Best practices for banks’ campaigns to attract new customers whose salaries will be paid into their account
09/02/2023
Banks have long been running campaigns to attract new customers whose salaries will be paid into their account.Abre en ventana nueva In some of these campaigns, banks offer you money or gifts if you open an account, have your salary paid into the account and keep it for a set period of time.
The terms and conditions of these loyalty campaigns are included in each bank’s business policy Abre en ventana nuevaand risk-taking policy. This means that the Banco de España does not have the authority to assess the terms that have been agreed.
That said, from the Banco de España’s perspective there are a number of best practices that banks should follow.
- Providing information about the terms and conditions of any special offers Informing you about the terms and conditions of a loyalty programme via adverts alone is not sufficient. Banks should use account agreements or other channels to provide clear information about the conditions you need to meet to benefit from these offers.
- Avoiding unrealistic expectations If the bank knows that you are not going to be able to meet those conditions, it should make you aware from the outset. It should also let you know when the offer ends, so that you have time to make any necessary arrangements and enjoy the benefits.
- Explaining how gifts have been distributed if they run out If the offer includes a giftAbre en ventana nueva and the bank tells you that there are no more gifts left, it should explain how the gifts were distributed.
- Keeping the terms and conditions unchanged In exchange for the gift, the bank will most likely require you to keep the account open for a set period of time (usually two years) or meet another requirement, such as setting up a series of direct debits.
If you agree to meet certain requirements for a set period in order to receive a gift or payment in kind, it may be bad practice for the bank to change the agreed fees during that time.
