Cajamar bank

I can't find the thread which included the post which said something like 'take care with cajamr bank' so I'm having to start a new thread:

We are with Unicaja and my Uk pension is transferred into our account automatically every month. I don't pay any charges at all at the moment. I also have an account with Cajamar and up until this monthe I have paid no charges nor commissions because I am over 65 years of age. However this month I have been charged 15 euros for my card. Today I have been to the bank and found out the following:- they have changed their rules. The free banking for 65 year olds has been withdrawn and they charge 15 or 30 euros per annum for their card. 15 if you make more than 48 payments per year with the card. They are charging us 60 euros pa for the account . To avoid these charges one must invest in their business. They don't have shares so what you have to buy is something similar but different. Each of these 'shares' cost 61 euros and you must buy at least a total of 1037 euros worth of these 'shares' to avoid maintenance charges. These 'shares' attract a three monthly interest but are not affected by variations in value like true shares and so you are guaranteed your 1037 euros + interest back whenever you cash them in (and start paying bank charges again of course). These 'shares' are kept in a separate account from your normal current account.

So this is apparently the situation with Cajamar bank .

Graham

If you have your pension paid into a Cajamar account then there are still no charges on the current account.  I just cancelled my card with them as I do not use it.

Of course the manager in any bank can ‘adjust’ all charges if you can persuade them.

I have been with Cajamar for 4 years now and only the first year I paid charges until I became a resident now I do not pay any charges.  I do not have a credit card only a debit card so perhaps having a credit card is where the charges apply?

Worthy,  perhaps you could find out why and tell us so we will all know.

A very well explained post if i may say so.

We are with Cajamar and we chose to buy the maximum shares we were allowed (£ 9,600) at the time and had no problem with that. We got a better interest rate than we could find in the UK on any savings account and the interest is paid quarterly, at the same time as they announce the new "maximum" amount of shares you can purchase, and the interest rate that goes with them.

Just as an aside i find the on-line banking to be excellant once you have found your way around it by pressing a few buttons Lol.

We moved from Lloyds because of the "takeover" by Sabadel, and they charge 8 euros a month for "account maintenance"

To be honest Cajamars online banking is far superior to Lloyds.

CostaBlade:    We are with Cajamar and we chose to buy the maximum shares we were allowed (£ 9,600)

I don’t know, but I suspect, that amount is not covered by the Government guarantee on bank deposits, i.e. up to 100,00 euros per person, per bank.

""CostaBlade:    "We are with Cajamar and we chose to buy the maximum shares we were allowed (£ 9,600)"

I don’t know, but I suspect, that amount is not covered by the Government guarantee on bank deposits, i.e. up to 100,00 euros per person, per bank.

Yes Elaine you are correct in what you say, but i don't have worries of Cajamar going bust. (famous last words !!)

I am not one of these doom mongers who think Spain is another Greece, every-thing will be fine.

Actually i think i am correct in saying that no bank (in Europe) has gone bust where the guarantee has "kicked in"