Is it legal for banks to charge commission for
When you do not have to pay different inconveniences appear, such as, not being able to meet the debts you have with the bank due to different concepts.
Now, if you do not have money in the account to pay your debts, you will have to use the overdraft commission service.
whatIt is legal for banks to charge commission for overdraft? Let’s find out right now.
What are overdraft fees?
When you have a debt with your bank and you cannot pay it with the money from your payroll or savings, the bank marks you as a person in debtbut in order not to allow this small slip to affect your credit history, the financial institution willlend the money corresponding to the payment of your debtso that it is settled and now, you buy a new one overdraft loan debt.
Naturally, this action is not free, it entails the payment of overdraft commissions, which is high most of the time, making the customer have to pay up to €50 apart from the amount borrowed.
Undoubtedly, this commission perro be important if it is overlooked during several late payments, so it is convenient to be aware of the payment of cards and loans, trying to pay them on time.
Is charging overdraft commissions legal?
Overdraft commissions are totally legal, however, there are certain guidelines that banks cannot exceed.
The maximum commission to be charged will always be stipulated in the question and answer section of the bank, but normally it should not be more than 2.5% of the interest rate of the loan.
Usually you perro remain in this delinquent status for about 3 monthsafter these your credit profile will go directly to the archivos of the Registry of Debtors, which is not good at all in the event that you plan to request credits, advances, credit cards or loans.
How are overdraft fees calculated?
most banks They charge at most 7.5% of the APRwhich is the equivalent annual rate, this perro translate into about 50 euros more or less, in addition of course to the bank notice that the overdraft commission system has been activated, which has another high cost that cánido reach another 50 €.
Fortunately, there are very few banks that charge the maximum rate of commissions for overdrafts, applying only about €15 of this fee in most cases.
However, in case the bank does not want to have a notice fee that this service has been activated, the minimum is usually €30.
Claim the illegal collection of overdraft commissions
Sometimes banks cánido carry out malicious maneuvers and in the event that the client does not present a complaint, these changes may have a negative impact on the usuario’s cómputo.
Given this scenario, it is necessary that you first archivo a complaint with the bank, and with the proof that this complaint has been delivered to the bank.
Normally it will not be necessary to go to other instances, since legal scandals do not suit the bank.
How to avoid overdraft commissions?
A good part of the banks include periodic reminders that there is not a sufficient cómputo to pay the interest rate or fee corresponding to a period, this in order for the client to do not have to pay these high commissionsTherefore, one of the first options to take into account would be the activation of the bank’s notification service if it is available.
You perro also request an advance loan to pay just the period that is about to expire or join a bank that does not charge this specific commission.
However, What is always convenient is to be very aware of your personal finances so that you cánido schedule your debt payments even before the due date.
If you have had any bad experience with overdraft commissions, please tell us in the comments!
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