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Does anyone have any information about the impact of the takeover ? What are Sabadell like to deal with ?
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I opened an account with Sabadell last November and I am more than pleased. Oh, and everything is free, because I pay my pension in every month.
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We have had an account with Sabadell for the past 7 years and are very happy with them and the relationship we have with them
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Everything sounds positive so far. Thanks for your contributions.
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I had a one year Sterling investment with Sol Bank (then part of Sabadel). The rate was good but when I decided to move the sterling when investment matured, to another bank, I was forced to pay 0.5% on the total investment (that was £800 on £160,00)
As I was aware of this nasty little trick which many Spanish banks play, I asked before I made the transfer, and tried and tried to get a better rate,. But they were having none of it.
While you are with them they are great, as posters here will tell you, but they are still customers !
So guys beware, Sabadel is I believe the Spanish nick name for Robin Hood.
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I think the way around this nasty practice is to get the receiving bank to effect the transfer. Anyway, they're all the same. BBVA tried the same with me when I moved to Solbank. In the end, I took it all out in cash just to spite them (no charge for cash withdrawals) and crossed the road very carefully while keeping a keen eye out for any real Robin Hoods. By the way, is that true, about Sabadel being the Spanish nickname for Robin Hood? I never heard that one. (Sabadell, with two "ll"s, is of course the town in Cataluña where the bank originates)
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"Get your facts first, then you can distort them as you please"
Mark Twain
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As I was aware of this nasty little trick which many Spanish banks play, I asked before I made the transfer, and tried and tried to get a better rate,. But they were having none of it.
Robeto,
That means I tried every way. (Cash is not an option when the investment is in Sterling and the bank is in Spain).
Incidentally it was BBVA who made me aware of that rate of charges but they did refund half of it when I complained at a high enough level, As I said Sabadel was not interested at any level.
Sorry but my comment about Robin Hood was a simile
An aside
For anyone not familiar with what a simile is:
It's a figure of speech that directly compares two different things, usually by employing the words "like" or "as".
Example, to say one is 'as thick as two short planks' or
'he is not the sharpest knife in the box' or
' Sabadell is the Spanish name for Robin Hood'
are all similes.
This message was last edited by johnzx on 05/03/2012.
This message was last edited by johnzx on 05/03/2012.
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Oh, oh...I get it....you were trying to be funny....as in "as funny as a rubber crutch". Oh, gosh, that's hilarious! So you meant that Sabadell are like Robin Hood, they take from the rich and give to the p.....hang on, that's not right.
"That means I tried every way" - Heaven forbid I should ever have even dared to suggest the merest possibility that you don't know better than me.
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"Get your facts first, then you can distort them as you please"
Mark Twain
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Manorpark’s serious question was “Does anyone have any information about the impact of the takeover ? What are Sabadell like to deal with ?”
So that the message does not get lost in the friendly banter, I will repeat it: Beware of all Spanish banks, they are not the same as similar institutions in say UK.
Always try to anticipate what you may want from the bank in the future before you deposit your hard earned cash.
In my case with Sol Bank (which was part of Sabadell) before I opened the 12 month fixed, sterling investment, I asked about, security of investment, the rate, re-investment, accounts available, running costs of accounts, early withdrawal, other charges, etc but failed to ask about what the penalties would be if I withdrew my fund on maturity
The bank had been recommended by a good friend (not just a poster on a forum) who assured me of their excellence.. When I was charged the 0.4% , as a long standing customer he tried to get my charges reduced. He was told he would have to pay the same charges if he made a withdrawal. He is no longer banking with Sol Bank / Sabadell.
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I made an enquiry at Santander today, and they explained to me that if I opened an account with them, they can make a "traspaso efectivo" claiming funds from my existing bank (Sabadell/Solbank) at no cost to me, and that Solbank cannot charge me either since they are not actually performing any transaction for me. The only apparent catch is that the transfer of funds can take 5 working days (presumably as the sending bank prevaricates as long as possible). Solbank actually told me the exact same thing a couple of years ago. (I took my money from BBVA in cash just to spite them and because I didn't want to wait for 5 days) I must point out that I have not tried this in practice, so cannot guarantee it works, and of course I am just somebody on a forum - I do not post this as anybody's friend, but nevertheless hope that the info may be of interest to someone.
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"Get your facts first, then you can distort them as you please"
Mark Twain
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Beware of all Spanish banks, they are not the same as similar institutions in say UK.
Johnzx , I think you have summed up what a lot of us have discovered about banking in Spain.
I am hoping that Sabdell will not be as corrupt as Cambank. They have closed down the international branch in Roquetas de Mar which does not surprise me as they always seemed so incompetent. Unfortunately, they don't seem to have any of the customer paperwork/records and don't seem to have any knowledge of a customer's history.
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According to the Spanish newspapers last month the EU were supposed to be approving the Sabadell takeover of CAM during this month and as we approach the end of March I was wondering if anyone has heard anything.
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ColinReid
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I wonder if they know what they have taken on here with regard to outstanding cases/claims against CAM bank???
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From what I read Cambank is in a huge mess. At least the Director of Cam has had her case thrown out of court, she was trying to claim unfair dismissal and 10 million in lost earnings despite a huge pension and salary payout. Can't believe the nerve of some people at the top !
Our dealings with the bank have been much more positive over the last couple of months . We seem to be dealing with a different set of people and they don't automatically say no. I am hoping they are getting rid of the poor employees and trying to improve customer relations.
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Does anyone know anything about Sabadell? Is it a good bank & has they already taken over CAM bank as I still see CAM bank around?
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Sabadell seems to be a pretty sound, well-run bank. It's based in Cataluña where they have a record of running banks and many big businesses acceptably.
Their take-over of the CAM is finalised as far as the Spanish Authorities are concerned but we're waiting for final approval from the EU. This was promised for March so it's now over-due.
Sabadell will then change the name of all the CAM branches to, I think, Sabadell - CAM but, clearly, they can't do this until the all-important final approval is granted.
The continuing bad news stories that we still see in the Spanish press about the CAM deal with the total losses suffered by shareholders and other investors in the CAM and the disgraceful and probably criminal behaviour of some of the previous directors. It may all end up in the courts. One ex-director who received a grandiose pay-off actually went and signed on for the dole !!!
Asi es la vida.
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ColinReid
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I was reading in one of the papers last wek that Cam bank was bankrupt when taken over & that there will be nothing whatsoever for Cam shareholders.
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Todos somos Lorca.
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Hi Colin,
Do you know that if I open an account now & it still has the name of CAM, will my account be automatically transferred to the new name Sabadell - CAM when the take-over is in place & have the new terms/conditions?
Thanks.
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I can only guess, like you, but when we were talking with the new staff at our branch they said that they anticipated very few changes for the clients although they confessed to being very busy with new systems themselves, i.e. bank internal matters.
I presume that, as an existing client, I will receive a long letter from Sabadell, eventually, telling me how good they are and detailing all the favours they will do for me. Well, I can dream, can't I?
I'm keeping a watch on things because some banks, e.g. la Caixa, try to slip in new charges and hope no one will notice. They started to charge a friend for accessing his account by Internet !!! NOT ACCEPTABLE.
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ColinReid
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if your branch was any good they would have enticed you into the rights issue which alot of the staff went for, made me a nice earner!
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