Over 70 Bankia preferential share customers qualify for a refund – so far

But with a total of 126,342 clients having filed formal complaints over mis-selling, the successful cases remain in the minority.

The arbitration process opened on April 18 this year and the deadline for applying is June 30.

So far, 80,045 cases are being analysed by the consultancy firm KPMG to see whether they meet the criteria to qualify for arbitration, whilst Bankia is handling 45,419 cases directly.

To date, 803 applications have been duly forwarded to the Arbitration Committee, and 73 verdicts in favour of the customers have been passed, meaning they can ask for their money back with immediate effect and their request for it cannot be refused.

Thousands of savers signed contracts for preferential and ordinary share purchases in the banks which now fall under the umbrella of the newly-nationalised entity without realising – many thought they were putting their names on the dotted line to open deposit accounts or even just to withdraw funds already held.

In numerous cases, the customers had no knowledge of financial matters and frequently had limited education, and many were elderly.

Whilst some claim they were blatantly lied to, others say they were simply not given the full facts or that they trusted their regular bank managers to look after them.

It is thought there may have been a few who knew exactly what they were doing by dabbling in the stock market and are claiming they were mis-sold now that their investment plans did not go as they had hoped, but most appear to have been either completely unaware of what was happening or else did not have the risks involved explained to them.

When the banks in question were on the verge of collapse and subsequently bailed out by the State using EU funds, the shares were zeroed and became completely worthless, meaning their holders lost every cent.