Having a bank account is something deeply rooted among citizens today. It is common to use it to receive payroll, pay for electricity, water or any other expense that must be met throughout the month. However, sometimes users become overconfident and after making the corresponding payments, the current account remains in the red.
Perhaps some unforeseen extra expense or a miscalculation of income can play tricks and cause the account to stay in the dreaded red numbers. An unpleasant surprise that is better to solve as soon as possible. In this situation, you may wonder if a bank can zero out an account without the owner’s permission.
What are red numbers?
Before answering this question, it is important to be clear about what this economic situation implies. Beyond thinking that this means that the account runs out of money and that’s it, but it is somewhat more complicated than that since the overdraft prevents damages derived from non-payment such as, for example, a power outage or an accident for which the insurance does not cover It takes over. The red numbers are a credit that the bank grants to the account holders who run out of money.
It is for this reason that once you receive the notification, the best option is to immediately go to the bank or contact your financial advisor at the entity to deposit money again. And since it is a loan, banks can pay the opening fee and interest for them, so the shock of seeing your account at zero is added to seeing an invoice with an extra amount of money to pay.
Can the bank leave an account in the red without consent
Given this situation, some users may wonder if, although they have not given their consent to the bank to grant them these credits, it is possible that they will grant them. The answer is yes. From the Bank of Spain they warn that the only way to avoid encountering this shock, what you should do is go to your bank and sign a document so that they do not grant it to you.
What is mandatory is that they notify you for each overdraft that occurs in your account. They must send you a document detailing the interest they have charged you and the exact amount. Also keep in mind that if you are a consumer, the total effective cost has a maximum limit: two and a half times the legal interest on the money.
This interest is applied as compensation for damages when the debtor stops paying and a specific rate has not been agreed upon. It also serves as a reference for legal regulations or agreements in contracts. Since 1987 it has been set for each year by the General State Budget Law.
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