In the past, bank change was seen as an expensive task involving a fairly long and complex procedure. Today, the whole procedure has been revised and it is now possible to change banks without having to bother. Indeed, since the Macron Act was enacted on February 6, 2017, the administrative formalities relating to the change of bank have been diluted. So if you want to change your bank, here are five steps that will be essential.
Preparing your bank change ahead
Before thinking about changing your credit institution, you will have to take stock of the products you own. How? If you hold a conso or real estate loan, housing savings or investment income in general, you must use a special action to process these products. The banking products that you can transfer free of charge between two different banks are: Booklet A, LDDS, the Young Booklet and SARA. Securities accounts, EAPs, ELCs and ELPs are transferable but payable.
Also, you must also make an inventory of all your SEPA operations, as you may need them. Also consider taking possession of your account statements and other contractual documents. If they are in electronic form, download them.
Compare banks
Indeed, to benefit from an excellent value for money, it is essential that you take into account the various bank offers in order to make a comparison. Indeed the offers may vary from one bank to another for the most part and each offer has a number of advantages that others may not have. For a better customer experience, establish an inventory of your different needs. These include the needs related to your bank cards, your current account and banking products. Once the inventory has been established, use it to choose the bank that best meets your expectations. By choosing a bank that best meets your expectations, your bank change will be more beneficial.
Today, thanks to digitalisation, you can opt for an online bank. These mobile banks have many advantages and are above all very competitive. Indeed, changing bank online allows you to reduce your management fees and enjoy an unlimited number of withdrawals.
Learn your new account
From the moment you have defined the bank that will house your accounts you are not obliged to transfer all your transfers and levies as soon as you open your new account. Take your time to better tame the bank account and make sure it runs smoothly. How can we do this?
To do so, for example, you can house a single automatic debit on the bank account (for example, your internet provider). Perform your current transactions (pay by card, make card withdrawals, make an external transfer...) to check the operation of your new bank account.
At the end of the test period, if you are convinced, you can transfer the bank data from your old bank account. Otherwise, you can stay in your old credit institution or try a new one. The offers are legion and each offer has its share of advantages.
Use bank mobility for your bank home change
Once you are sure of your banking choice, you have the possibility to discharge any additional formalities using the bank mobility support service. Indeed, this service allows any customer wishing to change bank to be released from all administrative procedures closely or by far related to the change of bank. It is the new bank that hosts your operations (recurring levies and transfers) that will handle all formalities in collaboration with the old bank.
To benefit from thebank mobility serviceThe new bank will have to be sent with a bank mobility warrant and a BIR. In addition to the mandate and the RIB, you must also provide information (removals and transfers) about your account. Once the documents are in the possession of your new bank, the bank will take over the rest of the formalities.
These formalities consist mainly of opening your new account and making the transfer of banking establishment. Then he will also contact your debtors and your creditors to communicate your new BIR. Once the new bank is in possession of the bank mobility mandate, the two banks have 22 working days to finalize the procedures. Some time later, the old account will be closed and the bank change will be effective.
However, if you do not want to use bank mobility, you can do the steps yourself.
Do the steps yourself
To do this, ask your former credit institution to transfer your accounts to the new one. Then send your original bank your new RIB so that they can register your bank change. You must also send your creditors and debtors a letter warning them of your change of bank address in addition to your new co-ordinates. For the closing procedure, you will need to send a letter informing your old bank of your intention to close the account. The mail must include an acknowledgement of receipt and you must destroy your means of payment or return it to the bank.
However, before closing the account, make sure that no cheque or card payment will be presented. If such transactions are likely to be presented, inform your credit institution and leave your account provision sufficient to cover the payments.
Drafting opinion
To change your credit institution, you can use the bank mobility service and let the two banks work together for your change of bank home. However, you can also take the steps. Although the transfer of transactions is automated, you do not have any obligation to activate the new account or close the old one under Macron law. Even if you have chosen an online bank, the formalities do not differ as such and the benefits are numerous.
In the end, to change banks, you have two options: you can use the bank mobility help service and you can unload formalities or take the steps yourself. In both cases, you have the opportunity to test the new account and if it meets your expectations, you permanently activate and close the old one.