The Bank of Spain Urges the Annual Review of Customer Accounts
During the first month of the year, the Bank of Spain reiterates the need for all entities to send their customers a detailed report on their accounts and contracted products.
This information can be received both by conventional mail and through the electronic mailbox system available in online banking, according to the customer’s preferences.
It is crucial to be alert to these information channels to ensure that you receive all relevant financial information.
Personalized Details for Each Type of Banking Product
Within the report, specific information will be provided depending on the products contracted with the bank. This differentiation becomes fundamental in the case of bank accounts, loans or other credits.
For bank accounts, the report will include fees applied during the previous year, as well as credit and overdraft interest rates. The total interest accrued over the past year will also be detailed.
In the case of loans and credits, a comprehensive summary of interest charged and paid, as well as fees and expenses associated with services provided during the previous year, will be provided.
The Bank of Spain’s Individualized Approach
The Bank of Spain underlines the importance of this communication being personal and prepared individually for each customer, including joint holders of banking products. Thus, everyone will receive the relevant information.
This annual summary must follow the scheme established in Annex 5 of Circular 5/2012 of 27 June of the Bank of Spain.