With the approval of the National Commission for Markets and Competition (CNMC) for the merger of CaixaBank and Bankia, which is the largest bank in Spain, with 664,000 million euros in assets under management, has taken a new step towards full integration. An incorporation, of the clients of the latter over the former, which will be complete by the end of 2021.
Already in the process of technological integration, one of the last stages before Bankia becomes CaixaBank, due to the modifications that both companies are carrying out. Some changes that, for now, have allowed credit and debit cards to continue working… but until a deadline.
This will be when the new CaixaBank cards arrive to all former Bankia customers. A wait that is expected to be fulfilled after the summer and before the end of 2021, when the technological integration is completed if the deadlines established by both entities are not altered.
What do Bankia customers have to do?
It will be then when, through a letter, CaixaBank sends the new cards according to the status they had in the Madrid bank to the addresses set by Bankia customers. In said correspondence, it will be explained how to activate the card, so that once it is operational, the old one ceases to have value.
In addition, CaixaBank has asked its new users to “be attentive to correspondence”. This is due to the fact that, although there are still no changes in the pension plans, investment funds or the rest of the products, in the coming months “it is likely that changes in the contractual conditions will be proposed.”
In any case, any change that is going to occur must be notified sufficiently in advance and clearly so that customers choose to go ahead or look for an alternative, in another product or different bank.
Will there be commissions for withdrawing money?
In addition, these card changes will not imply changes in the services at ATMs or teller windows. This was stipulated by the CNMC when it understood that “the merger was a threat to effective competition in the field of ATMs.”
In this way, Bankia customers will be able to continue withdrawing cash, without any commission, at the CaixaBank ATMs closest to the old ones of the Madrid bank (previously communicated and indicated by letter). ATMs that have been reduced, closing 1,534 branches and affecting 8,291 employees, but which will continue to provide a complete service to all its new users.
Also to the entities with which Bankia had agreements to use their ATMs. For at least 18 months, and under the same agreed conditions, customers of ING, Sabadell and the Euro 6000 network (Abanca, Caixa Ontiyent, Caja Sur, CecaBank, Colonya Caixa Pollença, Ibercaja, Kutxabank, Liberbank and Unicaja) will be able to continue making the same use that they already had in Bankia ATMs.
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