Tsunami, 4. Masters of Money.

Today, I was called to the bank, in Padrón. The person sent an email with the appointment, in case I was stopped, but I wasn't.

The drive up was quiet. There were few cars out, fewer than normal. I relished the change in scenery, even though I've never particularly liked Padrón. That opinion was strengthened, as I passed down a street that was once teeming with shops. Now, every other storefront is closed, and For Sale, or For Rent signs abound. But it's been so since before the pandemic.

The person at the bank had called me, and was calling crowds of people, because the conditions of all bank accounts are now changing. When my parents opened this account, the bank was the Banco Pastor. A few years ago, it was bought and absorbed by the Banco Popular. This, in turn, was eaten and swallowed whole by the mega-bank, Banco Santander. And now, they're out to become even richer. 

Once upon a time there were caixas, or cajas, in Spain, which were like savings banks or coop banks, and which had participation of public money. That participation was dependent on rules that allowed people of little income to own a bank account with few, if any commissions. Those rules went out the window when the caixas were chewed up and spit out by private banks, as a restructure effort, to take out public money, and to get rid of corrupt, boards of directors. We are now left with three or four mega banks that are totally private, and can write their own rules in the commissions department.

Now, Santander is introducing the ONE account. If you only have the account open, with nothing else contracted, you now have to pay €20 a month for maintenance. If you have the account with domiciled receipts, a related deposit or IRA account, a debit and credit card, and a direct deposit salary of at least six hundred euros, it's free. If you have all these conditions, except one, you pay €10 euros a month maintenance.

I have all the conditions except the salary, which was why I was called in to speak with the bank worker. I explained that direct depositing my husband's salary was impossible, since his employer pays him in hand. I don't have a salaried job. So, the woman asked about transferring the minimum amount from another account I have, at another bank. I said that was impossible, since I didn't have that amount in the other bank, and that other bank charges any transfer to other entities. In the end, the woman said the only way to avoid charges was to convince my husband's employer to direct deposit at least part of the salary.

We're not about to do that. So, we will have to hand over €120 a year, just to pay the bills we have domiciled in that account. If it weren't so time-consuming, I would close that account, and open one elsewhere. But now, it doesn't matter where I go, just about every bank charges commissions if you don't meet certain conditions, and one of them is always a direct deposited salary. Those that still don't charge, will do so presently. 

It's highway robbery. It is a way to capture clients and hold them prisoner. And, what of those clients who don't meet all those conditions simply because they can't? Not everyone has enough money left over to open a private pension deposit, or to invest money. (One of the conditions which could take over for the domiciled salary was buying 1000 shares of Santander stock - over two thousand euros at current price. No, I am not buying any stock.) 

And the way things are, now, a bank account is a necessity. All payments over €2,500 have to be paid by transfer, and can't be paid in cash. This was done to get undeclared money out into the open. To pay a bill, you have to go to a bank. If you're not a customer, they charge commission. To receive anything from the government, from unemployment checks, to tax refunds, you need a bank account. Yet, while it is necessary to have an account, no provision has been made to make sure banks don't charge commissions from people who can't afford to pay them. 

This is capitalism at its worst for the common people. No one in the government will ever change it, because too many ex-ministers fall into jobs either in the energy sector, the telecom sector, or the banking sector. They will not soil their future beds by ruling against the banking oligopoly. 

It's enough to make blood boil. May a pox fall on all their houses, and may they leave us alone with what little we have.

Life continues.