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As many of you have not been able to come to Spain for some time you or may not  have heard that last week Caixa bank purchased Bankia bank.

Many of you have an account with one of these two banks.

This is how the takeover will affect you.

 

Change to account numbers.

If you are a Bankia client your account number will change. Do not worry as they will associate your new and old account number so transfers etc do not go astray but we recommend you start using your new account number from the moment it is informed.  Direct debits will continue to function as normal so you do not need to worry about them.

If you are a Caixa client your account number will not change.

 

Physical branch: 

Wherever there are Bankia and Caixa branches close to each other one will close so if your office disappears do not worry  as your account will be at a branch nearby. They will not necessarily close the Bankia branch as the choice of which one to close will depend on many factors like best location, ownership or rental etc.

In Mojacar for example we do not know which one will stay .

 

Re-Branding: 

Bankia  as a brand will disappear . All Branches will be re-branded as Caixa..

 

Internet Banking:  

It is yet to see how they handle this but I expect your existing Bankia domain will be redirected to the Caixa website and at some point you may need to reactivate internet banking (yet to be seen)

 

New credit card:

If you are a Bankia client you will be issued with a new credit card.

 

Most important: The conditions of your contracts (commissions etc )

All contracts with a term (i.e. mortgages , deposit contracts , etc ) will runt they’re term and by law the new bank can not change the conditions.

Regarding the conditions of your current account (  running commissions , transfer commissions etc ) I am afraid the bank is allowed to change them.

Caixa clients will not notice any difference. In general, my impression is that Bankia charged lower commissions than Caixa so Bankia clients are probably going to notice an increase in costs attached to their banking. This is perfectly legal and the only option if you are not happy is to shop around for another bank.

 

Staff:

You may not find the same faces greeting you . An unfortunate consequence of the takeover is that many of the staff, specially of Bankia will be made redundant.

 

Conclusions. 

If you are a Bankia client and suddenly start receiving letters from Caixa you know what it is all about so do not worry.

Likewise if you arrive in Spain and find that your branch holding all your savings  has gone and is now a restaurant do not have a panic attack . Your account will be at a branch of Caixa close by
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