Account administration fee
Banks charge an administration fee for the use you make of your account. This tends to be a fixed amount for each entry made during the settlement period. Some banks do not apply this fee until a certain number of entries (e.g. the first ten) and/or a certain type of entry (e.g. excluding all cash deposits) are made.
What requirements must be met in order to charge this fee?
- The fees charged by banks are unrestricted, except in cases where they are limited by law. In the case of the account administration fee, there are no limits, so each bank can set the fee it chooses.
There is one exception and that is the "basic payment account". In this type of account there is a limit of up to 120 transactions per year which are included in the maximum amount of €3 per month according to the limit established in Ministerial Order ECE/228/2019 of 28 February.
- In order for the entity to be able to charge the administration fee, they must inform you previously of the terms and conditions and you must expressly or tacitly accept them.
- Its settlement tends to coincide with the account settlement period and it is not applicable to the account's own transactions, as is the case of interest payments and debits.