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  4. Merger Bankia-CaixaBank: FAQs customers

Merger Bankia-CaixaBank: FAQs customers

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Bankia has already approved the merger with CaixaBank. How does this affect me as a customer? Are the terms of the products I have contracted going to change?

You will not notice any change between the time the Bankia shareholders approve the merger until the time when the two banks are legally integrated, which is expected some time during the first quarter of 2021. Until then, everything will stay the same as until now. You can continue going to your usual branch and using the rest of the Bankia channels (ATM, digital channels, etc) to operate normally.

Once Bankia and CaixaBank are one bank after the requisite authorisations have been attained, any change will be notified to customers sufficiently in advance.

Are my branch and ATM going to close? How may branches will close and where?

The integration will entail an analysis of the branch network's rationalisation given the possible overlaps that may arise between branches of the two institutions. When a decision is made, and before it is implemented, customers will be told sufficiently in advance of their main branch.

Will my account number change? Do I have to make new arrangements for the bills I have on direct-debit?

Yes, one of the effects of the integration is that the IBAN code for Bankia will disappear and you account number will change accordingly. When this happens, the bank will let you know and you will not have to do anything with the rest of the products linked to that account, such as credit cards, direct debits and direct deposits. They will all be automatically changed from the old number to the new one.

Will I pay more fees?

The conditions and requirements of the current fee structure will remain in effect as regards exemptions from fees until the legal integration of the two banks that is expected to take place during the first quarter of 2021. After that, the commercial policy will be determined by the merged institution. In any event, you will be notified of any changes made in the policy sufficiently in advance of their application.

What will happen with my cards?

The cards will remain fully operational and with the same conditions as until now. If they are changed by the merged bank, as a result of decisions regarding the commercial policy, the cardholders will be informed of the new conditions.

What will happen with my deposits?

Term deposits will remain with the conditions stipulated in the respective contracts until their maturity.

What will happen with my mortgage?

The terms and conditions of mortgages signed by Bankia customers will not change after the merger with CaixaBank.

Will there be any change in personal loans?

Just as with mortgages, the terms and conditions of personal loans taken out by customers will remain in effect and not be affected by the integration.

What will happen with my mutual funds? And with my pension plans?

You will maintain the units you have contracted in Bankia mutual funds and pension plans.

How about my insurance policies?

The merger does not affect signed policies and all of the conditions set out in the policies will remain in effect.

How will I be affected if I am a customer of both banks?

If you are currently a customer of both Bankia and CaixaBank, you will keep your products in the merged bank.

Will the Bankia digital channels remain operational?

Yes. Until the IT systems are integrated, which is expected for late 2021, the Bankia’s digital channels will remain operational for customers.

Will the conditions or extension of moratoriums (for COVID-19) be affected?

No. The mortgage or consumer loan moratoriums will continue with the same terms and conditions as initially signed.

If I have a claim pending a response, could this merger affect its resolution?

No. If the claim is filed with the bank, the bank will respond within the stipulated time limits. That timeframe is not altered by the integration. For claims before the courts, the merged bank inherits all of Bankia's business along with the related obligations.

Where will the bank be headquartered?

The bank created by the merger between Bankia and CaixaBank will keep its headquarters in Valencia, the same city as where both have their head offices before to the integration. The new CaixaBank will have two operational headquarters: one in Barcelona and another in Madrid.

What happens if I have a social-rental home with Bankia?

The merger will not affect the conditions signed by Bankia customers for rentals of homes for persons considered to be in vulnerable situations.

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