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Letter to the Bank of Spain

Spanish consumer´s association denounces a lack of transparency


When the Bank of Spain stopped posting the banks fees list on its website back in March 2013, the consumers association ADICAE decided to send a letter to the the Bank of Spain denouncing the lack of tranparency of the insitution. Until last year, maximum and minimum bank fees were published in the Bank of Spain´s website, since then, consumers can no longer compare bank fees between entities.

According ADICAE these blackouts is contrary to any transparency rule or consumers rights and have no other explanation than trying to buy time while the European Commission is preparing an intercahnge fees regulation.

As a consumer organization specialized on financial services ADICAE follows all financial and banking issues that could potentially affect consumers in Spain. In this context, in the last few months, trying to examine the possible consequence of the future European regulation on card, internet and mobile payments, they have monitored with great interest the two interchange fees reductions that happened in Spain (the first in the 90’s and the second one from 2006 to 2010). During their research they had problems to analize the data because the Bank of Spain stoped publishing the banks fees.

ADICAE´s study demostrates that the Spanish interchange reduction has encouraged the banks to the passed-through cost to customers by increasing of bank fees. The association considers that the interchange fees regulation can have negative consequence in the system and it should be accompanied by a  tranparency regulation on the real cost system.

Of interest