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Topic ClosedMillennium Bank New Charges

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Jayjan View Drop Down
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Direct Link To This Post Topic: Millennium Bank New Charges
    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. Angry
Polli the dancing cat strikes again.
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DICEYUK View Drop Down
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Direct Link To This Post Posted: 26/May/2015 at 10:41
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.
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Direct Link To This Post Posted: 26/May/2015 at 11:12
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 
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Direct Link To This Post Posted: 27/May/2015 at 09:53
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).    
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Direct Link To This Post Posted: 27/May/2015 at 14:45
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


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Direct Link To This Post Posted: 28/May/2015 at 09:31
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!

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Direct Link To This Post Posted: 11/October/2015 at 00:07
 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  â‚¬2500 and up to €5000  â‚¬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.

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Direct Link To This Post Posted: 11/October/2015 at 10:39
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.
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Jayjan View Drop Down
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Direct Link To This Post Posted: 11/October/2015 at 11:43
 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 .
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Direct Link To This Post Posted: 11/October/2015 at 15:19
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.
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Direct Link To This Post Posted: 12/October/2015 at 21:25
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"
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Direct Link To This Post Posted: 13/October/2015 at 10:07
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!
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Direct Link To This Post Posted: 13/October/2015 at 10:27
Originally posted by cubsur cubsur wrote:

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!


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...
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Direct Link To This Post Posted: 13/October/2015 at 13:38
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.
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Direct Link To This Post Posted: 14/October/2015 at 10:24
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.
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