How to easily change banks? : Current Woman Le MAG

It is possible to change banks while avoiding numerous procedures and eliminating the risk of checks or direct debits being rejected thanks to the “bank mobility mandate”. This system, regulated by law, is mandatory offered by all banking institutions.

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22 days maximum to change banks easily

Once the mobility mandate has been signed, it is up to the bank you have chosen to contact all the organizations carrying out direct debits or automatic transfers to your account – employer, energy supplier, etc. Once these steps have been completed (within 22 days maximum), the establishment will send you for verification the list of organizations or people contacted, and that of checks not yet debited.

Savings, on a case-by-case basis for banking mobility

The mobility service concerns deposit accounts, not savings products. You can close your bank books and subscribe to the same products in the new bank. On the other hand, the transfer of a Stock Savings Plan (PEA) costs money (around €150), as does that of a Housing Savings Plan. If your ELP is old, don’t close it, because the new ones are much less interesting. Life insurance policies cannot be transferred.

Credits, plan monthly payments

Even if you have a current credit or mortgage loan, your old bank cannot force you to keep an account with them, nor require early repayment. However, be sure to set up a regular transfer in order to pay your monthly payments under the conditions provided for in the contract. You can also try to have these credits purchased by the new establishment, but the operation will incur costs.

A safety margin of 13 months

Your new bank can take care of closing your old account. You can also keep it while you ensure that all regular direct debits and transfers have been taken into account by the new establishment. Knowing that you will be able to regularize, free of charge, any withdrawal or any presentation of a check on your old account within thirteen months following the change of banking establishment.

Things to know if you change banks

The banking mobility mandate does not take into account subscriptions taken out using your payment card, for example for video or music streaming services. It is therefore up to you to modify your card details in your customer area.

Does it pay to change banks?

The cost of switching banks can vary depending on several factors, and it can either be free or incur a fee. Some banks may charge an account closure fee when you decide to close your account with them. These fees vary from bank to bank. If you have savings accounts, investments or other financial products, there may be fees associated with transferring these accounts to a new financial institution. The new bank might charge you an account opening fee, although many banks offer special deals to attract new customers, including offering fee-free accounts. If you change banks and get a new credit card, make sure you know what fees are associated with that card, if any. Some banking services may have monthly or annual fees. Make sure you understand the new bank’s pricing structure.

Is it easy to change banks?

The process of changing banks can be relatively simple, but it depends on several factors, including the specific policies of the bank you are leaving and the one you are joining.

What is the point of changing banks?

Switching banks can be motivated by a variety of factors, and the benefits often depend on individual needs and preferences. Some banks offer more advantageous pricing structures, or even accounts without monthly management fees. Changing banks can help you save on bank fees. If you’re looking for higher returns on your savings accounts or deposits, you might be attracted to a bank offering more competitive interest rates. Differences in services between banks can influence the decision to switch. For example, some banks offer more advanced online features, user-friendly mobile apps, or better customer service. Banks sometimes offer incentives such as account opening bonuses, cash back, or special perks to attract new customers.

If your financial needs change and you require specific services such as home loans, student loans, or business banking services, you might consider changing banks to find a better-suited institution. Problems related to customer service, quality of banking services, frequent errors, or other aspects can prompt customers to switch banks for a better experience.

How to transfer your accounts to another bank?

No, banking mobility only allows the transfer of the current account, the law not including any provision for savings accounts and investments. With regard to savings accounts such as the A account, the LDDS, the LEP and the Youth account, the law does not apply. To have them managed by your new bank, you must close them and transfer the funds to the account opened in the new bank, then open a new booklet with it.

For housing savings accounts and plans (CEL and PEL), transfer is possible between banks, but this is done outside the banking mobility procedure, generally for a fee. This situation also applies to securities accounts and share savings plans (PEA), for which the transfer is chargeable.

It should be noted that certain banks may partially cover the transfer costs of CEL/PEL, securities accounts and PEA, within certain limits.

Regarding life insurance contracts, they are never transferable, whether within the framework of banking mobility or otherwise. If you wish to recover the money invested in a life contract with your old bank to reinvest it in a contract offered by the new bank, you will have to request the redemption of the contract. However, this operation is rarely advantageous for the insured due to the loss of the tax precedence of the contract, the possibility of taxation on the interest on the purchased contract, and possible entry costs on the new contract. It is therefore recommended to carry out your calculations carefully before making a decision.

How to change banks online?

Once you have selected your new bank, the online account opening process is the next step. Depending on the online bank chosen, this opening can be done either on the website or directly via the mobile application. All you need to do is choose the banking package that meets your needs, provide your information, electronically sign the contract, and finally send the required supporting documents. These supporting documents generally include a valid ID, proof of address, and a signature. Banks are required to verify the identity of the account holder, and some may also request a bank identity statement (RIB).

An important tip is to always read the contract carefully before signing it electronically.

Once the account is opened, it is necessary to activate it before receiving the bank card. This involves a first payment, the amount of which may vary from one bank to another. You can make this first payment by bank transfer from your current account or by using your valid bank card. After payment and acceptance of your file by the bank, you will receive your bank card and can activate it by using it to make a purchase or withdraw cash. You will also obtain your identifiers to access your online account as well as your bank identity statement (RIB).

Once your new account is up and running, it’s time to transfer all your transactions to it. Inform the issuers of regular direct debits or transfers of your change of contact details. Some establishments offer a free banking mobility service to help you with this administrative process. Make sure to cancel all your automatic transfers to avoid any withdrawals when your balance reaches zero. Finally, transfer your money to your new account to make it fully functional.

How to close a bank account?

Before closing your account, make sure all checks have cleared and your balance is zero or positive. If you have regular direct debits, make sure they have all been transferred to your new account. Call or visit the bank in person to inform your advisor or a representative of your intention to close the account. Some banking institutions also offer online options for initiating closing. Ask the bank for specific procedures for closing the account. They can provide you with a closing form to fill out.

If a form is required, complete all required sections accurately. Be sure to include all requested information, such as account number, contact details, etc. Return to the bank all payment methods associated with the account, such as checkbooks, debit cards, and credit cards, if applicable. Expect all pending transactions to be processed and your balance to be zero before closing the account. Ask the bank for written confirmation of account closure. This could be a letter or email stating that the account has been successfully closed. Monitor your account statements for a few months to ensure that no unexpected charges are taken and that the account is closed.

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