Bankinter pays temporarily furloughed workers their unemployment benefits early

The bank is advancing payment as a loan at 0% interest, without fees or costs and settled once the SEPE pays out the benefit.

The bank will also continue to pay all customers their pensions on the 21st, four days ahead of regular pay dates.

Bankinter will be making early payment to temporarily furloughed workers with unemployment benefits directly debited with the bank. Customers will receive payment in their accounts on the same day the Spanish Public Employment Service (SEPE) provides the bank with their information and benefit amount.

Payments will be automatically advanced (without any application required from customers) in the form of a loan at 0% interest, with no fees or costs, that will be settled once the SEPE deposits unemployment benefits. Therefore, those eligible to receive benefits from the SEPE will collect payment without having to wait for funds to be deposited with the bank. 

To make these pay advances, Bankinter has activated an internal procedure so that customers will receive benefits in their accounts normally without the need for an application or any other processing.

This initiative is due to Bankinter’s adherence to the agreement reached between the Spanish Work and Social Economy Ministry (through its Spanish Public Employment Service or SEPE) and the AEB and CECA banking associations for banks to pay unemployment benefits early to customers subject to a temporary furlough who had not yet been able to collect their first unemployment payment for reasons unattributed to them.

Bankinter will also pay customers their pensions early, on 21 May, four days ahead of the regular pay date (which is usually the 25th of every month). This is another measure (like the one-week payment advance of unemployment benefits the bank authorised in April) that is providing more liquidity to households, especially those affected by the current situation.

All these initiatives are included on the ‘Medidas Bankinter’ (‘Bankinter Measures’) micro-site that the bank set up specifically so customers can understand, and have access to, the various propositions included in its shock plan.