Reclaim Morabanc Unjustified Account Administration Charges 

1- Right to communication in the agreed language with Morabanc Andorra

 

According to the Decree approving the Regulation for the implementation of Law 8/2013, of May 9, on the organizational requirements and operating conditions of financial system entities, Article 11 establishes that operational entities must inform retail clients about the languages in which they can communicate with the entity and receive relevant documentation and other information. The fact that only the fees were possibly communicated to you in Catalan by Morabanc in Andorra may constitute a clear lack of transparency and a violation of the principles of clarity and comprehensibility established in Law 7/2024, of May 27, on the organization and functioning of financial system entities.

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For example, if Catalan (The spoken language in Andorra) is not a language you are familiar with, was it agreed with Morabanc that all communication between Morabanc and you, the Morabanc client, would be for example, in English, Spanish or French? Can you provide evidence to support your claim that all previous communication with Morabanc, (for example emails, messages to your inbox on the Morabanc website) were in your spoken language?

 

Moreover, Article 16 of Law 7/2024 requires financial entities to provide reports and communications that are clear, precise, and understandable so that the client can make informed decisions. Did Morabanc in Andorra not adhere to this principle of linguistic consistency? Did Morabanc Andorra brake the pattern of using your own language without prior notice or consent, resulting in you, the client being unable to adequately understand essential communications regarding your finances?

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2- Possible unjustified charges for fees on an inactive account by Morabanc

 

Is this your position? Your account has made no deposits or withdrawals for many years, there are no associated direct debits, and there has been no activity by you, the account holder. This fact may clearly and unequivocally show that you have an inactive account. Morabanc Andorra may charge you completely different account administration charges for either an active account or an inactive account. Beware, the difference in annual fees will cost you 10.000 Euros. Avoid paying Morabanc in Andorra these unfair account administration charges for an inactive account! 

 

Morabanc applying administration fees to an inactive account is highly questionable, as there is no financial activity to justify such charges, and possibly, you do not want to fall victim to this approach. The account administration fee is associated with the active management and movement of an account, a condition that may not have been present in your particular situation.

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3- Possible disproportionate increases in fees and breach of trust

 

Do the Terms & Conditions of your Morabanc in Andorra contract specifically refer to any agreed administration charges? This fact is particularly relevant, as the contract may not have expressly mentioned the imposition of administration fees. Possibly, the total absence of fees shows that they were not perhaps part of your Morabanc Andorra account Terms & Conditions. Moreover, was there formal communication regarding the implementation of fees regarding your Morabanc client account, either through your message inbox on the Morabanc website or through your personal email account?. Can you demonstrates a clear lack of transparency in the subsequent application of fees that Morabanc are charging you? 

 

Have there been a disproportionate and unjustified increase in the fees applied to your Morabanc client account reflected in your account’s fee history? Have the Morabanc fees been applied with a progressive and inexplicable increase over the years without any significant variation in the services provided? Have the increases in fees continued disproportionately without any reasonable justification or apparent limit? Possibly these exponential increases demonstrate that Morabanc has acted without restraint or control in the application of fees, breaking any contractual balance between the parties.

 

Perhaps the increase in your Morabanc Andorra bank charges & fees has no reasonable justification and was not properly notified to you contravening the principles of transparency and good faith. Were the increases in Morabanc client fees communicated to you in the correct manner, or at all? If not, this is a clear violation of Technical Notice No. 5/2020-SF on transparency and information for clients: fees, commissions, and expenses effectively applicable. Perhaps Morabanc not only failed to meet the obligation to inform in a timely manner but also did not respect the minimum two (2) months' notice period before applying the fee increase once notified. 

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​4- Possible violation of consumer protection regulations and transparency obligations

 

Did Morabanc's conduct constitute a serious breach of the current regulations concerning the protection of consumer rights. According to Law 13/2013, of June 13, on effective competition and consumer protection? Article 20 establishes that consumer relations must be based on good faith and a fair balance between consumers' rights and businesses' interests.

 

Morabanc has the obligation to provide you with complete, transparent, and accurate information about any Morabanc bank charges & fees arising from the management of the account. Failing to do so constitutes a clear violation of the basic principles of consumer protection. Article 5, titled "Conduct Rules" of Law 7/2024, of May 27, on the organization and functioning of financial system entities and market abuse, establishes that financial system entities such as Morabanc, in the conduct of their activities, must act with honesty, impartiality, and professionalism, always in the best interest of their clients, and comply with all provisions contained in the current legislation. Did Morabanc fail to fulfil these essential duties, acting contrary to your interests, without the diligence required by the regulations?

 

Did Morabanc sell your investments, for example your shares, to pay their account administration charges that you were not correctly informed of? Perhaps when you opened your account there were no administration fees? When fees began to be applied, were you properly informed of this new policy? Was Morabanc completely transparent with you? Morabanc may have violated Article 16 of Law 7/2024 by failing to provide clear and timely information about the risks and costs associated with services and operations. Morabanc may have also failed to meet the obligation to provide detailed reports, as required by Article 16.2, and perhaps Morabanc did not adequately communicate to you the sale of assets to cover expenses (administration charges). 

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5- Complaint procedure with Morabanc

 

Technical Notice No. 271/2024-EB from the AFA (Andorran Financial Authority) clearly specifies that banks, in this instance Morabanc, must have a Customer Service Department to handle and resolve customer complaints within a maximum period of one month. Did Morabanc comply with these obligations within the established timeframe? 

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Moreover, according to point 3 of Technical Notice No. 163/05 from the AFA (Andorran Financial Authority), entities are required to organize and manage their resources responsibly, ensuring a fast and professional service. This includes providing Morabanc clients with the reasonably requested information related to their products and services, adopting appropriate measures to ensure efficiency and compliance with the financial system’s regulations.

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6- Documents Morabanc Andorra are obligated to provide to their clients for example, bank statements, contracts and all other documents relating to their account.

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Andorran case law requires banking and financial entities, for example Morabanc, to provide clients with the necessary and transparent information both in the pre-contractual and post-contractual stages. In this regard, we highlight the judgment issued by the civil division of the Honorable Superior Court of Justice of Andorra, dated September 26, 2018, with case number TSJC-176/2018.​

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Did Morabanc wrongfully seize thousands of Euros from your inactive account in error for administration charges that were unauthorised and unjustified? Altus Traducciones can refer distressed Morabanc clients to some local law firms in Andorra who have experience in reclaiming unauthorised and unjustified account administration charges from Morabanc. They will advise you of your rights as a consumer, and if needed, register your claim with the Andorran Financial Authority "AFA".​​

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Contact Morabanc if you need to register your complaint and claim for unauthorised and unjustified account administration charges and fees. Their tel number is +376 886 884 and they will advise you on how to make a formal complaint. The same number can be used to report lost or stolen cards and if someone has discovered your Morabanc passwords and codes.

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Submit a claim directly to Morabanc for unauthorised and unjustified account administration charges

 

Before submitting the Morabanc client complaint form to reclaim your unauthorised and unjustified account administration charges to the AFA (Andorran Financial Authority) you first must have submitted the corresponding complaint or claim directly to the customer service department at Morabanc. To do this securely, we advise you to login to your Morabanc account to locate the complaints form and complete the process. 

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The Andorran banking regulations require Morabanc to respond to your complaint within one month. After this period of time you can elevate your claim against Morabanc to the Andorran Financial Authority (AFA) who, as the Morabanc supervisor, will analyse your claim.​​​

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If you do not receive a satisfactory response to your formal complaint using the Morabanc generic email client@morabanc.ad,  you can elevate your complaint for unauthorised and unjustified account administration charges to the Morabanc managers and directors who will assist you. Contact Isabel Jiménez García the Sales Manager within the investment banking department. Her email is isabel.jimenez@morabanc.ad, Tel: +376 884908, alternatively you can write to her Director Mr David Miralles Pedrós at david.miralles@morabanc.ad.

 

If you prefer, you can deliver in person your formal complaint to Morabanc for unjustified charges and reclaim compensation to Morabanc "Mora Banc Grup SA" Avinguda Meritxell 96, AD500 Andorra la Vella, email morabanc@morabanc.ad. The Morabanc Swift number is: BINAADADXXX​

 

Morabanc Investments

 

Morabanc offer a wide range of in-house Morabanc investment funds and Morabanc private banking investment funds with help from the Morabanc asset management experts so you can choose the one that best adapts to your investment profile. For example, as indicated on the Morabanc website you can open a Morabanc securities account and you will be able to invest and manage your portfolio easily and simply.​

 

Buy and sell in real time

Manage your Morabanc portfolio directly from Online Banking

Anytime and anywhere​

 

Morabanc, for reasons of transparency insist that Morabanc clients carefully read the 27 page Terms and Conditions contract which is only available in the Catalan language to avoid discontentment. Failure to read the Morabanc Terms and Conditions carefully will cost Morabanc clients 10.000 Euros per year in account administration charges for an inactive account or active account. Strangely, the evidence suggests that Morabanc charge full account administration charges for a non-active account, which is unique.

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For example, if you purchased a portfolio of shares (securities) from Morabanc for 50.000 Euros in 2024, and the share price remained stagnant for the next five years, the value of your securities (shares) portfolio would possibly be zero Euros. This is because Morabanc would have seized and sold your shares (securities) to pay for their account administration charges which are approximately 10.000 Euros per year.

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If you read the Terms and Conditions of your Morabanc contract in Catalan you will clearly see that they can, and will do this. This is a fact not speculation! Charges are on page 22.

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