Banks want to win new customers and gifts are still one of the main hooks to achieve it.
First were the tableware and the kitchen batteries and then the televisions, the smartphones and the tablets.
In fact, many Spanish households are decorated with a complimentary gift from their bank.
But times have changed and now the most popular bank offers consist of delivering money to customers.
That’s right, free gift money.
But no matter how much the cash has replaced pots, dishes and technological appliances, which has not changed is the goal of banks: increase the number of linked customers.
“If an entity gives 100 or 200 euros to a client is because he hopes to make profitable to that user,” explain the experts from the financial product comparator HelpmyCash.com.
But what demand banks in exchange for their gifts?
The main objective of these campaigns is to capture new payroll or pensions.
This type of promotions are usually directed to clients who have not had their homes domiciled in the Bank during the months prior to the promotion and that domicile a new payroll or pension, generally of a minimum amount.
In addition, in some cases the small print can hide other additional requirements such as domicile a minimum number of receipts in the account or use the associated card a series of times per month or the quarter.
In addition, accepting a Bank’s gift involves ties with the entity.
This type of promotions are accompanied by a permanence commitment that can be extended for several years, during which time the client must maintain its income domiciled at the Bank.
The commitments of permanence are usually one or two years, the HelpmyCash experts ensure, although they nuance that if the value of the gift is very high it may be greater.
The permanence guarantees the Bank that during a more or less long period of time the client will maintain its income domiciled in the entity.
In addition, if you domiciliate your payroll in the account, you will probably become your main account, pay your receipts with it and use the associated card, something that is profitable to the bank, as it earns money every time you pay with card thanks to
The commissions charged to trade.
On the other hand, one or two years is enough time not only to try to raise the customer and then do not leave, but to offer you other products that are profitable for the company, such as pension plans, investment funds, insurance, loans,
Credit cards, etc.
Breaking the commitment of permanence has consequences.
If the gift is an income in the account, it is most likely that the entity forces the client to return the part of the money proportional to the term that is for the expiration of the contract.
Instead, if it is a tangible gift, as a television, the entity could be invited the total amount of the gift.
It is possible that, for reasons other than his will, the client can not respect the conditions of linking the campaign, in which case he would also have to face the penalty, explain HelpmyCash sources.
For example, if the client stays unemployed and can not continue entering their payroll.
On the other hand, when a Bank gift is received, it is necessary to pay taxes.
Sometimes, the entity takes charge of the retention, but in others it is the client who must pay the taxes corresponding to finance.
It is important to ask the bank who takes charge of taxes and, if it is a gift in the form of money, if the announced amount is gross or net.
Also, if the gift is a television, a smartphone or any other object, the client may have to pay shipping costs, especially if the present is sent to his home.
Another important aspect are the expenses of the account in which the payroll is going to dominate to obtain the gift.
Ideally, whether it is an account without maintenance commissions or basic operation.
Before giving the yes, I want the Customer Bank to read the conditions of the account and the requirements not to pay commissions.
