Millennium Bank New Charges
Printed From: Albufeira.com
Category: Living in Albufeira / Viver em Albufeira
Forum Name: Algarve Foreign Residents / Residentes Estrangeiros
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URL: https://albufeira.com/forum/forum_posts.asp?TID=9019
Printed Date: 29/April/2024 at 03:33
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Topic: Millennium Bank New Charges
Posted By: Jayjan
Subject: Millennium Bank New Charges
Date Posted: 26/May/2015 at 09:27
Has anyone who banks with Millennium been informed by email etc about or seen new charges on their account. "Com manutencao conta resident exterior", as I understand it "for maintenance of account foreign resident". The amount is €5.20 + 21c tax. Not sure whether this is monthly or what. On speaking to someone who had same on their account it seems all banks are starting to do this. If this charge is only for non residents who own property I find it discrimatory and unfair. Its bad enough having charges if your balance goes below a certain amount, charges for maintenance of cards and now this, but hey that's Portugal. Does anyone know or can define exactly what this charge is for as the person I spoke to understood it to be that if you don't spend €100 a month on your card charges will apply. 
------------- Polli the dancing cat strikes again. |
Replies:
Posted By: DICEYUK
Date Posted: 26/May/2015 at 10:41
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I'm with Santander Totta and have been paying the same amount per month for the last 2 years or more. ------------- I hate how peopleï compare Frank Zappa to God. I mean, he's cool and great and nice and everything, but he's no Zappa. |
Posted By: Jayjan
Date Posted: 26/May/2015 at 11:12
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Dicey I also spoke to someone Portuguese who banks with Millennium and she said she never has more than €200 in her account and doesn't have any charges at all, mmmmm. If she is telling the truth it seems they are taking the p***. Wonder if Tom (Cubsur) has any charges on his account as I know he banks with Millennium ------------- Polli the dancing cat strikes again. |
Posted By: Algarveaddick
Date Posted: 27/May/2015 at 09:53
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If you can pass on some evidence of that I would be grateful Polli. We have just discovered a monthly charge on our account and been informed it's because they have upped the minimum amount you can have in your account to avoid charges by €2000... yes that is two grand! We don't appear to have been informed of that either - the charge just appeared. This has happened before with other banks and was the reason we moved to Millennium. We have been in to query it and asked for print outs of the five different insurances we have with them, suggesting we might go elsewhere with our business, and the clerk didn't bat an eyelid, which suggests a cartel where we will find nothing different anywhere else (or of course an employee who doesn't give a s**t). |
Posted By: Jayjan
Date Posted: 27/May/2015 at 14:45
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I wish I could pass on some concrete evidence Perry. We are in the dark as much as you. Hearsay is a big thing. Re upping the minimum amount by €2000, that means the minimum you would have to have in your bank account before any charges would be €5000. Last time I read their price list it showed, Over €3000 no charges per month , under €3000 €3 + selo and under €1500 €7 + selo. I have been online and can't find a link to their price/charges list which I never had a problem finding previously mmmmm. If I am missing the link for price/charges I would be obliged if you, Tom or anyone else who banks with Millennium could post the direct link, then we can check if its true. EDIT: Found the link at bottom of homepage, how I missed it I do not know http://ind.millenniumbcp.pt/pt/Articles/Documents/precario/SECCAO_01.pdf ------------- Polli the dancing cat strikes again. |
Posted By: jamieandanne
Date Posted: 28/May/2015 at 09:31
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Went to see them yesterday and was told.... If you have 5,000 in a savings account (which you pay tax on) your current account would be free of the 5.20 (plus tax .21)charge. SO either pay tax on your 5.000 savings or pay maintenance fee on your current account. Another way of getting you to register in their tax system me thinks! |
Posted By: Jayjan
Date Posted: 11/October/2015 at 00:07
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GRRRRRRRRRRRRRRRRR. Now getting rather mad that Millennium still keep taking charges from our current account. the online price list says over €2500 in account charges, €5.20 + tax per month. Above €2500 and up to €5000 €4.20 per month + tax, above €5000 no charges. No mention of having a savings account, just contas deposito , we are still being charged these monthly charges and well over those amounts mentioned, not amused at all. Bloody robbers. This is their pdf file of charges, if I am reading it wrong can someone put me on the right path. http://ind.millenniumbcp.pt/pt/Articles/Documents/precario/SECCAO_01.pdf I am aware of what jamieandanne have mentioned on their post about having a saving account of €5000 or over which frees you from charges on your current account but its not mentioned or self explanitory on their website charges. ------------- Polli the dancing cat strikes again. |
Posted By: cubsur
Date Posted: 11/October/2015 at 10:39
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The €5.20 charge has shown up on my statements since June as C O M . M A N U TE N C AO C O N T A R E S I D E X T E R IO R 0 8 20 1 5 but I have never told them that I am now a resident with an official card, not an overseas person. Like most people I don't read the other item that comes with my statements and have since deleted the messages. However my reading of this €5,20 charge (plus stamp duty) is that it applies to everyone whose account has an average monthly balance of up to €2500 regardless. It's €4,20 then up to €5,000 and zero above that. I shall query this at my branch when next I can, but it doesn't look like it can be escaped for person of average or modest means but is not yet an official state pensioner etc. Also, in case you haven't noticed, as from January 2016 they will no longer be posting paper statements where there are less than 50 transactions or at the end of the year, whichever comes first. They can still be obtained via the machines in branches. ------------- Albufeira Resident www.algarvebus.info public transport information for the Algarve |
Posted By: Jayjan
Date Posted: 11/October/2015 at 11:43
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Tom That's the same thoughts as I re the charges. If these are correct we are being charged and shouldn't be. BTW Tom if you find anything out at Millennium can you please let me know the outcome. Thanks. PS: we havn't had a statement posted to us for years, have to go online to view it . ------------- Polli the dancing cat strikes again. |
Posted By: DICEYUK
Date Posted: 11/October/2015 at 15:19
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We're with Santanda & we pay 5.72 (inc tax) per month. We also now incur a charge of 1.30 each time we pay a bill by internet transfer. However, we do not get charged this on direct debit payments. This extra charge started in July of this year - we have not received any notification about it. We have not had paper statements for over 2 years. Over the last 12 months our bank balance at the end of each month has been in the range 2,000 to 7,000. At the end of September it was 3,100 and at the end of October it was 3,600. We still got charged 5.72 + 1.30 for one transfer. ------------- I hate how peopleï compare Frank Zappa to God. I mean, he's cool and great and nice and everything, but he's no Zappa. |
Posted By: gerry
Date Posted: 12/October/2015 at 21:25
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Folks the age of free banking is over the banks are going to charge us for looking at them and there is nothing we can do, on the plus side the banks can lose as much money as they want and still not go bust RBS Etc, life is not fair but thats the way it is, "assume the position" |
Posted By: cubsur
Date Posted: 13/October/2015 at 10:07
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I have been informed that I shall need to go to myy branch in Albufeira and show them my residencia card to be exempt from the 'external resident' charge. This I cannot do until next week as I am not there. There are a million ways you can be charged for a bank account and it seems the most likely way of avoiding the monthly charge is to have an average balance of over €5,000 or to have at least €500 coming in every month and / or be an official state pensioner - or under 23 ie still at university. More when I suceed or not. I suppose one could consult an accountant but for most of us that would cost rather more than 12 x 5.72! ------------- Albufeira Resident www.algarvebus.info public transport information for the Algarve |
Posted By: Algarveaddick
Date Posted: 13/October/2015 at 10:27
I would imagine that this is completely illegal under EU law. But that's never stopped Portugal in the past, so I don't expect it will now... |
cubsur wrote:Posted By: Jayjan
Date Posted: 13/October/2015 at 13:38
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Well said Perry. It's discrimination, just like the fiscal rep saga was for non residents. Money is money in their bank whether you live in the country or not. Disgraceful, but will anything be done about it, I think not. BTW Tom thanks for the info. ------------- Polli the dancing cat strikes again. |
Posted By: cubsur
Date Posted: 14/October/2015 at 10:24
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I've done a little reading of the reverse situation ie a non resident opening a UK bank account. For a start, most banks simply don't do it. Anti-terror and money laundering laws being the reason. For the three that do, I am seeing charges of around £20 a month unless you have for example £25,000 with them. Masses of verbiage of course clouds the actual situation, as it does here. ------------- Albufeira Resident www.algarvebus.info public transport information for the Algarve |
Posted By: Algarveaddick
Date Posted: 14/October/2015 at 13:22
Should be equally illegal(when applied to EU citizens)then Tom. |
Posted By: Jayjan
Date Posted: 14/October/2015 at 22:42
Agree Perry. Just wonder that if you are an owner of a second property in UK from another country and open a bank account whether same rules/charges are the same,if so another rip off, never gone into it opposite way. Saying that I still think Portuguese banks are a rip off, grab grab grab and shrugs of shoulders when you question it as though they don't give a sh*t. Nowt like customer services with a smile and understanding is there. Money is money banked with them wherever where you are from. BTW banks never go bust do they, always someone to bail them out, mainly the bloody taxpayer ------------- Polli the dancing cat strikes again. |
Posted By: cubsur
Date Posted: 26/October/2015 at 16:10
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I've been to my bank. In simple terms, the €5,20 monthly charge applies to most current accounts for a variety of reasons. All banks now charge this, they said. That may or may not be true. Equally basically, if you have more than €500 a month paid into your account salary or pension you are usually exempt. If you have more than €5,000 in savings with your bank you are exempt. There are other ways you can perhaps wiggle out out of it. The bank person pointed to me a scheme Millennium have which, by paying 8 Euros a month, exempts you from monthly account, credit and debit card charges, gives discounts on insurance etc. Something I shall do the reading and the maths on. You do have to apply in person at your branch however. ------------- Albufeira Resident www.algarvebus.info public transport information for the Algarve |
Posted By: jamieandanne
Date Posted: 26/October/2015 at 18:21
| Have more than 500 a month pension paid in and have the 5,000 savings, but still have to pay the 5.20 I think they tell different people different things. |
Posted By: Jayjan
Date Posted: 26/October/2015 at 19:37
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So why have they got a price list on their website that means absolutley jack S*i*. ------------- Polli the dancing cat strikes again. |
Posted By: carolenclive
Date Posted: 27/October/2015 at 09:45
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Sounds like Barclays had our account since University 50+ yrs ago and the present current one Premier approx 9 yrs only to be told recently that because we have less than 70.000 going in annually we no longer qualify and they are reverting us back to a normal current account.They then informed us that we can pay the extra to keep things such as Travel insurance, car cover gadget cover etc and we could have a discount on them if we took out the full package.All banks stink.Now considering changing after all these years.
------------- caz |
Posted By: cubsur
Date Posted: 27/October/2015 at 10:47
Common practice is it not, to make pricing incomprehensible to the average person. I will bet most people haven't a clue why they pay what they do for banking, phone, gas, water, electricity etc etc and are not bothered to change to a different supplier where possible. As for me, I am going to delve into the ways and means of moving some money around to avoid the monthly charge, which is equivalent to two beers per month, and I get 0.05% interest (less tax of course) by having more in savings. Or I might put it on a horse so to speak. ------------- Albufeira Resident www.algarvebus.info public transport information for the Algarve |
Posted By: stuart123
Date Posted: 27/October/2015 at 13:29
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I've just opened an account with Millennium BCP, and it was made clear about the 5.20euro a month fee - although the forms I filled in stated 8euro ! For the money, you don't pay an annual card fee (15euro per card) and you also get medical emergency cover.
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Posted By: cubsur
Date Posted: 28/October/2015 at 10:29
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I looked at the 8 Euro per month option but as I don't make regular payments into my account (just one per year at the moment) it doesn't seem to work for me. I am still pondering. No rush, as this month's €5,20 has already gone out. ------------- Albufeira Resident www.algarvebus.info public transport information for the Algarve |
Posted By: cubsur
Date Posted: 04/February/2016 at 12:14
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Just to confirm that by showing the bank I have Residencia and juggling some money to put more in the savings account, the monthly €5,20 charge has gone. That's a few more pints I can have without feeling the pinch. ------------- Albufeira Resident www.algarvebus.info public transport information for the Algarve |
Posted By: Jayjan
Date Posted: 04/February/2016 at 16:29
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I think its discrimatory against non residents, another instance where they are taking the pee. Money is money after all, especially if you have a substantial amount in your account regardless of it being a current or savings account. Feeling annoyed!!!!!
------------- Polli the dancing cat strikes again. |
Posted By: stuart123
Date Posted: 04/February/2016 at 16:52
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Although, I've had my account open for 3 months now, and never once been charged the monthly fee. The 1 euro+tax fee for transfers annoys me though!! Especially as if I'd done this via ATM it would be free - another example of if you are not in the country, you get additional fees.
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Posted By: bob d
Date Posted: 05/February/2016 at 18:32
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Careful Stuart, they might charge quarterly or twice a year or once a year but I bet they will get you eventually. ------------- we're not brazil we're norn iron |
Posted By: cubsur
Date Posted: 06/February/2016 at 09:06
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Their idea of a substantial amount of money is basically €5,000 or a regular pension payment of I think at least €180 a month into your account. I currently do not have the latter, waiting until September 2017! ------------- Albufeira Resident www.algarvebus.info public transport information for the Algarve |
Posted By: Jayjan
Date Posted: 06/February/2016 at 13:03
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Well Tom we have had over the €5000 mark in our account at some stage and have still got charged this €5.20. I know its only a small amount but its the principle behind it that annoys me and probably lots of other account holders. Their pricing policy on website is not clear, suppose its only there just to confuse people. ------------- Polli the dancing cat strikes again. |
Posted By: cubsur
Date Posted: 07/February/2016 at 10:21
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Banks confuse people! Never. I went to the bank and they explained that there had to be €5,000 in savings or a regular incoming payment eg pension every month. I was able to juggle some money around as I get my private 'pension' payment as a lump sum, so it was just a matter of moving it from current to savings. Plus waving my residencia to prove I lived here and not in the UK. Now I have to hope I don't run out of money in the current account before next July. It might be worth pursuing next time you are in town but my understanding is that non residents will pay the charge. Some UK banks do the same, so its not particular to Portugal but how its justified, if indeed it is justified anywhere, I do not know. ------------- Albufeira Resident www.algarvebus.info public transport information for the Algarve |
Posted By: Jayjan
Date Posted: 07/February/2016 at 13:05
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Another question Tom. If your balance on your current account falls below a certain figure, will you be liable for bank charges on that, if so its a no win situation.
------------- Polli the dancing cat strikes again. |
Posted By: cubsur
Date Posted: 08/February/2016 at 09:50
I am not 100% sure of that of the equation but my understanding is that providing the savings balance remains at that number I will still be exempt on that score. If I recall correctly it was an average balance of €2,000 across a year to be free of charges, but things have changed. Something I shall keep an eye on. Once I start getting my UK state pension paid in regularly, as a resident I become exempt from most charges. ------------- Albufeira Resident www.algarvebus.info public transport information for the Algarve |
Posted By: Alvaro
Date Posted: 09/March/2016 at 23:50
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Activobank everything its free, but to not residents...i dont no... www.activobank.pt |