Current account overdraft fee

The overdraft fee is a fee charged by the bank for accepting charges on your bank account if you do not have a sufficient bank balance. It tends to be calculated on the highest debit balance of the account in the settlement period. It cannot be charged if the overdraft is a consequence of different valuation dates or due to fees charged on the account.

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 consumer account overdraft fee, this fee together with the interest is limited by Law 16/2011 to a maximum amount of 2.5 times the legal interest rate.
  • In order for the bank to be able to charge this fee, they must inform you previously of the terms and conditions and you must expressly or tacitly accept them.
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