Regulator expects a “drip” of customer inquiries due to Euribor’s impact on loan repayments
Bank customers are agitated against the bad practices of their banks, although they often fail to get the entities corrected. The Bank of Spain received a total of 34,330 claims in 2021 – the majority correspond to consumers -, 61% more than those received in 2020, the first year of the pandemic, of which banks absorb 83% of the total. Banks and cards remain the most in-demand products, accounting for 63% of the total. A year earlier, that weight was 54%.
This is reflected in the latest Claims Report presented this Monday by the body commanded by Pablo Hernández de Cos. A document showing that, if the evolution of the last decade is observed, 2021 will only be surpassed in 2017 and, very slightly, in 2013, two years marked by those related to mortgage loans (floor clauses in 2013 and formalization costs in 2017 ) .
The number of claims in 2021 is even 41.1% higher than the average annual number of claims for the decade (24,337). The institution also indicates that with data available as of July 31, the closing estimate for 2022 would bring the number of claims to approximately 39,000, higher than those registered in 2021 and very close to the historic 2017 maximum.
According to the data collected by the agency, the banks have returned almost four million euros to their customers for all these concepts, the highest amount in the past decade.
It is true that of the total number of claims, the Bank of Spain eventually published 9,921 reports and searches, either because of the transfer of many others to other competent authorities, such as the CNMV or the Directorate General of Insurance, or because of the withdrawal, among other things. of the customers. Of these, 6,924 were in favor of the customer, compared to 2,997 in which the entity led the way. And of those beneficial to the customer, the bank has rectified a total of 5,056 times, 73% of the total. He didn’t do it in another 1,868.
As has become common in recent years, mortgages are still the products that have received the most complaints. But the tremendous growth that has been seen this year is surprising, from 94.1% to 11,481. In fact, they are the most claimed product, accounting for over 33% of the total. In 2019, before the pandemic, the number was 4,468, 30.5% of the total.
Within this category, the claims for payment of formalization costs are again striking, representing 20.6% of the total, as well as those motivated by the contracting of linked products. That is, when the bank forces you to take out a different set of products, such as funds, pension plans or insurance, when providing a mortgage.
With regard to the data already known for this year, the Bank of Spain indicates that we still have to wait and see how the rise in interest rates that has put millions of families in serious trouble affects the evolution of claims. historic increase in their quota due to the escalation of the Euribor.
“Our role would be to verify that the entities have properly informed the client at the time of contract signing and when reviewing the fee,” they state from the agency. The regulator acknowledges that it expects a “drip” of questions in the coming months, although it will have to wait and see.
“We have not appreciated that the communication of the entities about the terms of the loan is a particular concern,” they indicate. They also recall that the rise in mortgages mainly affects variable interest rates and that fixed-rate rents are now much higher than they were years ago. They also refer to the improvements made in this regard in the Real Estate Credit Act, which sets strict requirements for the transparency of contracts.
The cards are in second place with 10,132 claims. In fact, and only after mortgages, they are the second product where customer complaints have increased faster. In concrete terms, 80.2% more, going from 5,622 claims in 2020 to 10,132 in 2021, and already accounts for 29.5% of the total. According to Fernando Tejada, director of the claims department at the Bank of Spain, this increased weight is due to new methods of payment and the greater use of plastic compared to cash.
Within this segment, claims for allegedly fraudulent card transactions and for non-delivery of related documentation (copy of contract and settlements) stand out. Files on credit cards in ‘revolving’ mode have also grown, with 4,360 processed in the year, mainly due to misinformation blaming customers for the contracted product.
Another common reason for claiming in 2021 was failure to cancel an account that the holder claimed to have requested, a request that must necessarily be dealt with within 24 hours. “Often there are claims from customers who claim that they have ordered the closure of an account in the past and years later the entity demands that they pay the debt incurred due to the liquidation of commissions and charges from that account,” indicates the supervisor.
In the same way, the analysis of the complaints received about the basic payment account is also remarkable, mainly because of the refusal of the entity to open such an account or because of the application of reasons for refusal not stated in the current regulations.
Source: La Verdad
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
