12 Oct, 2011 @ 08:50
1 min read

Moving the Spanish goalposts

A BRITISH Expat has hit out at Santander Bank after his local branch told him he had to buy shares in order to get free banking.

However once he agreed to the deal to buy 500 shares, the bank then increased the demand to 1,000 shares.

Peter Fake, 56, from Sotogrande, has now called in lawyers to investigate how the goalposts were apparently moved so easily.

“The branch told me the criteria had changed and that I suddenly had to buy 1,000 shares, even though the share value has dropped,” explained the mechanic, who owns Don Neumaticos garage in Pueblo Nuevo de Guadiaro.

“But under Spanish law, a contract cannot be changed unilaterally by one party.

“This change affects all existing account holders.”

He continued: “My lawyer says as it formed part of the contract when taking up the shares the bank cannot just take the extras off the table, as it sees fit.

“It is not up to the bank what I do with my money.”

When contacted by the Olive Press Santander refused to comment but a financial advisor confirmed that the bank had decided to change the conditions and that clients now had the option to either sell their existing shares or buy more to continue to receiving free banking.

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