Cheque trading and clearing fee

When you deposit a cheque at a bank other than the bank that is to pay it, you may be charged a fee for trading or clearing. This tends to be a percentage of the amount of the cheque, with a minimum per transaction.

Example: fee of 0.3% and a minimum of €3.

• Amount of the cheque: €500.

500 x 0.003 = €1.50. As this amount is below the minimum amount established, they would charge the minimum amount, i.e. €3.

• Amount of the cheque: €1,500.

1,500 x 0.003 = €4.50.

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 cheque trading and clearing fee, there is no limit, so each bank can establish the fee it chooses.
• The bank must inform you of the fee amount before the transaction is performed.