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Insurance & Banking - Automatic Renewals

Insurance & Banking - Automatic Renewals

Old Mar 21st 2011, 4:52 pm
  #16  
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Default Re: Insurance & Banking - Automatic Renewals

Originally Posted by Rotor View Post
I ve only done it with debit cards.
Yes, it is so much easier with a debit card.
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Old Apr 27th 2011, 11:11 am
  #17  
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Default Re: Insurance & Banking - Automatic Renewals

I'm the one who started this thread and then lost my membership details!

Thank you ALL for your comments which show just how bad these Spanish banks and Insurers can be.

I've been researching this topic and found that the EPC (European Payments Council) have created what they call the SEPA Core Direct Debit Scheme (SDD Core) http://www.europeanpaymentscouncil.e...ct_debit_(sdd). By 1st November 2010, all European banks plus others such as those in Norway, Iceland etc, are legally required to have introduced this scheme. The published rules http://www.europeanpaymentscouncil.e...cuments_id=439 make it clear that regardless of circumstance, only the account holder can start and stop a Direct Debit. This seems to me to be a pretty basic rule that should be have been in place at all banks regardless of these new SEPA rules.

Here's a list of the participating banks: http://www.europeanpaymentscouncil.e...a_direct_debit

Originally Posted by Chiclanagir View Post
Wouldn´t touch Banca March with a long pole. Were with them for six years and the charges were horrendous, the last straw being 15 euros charge for a Currencies Direct payment of 300 euros although there should have been no charge. Just shrugged their shoulders when we complained. So we moved to La Caixa completely different service and no charges.
CHICLANAGIR, you mention La Caixa as your favoured bank. I was told that they are a savings bank only and their website confirms this. Does La Caixa still work like a normal account allowing Direct Debits; do you get a cheque book and a Credit Card etc? I'm interested because there are plenty of La Caixa branches in Menorca and I'm keen to dump Banca March.

On the two months Insurance policy cancellation window mentioned by many people, this sounds like a scam to me. It may be legal but if it is, it again illustrates just how far the Spanish laws are loaded against consumers. How would schemes such as GoCompare or ComparetheMarket ever work in Spain?

I emailed Allianz.es twice to cancel my boat insurance (both times in Spanish and English). The first email they have never replied to. They replied to the second email today. It reads, "Su mensaje se eliminó sin leer el miércoles, 27 de abril de 2011 7:50:55 a las (GMT+01:00) Bruselas, Copenhague, Madrid, París." (Your message will be deleted without reading on Wednesday, April 27, 2011 at 7:50:55 (GMT +01:00) Brussels, Copenhagen, Madrid, Paris).

Looks like they just throw emails away without even reading them. So how DO you cancel a Spanish insurance policy?

Thanks again for all your advice.
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Old Apr 27th 2011, 1:13 pm
  #18  
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Default Re: Insurance & Banking - Automatic Renewals

Originally Posted by Fattybatty View Post
I'm the one who started this thread and then lost my membership details!

Thank you ALL for your comments which show just how bad these Spanish banks and Insurers can be.

I've been researching this topic and found that the EPC (European Payments Council) have created what they call the SEPA Core Direct Debit Scheme (SDD Core) http://www.europeanpaymentscouncil.e...ct_debit_(sdd). By 1st November 2010, all European banks plus others such as those in Norway, Iceland etc, are legally required to have introduced this scheme. The published rules http://www.europeanpaymentscouncil.e...cuments_id=439 make it clear that regardless of circumstance, only the account holder can start and stop a Direct Debit. This seems to me to be a pretty basic rule that should be have been in place at all banks regardless of these new SEPA rules.

Here's a list of the participating banks: http://www.europeanpaymentscouncil.e...a_direct_debit



CHICLANAGIR, you mention La Caixa as your favoured bank. I was told that they are a savings bank only and their website confirms this. Does La Caixa still work like a normal account allowing Direct Debits; do you get a cheque book and a Credit Card etc? I'm interested because there are plenty of La Caixa branches in Menorca and I'm keen to dump Banca March.

On the two months Insurance policy cancellation window mentioned by many people, this sounds like a scam to me. It may be legal but if it is, it again illustrates just how far the Spanish laws are loaded against consumers. How would schemes such as GoCompare or ComparetheMarket ever work in Spain?

I emailed Allianz.es twice to cancel my boat insurance (both times in Spanish and English). The first email they have never replied to. They replied to the second email today. It reads, "Su mensaje se eliminó sin leer el miércoles, 27 de abril de 2011 7:50:55 a las (GMT+01:00) Bruselas, Copenhague, Madrid, París." (Your message will be deleted without reading on Wednesday, April 27, 2011 at 7:50:55 (GMT +01:00) Brussels, Copenhagen, Madrid, Paris).

Looks like they just throw emails away without even reading them. So how DO you cancel a Spanish insurance policy?

Thanks again for all your advice.

Don't forget that most European Countries no longer really use cheques. I made this mistake when I first arrived in Spain by ordering a Cheque book - it cost quite a lot. To this day I've not really used it and not really found anyone who accepts cheques.

Most businesses in Spain operate with cash (effectivo).
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Old Apr 27th 2011, 2:16 pm
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Default Re: Insurance & Banking - Automatic Renewals

Regarding La Caixa I have a normal account which has direct debits on it, a debit card and I was also sent a credit card but I sent that one back.

Regarding direct debits it is normally only the receiver who has set it up in the first place that can cancel them this is in the UK as well but there is never usually a problem with reputable companies. Just beware of continuous payments which will NOT be possible to cancel except by the receiving person. Re the claim that you cannot cancel an insurance policy without giving three months notice. Don´t pay and then if you have an accident see if they will pay out! I don´t think so. If you pay on a monthly basis you are only ever covered for the month you have paid.
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Old Apr 27th 2011, 9:27 pm
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Default Re: Insurance & Banking - Automatic Renewals

Originally Posted by Chiclanagir View Post
Regarding La Caixa I have a normal account which has direct debits on it, a debit card and I was also sent a credit card but I sent that one back.

Regarding direct debits it is normally only the receiver who has set it up in the first place that can cancel them this is in the UK as well but there is never usually a problem with reputable companies. Just beware of continuous payments which will NOT be possible to cancel except by the receiving person. Re the claim that you cannot cancel an insurance policy without giving three months notice. Don´t pay and then if you have an accident see if they will pay out! I don´t think so. If you pay on a monthly basis you are only ever covered for the month you have paid.
Chiclanagir
What is the name of your La Caixa account (ie Current Account, Regular Saver etc). I need to visit La Caixa and open a similar account I reckon.

Direct Debits against a current account can only be created and cancelled by the account holder paying the money out. The recipient company has no legal right to do so. Conversely, a Direct Debit on a Credit Card can only be cancelled with the approval of the recipient company. The message here is NEVER allow a company to establish a Direct Debit against a Credit Card.

Your advice not to pay an insurance premium is precisely the method by which most British people 'inform' their insurers that they no longer want their insurance. The message is pretty clear isn't it? If I stop paying the premium I don't want your insurance! Like I said, this is precisely how Gocompare is able to switch you to a new insurer. It wouldn't work if you continued to pay for the previous insurance policy whilst starting to pay for the new one.
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Old Apr 28th 2011, 11:06 am
  #21  
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Default Re: Insurance & Banking - Automatic Renewals

Originally Posted by Fattybatty View Post
Chiclanagir
What is the name of your La Caixa account (ie Current Account, Regular Saver etc). I need to visit La Caixa and open a similar account I reckon.

Direct Debits against a current account can only be created and cancelled by the account holder paying the money out. The recipient company has no legal right to do so. Conversely, a Direct Debit on a Credit Card can only be cancelled with the approval of the recipient company. The message here is NEVER allow a company to establish a Direct Debit against a Credit Card.

Your advice not to pay an insurance premium is precisely the method by which most British people 'inform' their insurers that they no longer want their insurance. The message is pretty clear isn't it? If I stop paying the premium I don't want your insurance! Like I said, this is precisely how Gocompare is able to switch you to a new insurer. It wouldn't work if you continued to pay for the previous insurance policy whilst starting to pay for the new one.
You may swiftly find out Spanish banks have a system of their own, if you owe people money then they kindly pay them out regardless of your permission or not.
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Old Apr 28th 2011, 11:24 am
  #22  
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Default Re: Insurance & Banking - Automatic Renewals

Originally Posted by jdr View Post
You may swiftly find out Spanish banks have a system of their own, if you owe people money then they kindly pay them out regardless of your permission or not.
I think you mean "if you owe people money or not "
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Old Apr 28th 2011, 8:57 pm
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Default Re: Insurance & Banking - Automatic Renewals

Originally Posted by Fattybatty View Post
Chiclanagir
What is the name of your La Caixa account (ie Current Account, Regular Saver etc). I need to visit La Caixa and open a similar account I reckon.

Direct Debits against a current account can only be created and cancelled by the account holder paying the money out. The recipient company has no legal right to do so. Conversely, a Direct Debit on a Credit Card can only be cancelled with the approval of the recipient company. The message here is NEVER allow a company to establish a Direct Debit against a Credit Card.

Your advice not to pay an insurance premium is precisely the method by which most British people 'inform' their insurers that they no longer want their insurance. The message is pretty clear isn't it? If I stop paying the premium I don't want your insurance! Like I said, this is precisely how Gocompare is able to switch you to a new insurer. It wouldn't work if you continued to pay for the previous insurance policy whilst starting to pay for the new one.
More about Cajas (in Spanish).
When taking out monthly payments it is called "domiciliacion" The nearest equivalent to this service in English is a standing order. Not a direct debit.
When you wish to change insurance companies you cannot just stop payments. You must write to the said company, with notice. If not the original company can force you to pay thier cover too. A good insurance broker will give you all the information, especially if they want your buiness.
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Old May 3rd 2011, 9:38 am
  #24  
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Default Re: Insurance & Banking - Automatic Renewals

I just logged on to my SOL Bank account to find that the Swiss Insurance company that covers my car (which is now in England) had taken €385 out of my account for this years renewal even though it was canceled several months ago.

I rank sol bank whilst on line and told them, and one minute later the money was back in my account, whilst they will take the matter up with the insurance company.
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