The major Spanish bank Bankia will remove fees for customers who receive a salary or pension. This applies to both current and future customers.
The removal of the fees will affect anyone who has a salary of at least 450 euros or a pension of at least 200 euros per month. In addition, it also applies to unemployed and young people. This means that out of the bank’s 3.2 million customers around 2.4 million will get their fees removed.
Until now Bankia customers annually have been paying € 48 for account maintenance, 20 € for bank cards and 34 € for credit cards and between 6 and 7 € for bank transfers higher than 2000 €.
The new strategy also means that customers will be able to withdraw cash free of charge from Bankia’s more than 5,500 ATMs, and also get four free monthly withdrawals in ATMs belonging to the Euro 6000 Network and Banco Sabadell (totaling an additional 12,300 ATMs).
Removal of these costs is estimated to cost Bankia € 40 million per year.
The new strategic plan has been prepared as a result of a customer survey, where customers have expressed strong dissatisfaction towards bank charges. Bankia rightly expects this to get new customers. The goal is to get 300,000 new customers this year.
This also confirms that the commercial banks’ battle for customers has intensified. It began with Banco Santander who launched their account 1,2,3, where the customer pays according to how much they have in their banc account. Bankia now goes a step further and the customers will hopefully become the winners in this competition.