Understanding and Avoiding Bank Commissions: A Guide for Banamex and Santander Customers

2024-02-22 02:24:00

Written in MONEY on 2/21/2024 · 8:24 p.m.

Last updated: 2/21/2024 · 8:28 pm

Las commissions They are charges, other than interest rates, made by the bank that grants the financial product, and whose purpose is to cover the direct costs and administrative expenses related to them. These charges generally originate from two main causes: the contracting and/or operation of the financial product or service, that is, the Financial Institutions charge you for providing the product, and/or for its operation and there is a commission for not maintain an average balance, so if you are a customer of Banamex y Santanderthis interests you.

Remember that the Credit cards They serve as a means of disposition of a line of credit reusable (revolving), granted by a Financial Institution for the acquisition of goods and services.

Among the commissions it charges you are:

  • Annuity: cost that the user must cover each year, due to membership or anniversary of the line of credit.
  • Cash provision: percentage or amount charged on the amount of credit drawn down by the user.
  • Collection expenses: refers to the charge made as a result of non-payment, to which the user is obliged.
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    According to the Condusef, there is a widespread but mistaken belief that by leaving a savings account at zero, it is automatically cancelled. In this regard, current regulations establish a cancellation procedure that financial institutions must observe to give legal certainty to the user that the account was effectively canceled.

    It is important that people cancel these types of accounts for their own safety, since they can be used by third parties to carry out actions in their name (Identity Theft) various types of illegal operations that can put them at risk from the authorities.

    Be careful with this

    You have to consider that if you opened a savings account where they require a monthly minimum average balance and said account is left at zero without a cancellation request, you may be charged a commission for account maintenance.

    Banamex:

    Account Profiles payment per operation

    • Average balance monthly required: 4,000 pesos
    • Commission for not maintaining a minimum balance: 165 pesos

    Santander:

    Super checking account:

    • Average balance monthly required: 4,000 pesos
    • Commission for not maintaining a minimum balance: 280 pesos

    How to cancel an account?

    If you wish to cancel your savings account personally, the following procedure must be applied:

    • Go to the branch or establishment (preferably the one where you opened the account).
    • Request the cancellation of the account through a free writing or, in some cases, institutions handle standardized formats.
    • Receive from the institution an acknowledgment of receipt of your request for possible clarifications.
    • Once the request is received, the financial institution will terminate the contractual relationship, as long as the debts and commissions accrued are covered, and the balance reported by the account at that time is withdrawn.

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