Bankia charges savers €14 monthly for not investing

Bankia to charge non-investing savers €168 annually

How much must you keep in the bank to avoid fees for holding your own money? Until recently, the answer was simple: direct deposit of salary, bill payments, or a substantial account balance. Starting in February, a large cash balance no longer works at Bankia. The entity has informed clients that traditional savings no longer exempt them from commissions; those wishing to remain fee-free must contract investment funds or other risky products. If they do not, they face what is presented as the highest maintenance fee on the market: €14 per month, €168 per year.

Classic ways to avoid fees, and the one disappearing

Until recently, almost all institutions offered several escape routes. The classic one was directing salary and bills there and paying with a card. The second was leaving a significant amount in checking or traditional savings accounts without touching it. This second door is what Bankia closes, and it closes it for everyone: it does not matter if the balance is €20 million. From the entity itself, it has been conveyed to clients that traditional savings causes them to lose money and that anyone wanting to leave has a free exit, including moving costs, according to versions circulating among affected users.

The result for those outside the no-fee program is a bill of €14 monthly, €168 per year, simply for keeping the account open. The most common condition among those still compliant is modest —two payments with the VISA— but the package no longer includes simple hoarding. And here lies the fundamental change: having money is no longer rewarded; moving it toward margin-generating products is.

Private banking from €75,000: the threshold in play

A third path remains, reserved for high net worth individuals. According to calculations circulating online, starting around €75,000 the client moves to private banking and generally stops paying commissions. In these discussions, this figure is considered rather low: the usual threshold for conventional private banking is, according to participants, around ten times that amount.

Translated into terms for the average saver: the segment labeled as private here begins where other entities still require salary direct deposit. The threshold is not a technical boundary but a commercial decision. And it admits review.

Why banks prefer idle money not be left with them

The explanation given by the entity is uncomfortable but has accounting logic: with negative interest rates, deposited and idle money costs the bank money. The saver who only accumulates ceases to be profitable and becomes a burden. Those supporting this thesis add that the blame is not on Bankia, but on those who set rates and charge entities for depositing at the central bank.

What is debated is the consequence. If all entities push in the same direction, those with some savings will end up with a single entity where they do not pay, while those barely making ends meet will be left with none. It is recalled at this point that the entity itself was rescued with public money: the idea that keeping money there is expensive has its irony.

Does complaining to Banco de España help?

Generally, no: the complaints service does not oblige the entity to comply with its ruling. The response time can stretch up to four months and, in practice, complaints about commissions are dismissed. The real value of the body is different: a favorable report for the client serves to go to court with guarantees. Nothing more.

The case that best illustrates this is that of a credit cooperative which, with an account peine only as support for a loan, presented the client two years later with a dilemma: buy shares in the entity or start paying commissions. The corresponding complaint ended where almost all do. For those with their mortgage domiciled and a single account to pay it, the advice circulating is to insist every time the charge appears, hoping the entity gets tired first.

Alternatives: online banking, basic account, and fleeing to big banks

The majority solution is the most obvious: change entities. Online banking appears as a refuge, with satisfied clients as long as there are no incidents, although the other side involves episodes of downtime and days-long blocks suffered by some purely digital entities. Examples of low commissions remain in traditional banking: €36 per year for cards in some major banks. There is also the Basic Payment Account, a reduced-commission figure theoretically designed for those who cannot meet standard requirements.

Another current proposes concentrating money in the three largest banks: if small ones see savings escaping, they will remove commissions in chain. A third goes further and asks for a public entity of last resort, dependent on Banco de España, so that no one is left out of the system for not wanting to contract risky products. The objection to this idea comes from the same place: the political temptation to use those deposits. And there are practical barriers: to withdraw €3,000 or more, notice must be given 24 hours in advance, and some branches attend at the counter only from 8:30 to 11:30.

From Caja Madrid to Bankia: the commission that already expelled a client in 2008

It is not the first time a minimum commission triggers a move. Some canceled their account in 2008 due to €1 monthly for not maintaining an average balance of €1,000 per month. The detail is amusing: the first month they were charged had €900 because they had just withdrawn €6,000 for a car down payment. The commission had already done its selection work.

If the goal was to expel from the bank those who only save, the move is impeccable. The entity charges the highest rate on the market to those who neglect themselves and retains those who sign managed funds through its own subsidiaries. The saver, meanwhile, discovers that their loyalty had a price and that no one had warned them.