It is estimated that more than 2 million French people change banks each year (Cabinet Bain 2015). Over a full year, more than 3% of households are taking the leap to a new one. This number is constantly increasing and accelerates: the French are more and more unfaithful, steadily speaking, even if 38% keep the old account open! To change banks, it is mostly an online bank that is chosen, followed by the Post Office and mutual banks. The biggest losers in this account transfer are the old banks with agencies that do not win customers, but lose.
Why change banks?
More and more customers are no longer accepting price increases and bank fees that are rising steadily. Many operations that were free until now are now included in packs (or conventions ) that they pay!
The main reasons for changing banks are:
- the difficulty of having a counselor over the phone for one in three clients. Gone are the days when you could simply call your bank branch. You must now go through a voice server or platform (located somewhere in the world) that make you lose money, and time.
- the pricing of current transactions (for 29% of French people), such as withdrawals of money, transfers to another bank.
- lastly, a refusal of real estate credit or a proposal of credit too expensive. That’s pretty amazing, but a banker often makes more effort to conquer a customer than to keep one.
To choose a new bank, it is the criterion of tariffs that is the main choice of a bank for 44% of respondents. The mortgage rate is only a priority for 15% and only 11% for savings products.
How to change banks?
1 / First step, open a bank account in another establishment by indicating that you come from another bank. Do not close your old account so that all the already scheduled operations can be completed. The new bank must now take care of forwarding withdrawals and changes from IBAN (RIB) to all the organizations that charge your account.
2 / New procedure February 2017: tell your new bank that you want to benefit from the Macron law on Banking Mobility. Communicate your old IBAN (RIB). Sign the mobility mandate whereby you ask your new bank to notify all the organizations that charge your account.
From now on, your new bank has 22 days to register your new bank details with all the organizations. It should be noted that real estate loans (if they were subscribed in the old bank) do not include life insurance and savings accounts (PEL, CEL).
Otherwise, you can still use the old procedure:
1 / Prevent your employer by communicating your new IBAN (RIB). Ask him when the consideration will be effective…
2 / Prevent organizations with debit or credit access to your account.
Take stock, using your statement of account, to list the organizations that charge your account (go back over 6 months for more security):
- Administrations, Treasury
- Services, Insurance (home, car..), Telephony, Energy,…
- Finance, Credits, Savings…
as well as those who credit your account:
- Mutuals, Social Security, Allowances
To not forget anything, download our Bank Change memo, you can check as and when changes are taken into account.
Notify all of these establishments of your new bank details. If you make the mails you can follow our models.
Note, some institutions are more or less slow to react to take into account your bank change. Generally you are warned because they send you a new debit authorization to sign and send them back.
IMPORTANT: Monitor your accounts carefully for 2 months to verify that all your transactions have been placed on the new account. Once you have no more checks and blue card payments on hold, you can clear your old account by transferring the balance to the new account. If you no longer want to use the first account, you are required to request the closing yourself (which is NOT automatic in the procedure). Be careful, in case of forgetfulness, your old bank would make you pay a handling fee or inactivity!