Obligation to purchase share in Cajamar Bank

Cajamar Bank deducted €61 from my account, without informing, to purchase one share in the bank. I have this account for the past three years and this is the first occasion that the bank have mentioned same to me. I only received an explanation when I queried the charge.

Their explanation is as follows ;

Cajamar is a cooperative bank, the "owners" of Cajamar are the clients that need be holders of 1 share of Cajamar. This share is guarranteed, don't loose value without you win a interest of this amount (61€ )that we pay you in your current account each three months and this only 61€ per client and a unique deduction. This share can be reimbursed when you decided cancel the account.

Has anyone else come across this charge and if so is it legal

Wrixon

we recently opened an account with Cajamar and were asked to pay the same ie a share each on a joint bank account.

3058   CAJAMAR CAJA RURAL, S.C.C.  (also known as CA Y M:P: DE CORDOBA)

News to me too,  I have a joint account with my wife, she has an account, my son has one and a personal friend has one. None of us has a share.

Thanks Benjamintin... Was a bit worried there! We each have a current account with Visa Electron ATM/Debit card. Have never been asked for this Eu61! 

Likewise, OH is about to get their wages paid in there - so would worry if it was not safe!

Please please check the facts before scaring people ;)

Have been a Cajmar customer for over 10 years - have never HAD to buy these shares but frequently do when I have a few more euros than I need. Max holding is about 6000 euro and they give a reasonable rate of interest (currently 3.4%) that is credited every 3 months.

Only takes a few minutes to cash them in when need the dosh in a hurry. I tend to buy them in blocks of 10 ... then can cash them in 10 at a time if thats all I need at the time.