Editor’s note: This article was first published in July 2011, shortly after Bankia was created from Caja Madrid, Bancaja and other Spanish savings banks. Bankia was rescued by the state in 2012 and absorbed by CaixaBank in 2021, so none of the fees or products described exist today.
The financial group led by Caja Madrid and Bancaja (Bankia), the “new bank”, will charge a €2 monthly account maintenance fee to customers whose average balance doesn’t exceed €2,000. The savings passbook account (libreta de ahorro) will be renamed libreta fácil (“easy passbook”).
Withdrawing cash with a debit card will cost a minimum of €1 at Servired ATMs (one of Spain’s shared ATM networks) and €3.50 at ATMs outside the network.
Using a credit card will cost €3 at Bankia ATMs and €4 at ATMs outside the network.
Balance and transaction inquiries will be free at the group’s own ATMs and will carry a €0.75 fee at all other ATMs.
There will be discounts and limits for young people under 26 and for customers who have their salary or pension paid directly into their account.
For those who don’t meet the minimum requirements to have fees waived, renewing each debit card will cost €17, and each credit card €30.
That’s the new banking world: money may not attract money, but having capital will certainly save you money, which, at the end of the day, is another way of attracting it.
Featured image: CARLOS TEIXIDOR CADENAS, CC BY-SA 4.0, via Wikimedia Commons.
