The main changes that will affect our customers will be as follow:
- Shared expenses: when carrying out payment operations in Euros, the ordering and receiving parties will share the expenses incurred. The ordering party’s bank will pass on its costs to its own customer, and the beneficiary’s bank might pass its expenses on to its own customer as well. Generally, this is referred to as “Shared” expenses.
If the payment operation includes a currency conversion, understanding currencies as those of any other Member State of the European Union, the same criterion of expense sharing shall be applied, unless the parties agree otherwise. Furthermore, if the other payment service provider is located in Spain and the payment operation includes a currency conversion as described above, the same criterion of expense distribution will be applied, and the conversion costs will be met by the person requiring said conversion, unless the parties agree otherwise.
- Operation value date: operations covered by this act will be credited to the beneficiary’s account on the same working day as the bank receives the funds. In other words, the value date will be subject to the calendar of inter-bank settlements, for example, the value date for crediting a transfer between banks in the same country will be the next working day following the operation.
The most common are:
- Transfers between banks in the same country: value date is the next working day following the operation.
- Deposit of cheques issued by the same bank: value date is the same as the operation date.
- Cash deposits:
- Consumers: value date is the same day.
- Non consumers (Exception permitted under PSA, art. 42): value date is the next working day.
- Deposit of cheques issued by the Bank of Spain or other banks: deposited subject to final settlement, value date is the second working day following presentation.
- Bill Refunds: a longer period is established to refund bills debited.
- Consumers (1): During a period of 8 weeks from the date the bill amount is debited, any bill may be refunded as long as the direct debit order does not specify the exact amount of each bill and the amount debited exceeds what could be reasonably expected given the customer’s previous spending patterns, the conditions of the framework agreement and the circumstances pertaining to the case. This period is extended to 13 months in the case of an unauthorised direct debit.
- Non consumers: the Bank is not required to process refund orders for authorised bills or those paid by direct debit. Non consumers will have a maximum of 30 days to request a refund for unauthorised direct debits.
- CAC/ IBAN / BIC: When the customer carries out an operation, they must be absolutely certain of the CAC, IBAN (International Bank Account Number) and the BIC (Bank Identifier Code or SWIFT) for the accounts involved, because if they are incorrect, Cajamar Caja Rural will not be responsible for not carrying out or incorrectly carrying out the operation, for example, if the beneficiary stated on the order is not the holder of the account to be credited.
(1) Consumer: individual acting outside of their economic, commercial or professional activity.