How to change banks and transfer your account without problems?

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It’s almost as easy now to switch banks as it is to switch mobile plans, however there are a few steps to take before you get started.

There are a lot of reasons for wanting to change banks: high fees, communication problems, non-conforming service, or simply not meeting your expectations. Of course it is a right and it is much easier than you think. You still need to keep a few tips and precautions in mind before you start. From preparation to banking mobility system, here are the best practices to have.

Preparing the terrain

First of all and before starting, you should take into account that your checking account is linked to an IBAN identifier, a kind of identification of the account in the form of a code that varies between 14 and 34 characters that allows you to withdraw or collect funds. . For example, the IBAN must be provided to your employer through your RIB (Declaration of Bank Identity) so that he can deposit your salary there. Therefore, it must be taken into account that an account change necessarily implies a change of IBAN.

Second, your account may include various banking products, such as mortgage or consumer loan repayments, a passbook, a savings or investment product. Therefore, it is necessary to make an inventory of all types of products present in your account before any manipulation. These products may or may not be transferred depending on the bank you go to. In some cases, the banking mobility service will not be able to take into account a certain type of product.

Also remember to cash any checks that remain in your possession prior to the funds transfer and account closure, as these may have a cashing period.

In general, it is imperative to check all transfers and regular receipts for transfers on a case-by-case basis. Therefore, we recommend that you download your bank statements for the last 13 months and list there recurring transactions, this can be, for example, your rent, your mobile plan or internet box, your home or car insurance or any subscription service online or by mail. The goal is not to miss even the slightest fundamental move when changing banks so you don’t find yourself locked out afterwards.

What is the banking mobility scheme?

Since 2018, the Macron law has facilitated the change of bank establishment, in particular by placing this administrative burden on the banks instead of the client, and this free of charge. However, not all banks offer this service, especially online banks and neobanks not domiciled in France, such as an N26. The other advantage is the very fast response time in most cases.

Attention, the banking mobility service does not accept savings accounts, that is to say (for the most common): Account in Livret / Livret A, PEA / securities account, LDD, PEL, Life insurance, etc. For these accounts, you will have no choice but to make the changes manually.

Opening a new account

The second step is to choose your new bank. To do this, we advise you to go to our online banking comparator that will help you make the best choice according to your needs and your budget. If you want to keep your banking products in the same establishment, the choice of a traditional bench seems to be the most sensible. If you want to start with lower rates as well as greater ease of use of your bank, the online banks and the neobanks they are more about

Mostly, check the advantages offered by the new bank, such as cash back, special offers and rewards programs. Compare these benefits with those offered by your current bank to see if it makes sense to switch. Also check the new bank’s policies on overdrafts, loans, credit cards, and interest rates. Make sure you understand to also read the small lines of the contract before signing and changing banks, it can save you from a problem when transferring your money.

Think about prepare as many proofs of identity as possible What might your new bank ask of you before opening an account there? At this point, neobanks tend to be much more flexible, requiring little information, just a simple identity document. For others, everything depends on the positioning of the price and the offer. Some online banks will ask for, for example, proof of address, proof of income and even a tax notice. You should also take into account that some banks will ask you to make a first payment for the effective opening of the account.

Last point to keep in mind, and not least, while some banks can take a few days or even a few hours to open an account, others can take much longer, sometimes after several weeks. Make sure that this is the case, for example because you have received your bank card or because you can already carry out transactions in the new account before requesting the definitive closure of the old one.

Deposit, transfer and account closure

There’s no point in rushing it is always better to have control of your old account It’s time to check if all the steps above have been completed and if your new bank is right for you.

If, of course, you can make transfers between the two banks, think above all about your cash inflows and thus providing your employer with your new RIB. Then comes actual account usage to see if your card or check (if available) transactions count. Also remember to link your new account to your smartphone or connected watch if your new bank supports mobile payment services such as Google Pay, Smasung Pay or Apple Pay.

If a banking mobility mandate has been signed, recurring transactions from your old account will be automatically transferred to the new one without you having to do any manipulation. It is the responsibility of the bank to contact you to inform you of the operations carried out within the framework of this mobility. Do not hesitate to contact her if you have forgotten any item.

Otherwise, it will be you who makes these transfers by changing the credit card or IBAN affiliation of the services in question. Hence the interest of downloading (and even printing in the best of cases) your latest bank statements so as not to forget any element that could be linked to your old account.

We therefore arrive at last step : Close your old account. In the case of signing a mobility mandate, the new bank can take over the process, as is the case with a mobile plan change. If not, it is best to send a certified letter with acknowledgment of receipt to make your request. Be that as it may, you will surely be recommended, or even asked, to destroy your means of payment (credit card, checkbook) or return them to the bank. Even so, we recommend that you make sure that the old account continues to be provisioned for some time to avoid possible payment incidents.

What are my resources in case of a problem?

If the banks do not arrive on time or something goes wrong, there are remedies. For example, you can appeal to the Banque de France’s Prudential Control and Resolution Authority (ACPR). The latter will guide you through the procedures in case of dispute. It is also important to take into account that in the event of problems, banks will not be able to ask you for charges attributable to this breach, such as charges for rejecting an operation.

You already have all the keys in hand to change banks. To find the establishment that best suits your needs, our bank comparator it is there to guide you in your choices.

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