but last time we considered it, there were so many ‘terms and conditions’ (eg pay monthly pensions in, take house insurance policy with Sabadell etc) we decided to stick with the Key Account Plus.
It’s such a shame that customers are left with a feeling of being ‘conned’ on this issue as overall we rate Sabadell quite highly. Their internet banking portal is excellent and bank staff are usually friendly and speak good English.
Close your existing account and open a new account and insist the new charges apply in writing. I left Sabadel in disgust and opened an account that has free banking in Spain.