CUSTOMERS of ING bank can use Bankia cashpoints free of charge for withdrawals of €50 or more thanks to a new deal between the two entities.
A commission of 85 cents will be charged by Bankia to ING, but this will not be passed onto the customer.
Until now, ING account-holders were charged commission to use Bankia cashpoints unless they withdrew a minimum of €90.
Those who bank with the Dutch firm can now use – in addition to ING's own cashpoints – those of Banca March, Banco Popular, Banco Pastor and Targobank for withdrawals of any amount, free of charge, plus Bankia ATMs for taking out €50 or more in cash and any other high-street entity for withdrawals of €200 or more.
ING's agreement with Banco Popular for the former's customers to use the latter's cashpoints commission-free remains in place, despite the Popular's having been bought out by Banco Santander.
This may change in the future, but chief executive for ING Spain and Portugal, César González-Bueno, says 'there are contingencies' prepared in case the deal falls through when Santander gets its feet under Banco Popular's table.
The company which manages the network of Banco Popular cashpoints, Euro Automatic Cash (EAC), is 50% owned by the Popular and 50% by the French bank Crédit Mutuel.
