The change of bank is to transfer its current and savings accounts to another bank. Thanks to online banks and different methods of transferring money to other bank accounts, it is easier today to transfer your accounts from an old bank to a new one. However, the new financial institution to which you transfer your accounts will only process them if you give them permission to do so. You can follow the different steps of bank change yourself in order to benefit from better services. Below you will find a guide on how to transfer your accounts to your new bank agency.
How do I transfer your accounts to another bank?
The process of transferring a current account in France is much easier than before. Previously, citizens had to take on all administrative tasks themselves. But in 2017, a measure was introduced to facilitate the task of bank account holders. Service « Support for bank mobility » allows your new bank to carry out transactions, on your permission, such as levies, regular transfers, etc. This includes taxes, health insurance, gas, electricity, subscriptions and other payments related to your former account.
Open an account in a new banking agency
Before transferring accounts to another bank, you must first choose another bank. In most banks, it is easy to open an online or physical account. As a general rule, you must provide some basic personal information and documents. If the bank asks you, you will have to make a small transfer to your newly created bank account. You can do so electronically from your old bank account (provided it is always open). However, you can make the cash transfer or deposit a cheque.
In addition, your creditworthiness will probably not be verified when creating your new account. Many banks check potential candidates using a database that indicates whether you have often been out of print on your accounts. Some banks carry out a credit check that can negatively impact your creditworthiness. This is possible when you request overdraft protection or a line of credit when opening a current account.
Start the process to transfer your banking services from your old account
As soon as your new bank agency becomes aware of the opening of your new account with it, your new bank agency will seek your permission to carry out certain transactions. These relate to the transfer of your banking activities from your former bank agency to the new account. When you agree, your new bank will contact the old bank to inform it of the existence of the new account and start the transfer procedure. Your new financial agency will ask you when you want to transfer transactions from your old bank account.
Ask your account to close with your former banking institution
After creating and transferring your variousbankingin your new bank, you can keep your bank account at your old bank or close it. Your new banking agency can also handle this administrative process for you. If you plan to close your old bank account, you can do so within 30 days of signing your transfer request with the new bank. Once the application is signed, the banks have a total of 22 days to make the various transactions.
The following two days, your new bank must contact your old bank and ask for details of thebankingyou have had to do on your accounts for the last 13 months. The latter has five days to provide the requested information. After receiving this information, the new bank also has five days to contact the people and organizations with whom you have arranged a bank transfer, automatic debits and other regular money transfers to inform them of the change. They then have 10 days to update their systems with your new bank details.
After the transfer, you will be informed by your new bank about any outstanding payments to your old bank account. Your former bank will also inform you of any attempted transactions on your closed account within the first 13 months of closing.
Can a savings account be transferred?
The bank transfer service is not applied to most savings accounts and investment products. Some bank accounts do not have the possibility of being transferred from one bank to another, and others can only be transferred at a fee. For example, you cannot transfer a savings account from one bank to another.
Instead, you must transfer the balance from your account and close it before opening a new booklet to which you can transfer the balance. A new one is working only after the old one has been closed for 30 days.
However, housing savings accounts (LECs), housing savings plans (LSPs) and securities accounts generally have the possibility of being transferred to a new bank. Aid for the transfer and opening of savings accounts varies from bank to bank. Your bank will be able to advise you on how it can help you.
Drafting opinion
Transferring your accounts to a new bank is an excellent alternative if you are looking for a higher interest rate or a bank close to you. However, regardless of the reason for your bank's change, you must follow all transfer procedures carefully. It is important that your new bank take into account all your old account transactions so that you can always benefit from your usual services (subscription, tax payment, etc.).
In summary, transferring one bank account to another can be easily done in France, whatever type of bank you want. Just choose your new bank, create an account and itrequest to transferAll your banking.