Thanks to a provision of the Macron law, it is now possible to get rid of most of the vicissitudes linked to the transfer of accounts.
From February 6, 2017, a measure from the Mcron Law will enter into force and will be intended to facilitate the bank change. Similar to the mobile operator or insurer change model, your new bank will be responsible for conducting all transactions related to the transfer of recurring transactions to the account, free of charge.
Once the choice of your new bank has been determined according to your criteria (lower bank charges, more complete services, high-end bank card …), you just have to sign the “banking mobility mandate”. Thanks to it and to the RIB of your “future-ex-account”, your new bank will undertake in your stead steps related to the transfer of your main operations.
The procedure between your request to open an account and the delivery of the banking mobility mandate must not take more than 22 days, as indicated by the law.
Following your request, the new bank will ask the former bank for the list of regular withdrawals and transfers, that is to say transactions carried out on at least 2 occasions over the last 13 months. Then, it will notify your debtors and creditors of your change of bank domiciliation.
They will have to confirm, each one, that they have registered it well.
In addition, the new bank will also provide you with the checks numbers issued on your old account that have not yet been debited, in order to avoid costly payment incidents if you close it before these transactions are finalized.
Finally, the text specifies that you can mandate your new establishment so that it closes your old account and transfers the balance on the new one. But you can also decide to take care of it yourself after verifying that all outstanding transactions have been settled.
However, if this new system actually facilitates bank switching, some important points need to be clarified.
It is up to you to consult transfers and / or one-off levies (which occur, for example, once a year), and which the new bank is not obliged to take care of. This may include, for example, home insurance that you pay annually. You must then change your direct debit.
The second point to keep in mind: the “banking mobility mandate” applies only to current accounts, so saving accounts do not fall within its scope. Holders of regulated savings products (Livret A) will have to close them in the old establishment and then reopen them in the new one, because it is impossible to hold two at the same time.
As for the Home Savings Plan, Savings Plan in Action and the Housing Savings Account (CEL), the transfer is not always possible and a fee may be charged.
Life insurance contracts are not transferable.
So, before choosing your new bank, it is important to verify that it is able to receive your savings and under what conditions.
Provided by: L’Express