The OCU clarifies the process of closing a bank account. Should they charge you?

Unexpected commission fees could make it a bad idea to keep an account that you don't use. The Organization of Consumers and Users (OCU) has the following five questions to help you make this decision.

One

Accounts may be cancelled at any time without notice. Legally, the entity must cancel it within 24 hours after we request.

2

There are no fees for cancelling an account, except if the contract has been in effect for less than six month. You may need to cancel your account if you have received any promotional offer for opening it (e.g., if they give you money or a TV ), they may require that you keep the account open for a minimum of six months. If you cancel your account before the deadline, you'll have to return at most a portion of the gift.

However, if you pay commissions in advance (for example, because they are annually), the bank will return the appropriate portion. This is what would happen to the credit card maintenance commissions.

3

It is not stated that cancellations must be made through a particular channel or in a particular branch. We know from experience that many consumers go to the closest office of the entity to cancel an account. However, they often find that the branch where the account was opened is referred to them.

The Bank of Spain states that entities must follow all orders from their clients. This is especially true when it concerns ending the contractual relationship between the parties. It considers it a bad practice to request cancellation of an account remotely. However, the contract does not typically require that cancellations be made in person.

4

You are not required to give the entity any payment instruments, except the cards and the check book, to close an account. OCU recommends that you send a request in writing. You can also use the checking account cancellation method.

We have seen that you don't have to cancel in person, except for a few cases.

You can request it online or remotely.

If you are unable to present the original deed in person, you can request that the branch return a sealed copy. This will be used as proof.

Many accounts have shared ownership. You should remember that all account holders must sign the request to close an account. If not, the request might be rejected.

5

These regulations permit entities to require their clients to maintain a current account for contracting or managing other products such as a term deposit, loan, or a loan. However, the following requirements must be met.

-The client was informed prior to contracting of the need to maintain a linked accounts, and its cost.

- The contract will contain the exact same information.

You can cancel the contract if this is not true.