The change of year is an important date with many changes for citizens. Also in banking matters: clients of the different entities can receive a letter in their mailboxes these weeks with key information about their accounts.
The Bank of Spain warns: banks are required by law to send you a summary of their contracted products and services. On your websitethe organization reports that during the month of january “You must receive the annual information on your account that entities are required to send.”
The legislation calls on banking entities to comply with different obligations towards their clients. Regarding this specific obligation, it is determined by Order EHA/2899/2011, of October 28 in its article 8.4 (You can check it out at this link): “Credit institutions will send their clients annually, during the month of January of each year, a communication in which, in a complete and detailed manner, the information provided in this order on commissions and expenses accrued and interest rates effectively applied to each service loan provided to the client during the previous year”.
What does the letter that will arrive in your mailbox contain?
The Bank of Spain collects the data contained in this letter that may reach the client’s mailbox:
- A document that details the banking services hired. This section includes data on commissions or interest (collected or paid), expenses incurred in the contracted banking services and information on loans or credits that are in force.
- Another document with information on contracted accounts in that bank. It includes the status of the commissions collected, the credit and overdraft interest rate and the actual amount of interest accrued during the year.
The information in this letter reaches the owner by mail and in a personal and individualized manner. If the account has multiple account holders, the same letter will be sent to each of them.
This letter does not, however, have to reach all the bank’s clients. If the owner or joint owner of the bank account opts for telematic notifications, this notification will not arrive physically. In that case, the client will need to check the inbox on their entity’s website or app to access the annual summary of their accounts.
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