Perhaps this is not the right title, but I hope we could build up a resource on banking in general here - what do you need to open an account, list of fees, things to be aware of ... that sort of idea

I was surprised myself to discover that you could recall a direct debit - only found out a few weeks ago and see that Janet mentioned somewhere that you have 10 days afrer it is paid out, to do so

I´ve started on a list of banking terms in Spanish and hope to be able to post it soon.

Good topic, I use Sol Bank to do our business one of the main reasons is they have great internet banking and every staff member speaks English (Scottish),There costs are more expensive than the UK but I think with the credit crunch in the UK the banks will try to recoup their costs quickly and the days of free banking could be a thing of the past there too

One Spanish phrase not to leave out which will be required by all.....

No I dont want to take out your damed insurance

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We use bancaja. Jury still out. Lost of hidden costs and only one branch making ATM withdrawals hard and expensive.

On this subject though whats the best interest rate anyone has heard on Lump sum deposits?

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Actually you have about 20 working days to bounce it.

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Advice on insurance and related products. We are here to help!

I cancelled 3 DD's in February

Banca March paid them out in June again-------- Priceless!

You not only have to recall the particular DD payment, but also cancel the set-up ("domiciliacion") as well ... in that case, though, it's just good old Banca March being their usual effective self

HugoLidia, it might vary from bank to bank then, because ours is most definitely 10 working days.

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They gave an immediate refund once I had convinced them it was their mistake.

What brilliant Spanish I must speak, or is it that banging the table is the same in any language?

It's really important to keep an eye on direct debits for things like this. If one is cancelling the domiciliacion then it's relatively easy: stop the next payment (or recall the last) and cancel the domiciliacion itself ... as I said, one needs to do both. When you just want to recall/stop a single payment, though, then one clearly needs to make sure that the payee doesn't just request payment again slightly later.

There can also be problems when changing accounts, particularly if the old account is not being closed. A payee should be advised to collect the DD from the new account, but it is often the case that at the beginning of a year, payments will start to be taken from the old account again. No idea why this happens, but I've come across it several times ... sometimes, payments will actually be taken from both the old and new accounts simultaneously!

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It was cancelled completely. Requests for the money were made in March, April and May. March was paid as it missed the deadline to cancel. April and May were refused. June was paid. Don't know how to legislate for that other than always check the statements

Yes ... baffling that the payment requests were accepted if the whole thing was cancelled. It's a salutary lesson, but in such a case the bank doesn't have a leg to stand on.

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Janet Anscombe Associates
The Tenerife Experts
for anyone living in or moving to Tenerife
Visit our website www.janetanscombe.com