Since the European Central Bank (ECB) began to charge entities for their customers’ deposits, some banks have begun to implement new measures to offset this expense. One way of transferring negative rates to individuals was already done with companies and private banking users, which, however, does not affect all accounts.
What banks have taken the plunge?
In January 2021, BBVA announced that it would be the . A controversial policy, with a commission of 0.3% per year (0.025% per month) that has been included since February.
Likewise, ING, although in the case of the Dutch entity, for users with more than 30,000 euros in the Orange Account. To them, and under certain conditions, a fixed fee of 10 euros per month will be applied.
Who is affected?
Although the limits are 100,000 and 30,000 euros in the two banks mentioned, this measure does not affect all customers who exceed these barriers. In the case of the Basque entity, only those people who have no relationship are charged, that is, they do not have direct debit income or additional products.
For its part, at ING the charge is for those who do not meet the conditions of the Payroll Account. In a case similar to that of BBVA, it is for those who do not have any expenses domiciled (no matter the amount or nature) or do not make transfers of at least 700 euros.
How do you avoid the commission?
Given that these are very easy conditions to meet, both BBVA and ING leave the possibility of adapting to the requirements so as not to have to face the new commission. However, if due to a difficult economic situation they could not be met, either the new cost could be negotiated with the entity or the savings could be diversified.
In the latter case, it would be convenient to open a new bank account or deposit in another bank, transfer part of the money there and thus not exceed the limits set. There are certain , as well as the Deposit Guarantee Fund covers the first 100,000 euros held in accounts or deposits by owner and bank.
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