The Bank of Spain has warned banking clients that they

should review in detail the conditions demanded by banks

in their payroll campaigns, through which entities are willing to pay users for direct debit of their payroll.


In a publication on the Banking Customer Portal, the supervisor explains to users that banks want to have loyal customers who will stay with them for many years, as in any other business.


Due to the large number of entities and offers, entities focus an important part of their efforts on

attracting customers,

carrying out actions such as payroll campaigns.


As the Bank of Spain explains, the payroll is "a gateway", because when opening an account and direct debit a payroll, it

is likely that the client will also direct debit their receipts and contract other products

, which leads banks to strive to capture these payrolls and offer money or a gift in exchange for direct debit.

Terms


The Bank of Spain has warned that customers, upon receiving an offer of this type, should review all the conditions in detail, since it

is likely that the bank will require a permanence in exchange for their loyalty

which, if broken, will imply a penalty that will normally vary depending on the term that the payroll has been maintained.


The agency recommends to customers that their decision to change the bank account should not be based exclusively on the gift offered by direct debit of the payroll, since

said gift is only part of the entity's offer,

which must be evaluated in its set.


"Check the rest of the conditions, such as possible commissions of the account, commissions for associated services (transfers), commission of the card.

The fact that a bank offers you more than any other for direct debiting the payroll does not mean that its offer, as a whole, is the best, not because it is not the cheapest, but because, perhaps, it is not the best adapts to your needs ", advises the Bank of Spain.


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