They have changed the terms and conditions of my bank account: what do I do?

We'll tell you what to do if your bank has modified the terms and conditions for your account
In recent years, the number of mergers and acquisitions involving banks has raised many questions, above all regarding changes to the terms and conditions for customer accounts that were previously held with a bank that has now been purchased or absorbed by another financial institution:
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  • Changes in terms and conditions related to checking account administration and maintenance fees.
  • Charging annual fees or other types of fees for debit or credit cards.
  • Terms of conditions regarding cash withdrawals or use of ATMs at the new bank.
  • Other questions: are the benefits retained for direct depositing of a salary or direct debiting of bill payments; terms and conditions for other products (term deposits, investment funds, pension plans, mortgages, etc.).

To make sure everything remains clear, we will start with the most basic and elemental advice:

  • Find a copy of the contract you signed when you opened your checking account at your original bank, and read it carefully. You may be able to find this document at your financial institution's website or app (in the public area or in the private area where you must login to enter). If you cannot find it you can always go to a branch, or request help via the other customer service channels available.
  • Find the clause in the contract regarding the possibility of modifying the terms and conditions of the account (if referred to explicitly there) and the rights the customer has in this situation.
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If you are able to find your account contract, we recommend that you should follow these steps:

  • Go to the website or app for your original bank and look for information notices related to this subject. These tend to be directed towards customers in order to explain the new situation and describe the new terms and conditions for their bank accounts and for the rest of their financial products: cards, pension plans, mortgages, etc.
  • Once you confirm the original terms and conditions of your account contract and the changes that may result in the event of a merger or acquisition, you will be able to adopt a clear and firm stance, and take action based on the contract or the terms and conditions that have been agreed upon after the change of institution.
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