The new year arrives and, with it, a important letter from your bank. Or at least that’s how it should be throughout this month of January. In the letter, that the entities are obliged to sendcustomers are explained what products they have contracted and under what conditions.
“Remember that during the month of January you must receive the annual information on your account that entities are obliged to send,” is what the Bank of Spain warns on its website, which also explains that it is an obligation collected by law. Specific It is dictated by Order EHA/2899/2011of October 28, which in its article 8.4 makes it clear that “credit institutions will send their clients annually, during the month of January of each year, a communication in which, in a complete and detailed manner, the information provided for in this order on commissions and expenses accrued and interest rates effectively applied to each banking service provided to the client during the previous year”.
The normal thing is that This notification arrives by regular mail, unless, as explained by the Bank of Spain, this possibility has been expressly waived and you have decided to communicate with your bank through telematic means. If so, what you have to do is check the inbox on the entity’s website or app to access the annual summary.
And what is detailed in the banking services letter? Information on loans or credits, in addition to other contracted productswith a detailed summary of all interest collected and paid, commissions and expenses accrued for each banking service provided during the previous year.
In the case of the accounts document, the bank has to provide the statement of commissions, one for each contracted account, which will include all those applied during the previous calendar year for the associated services, with unit and total amounts; It will also report the credit and overdraft interest rates applied to the account balance, and the total amount of interest accrued that year.
These communications are personal and you will receive them individually, even if you are co-owner of any banking product. In that case, the total number of co-owners will be indicated, each of them will receive their own.