Interest and fees annual summary statement: what is it and when should we receive it
Every January, credit institutions must send a statement with clear and detailed information of all the fees and costs charged and of the interest rates effectively applied to each banking service provided throughout the previous year. This applies both to credit and deposit transactions.
This statement does not include interest rates, fees and charges linked to securities services or transactions provided by the credit institution, but it includes the charged fees and costs that imply a constant trade or that refer to the selling and taking out of financial products linked to credit and deposit transactions.
If there are more than one customer, like in accounts with several holders or in loans with separate or joint debtors, each one of them should receive statement with undivided costs applied or charged in each account or transaction. The statement should also indicate the total number of co-holders of each product, should that be the case.
Banco de España has established a standardised document for this type of communications that takes into account different commercial practices of each credit institution, which is included in Annex 5 of Banco de España’s Circular 5/2012, of 27 June.
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