What is banking mobility?
Principle of banking mobility
Banking mobility is a device that allows you to change banks easilywithout having to carry out all the steps yourself. The new bank is responsible, with the customer’s agreement, for the automatic transfer of recurring transactions (transfers and direct debits) from the old account to the new one.
Banking mobility concerns current accounts, but not automatically savings products (Livret A, life insurance, PEL), which require specific procedures.
Macron law on banking mobility
Banking mobility has been strengthened by the law for growth, activity and equal economic opportunitiesknown as the “Macron law” which came into force in 2017. This law requires banks to offer a free banking mobility assistance service for individual deposit accounts and an information brochure.
Banking mobility: deadlines
As part of banking mobility, your home bank has five working days to transmit the list of recurring transactions, while your new bank must inform the issuers within a period of ten working days. The complete transfer is effective within 22 working days maximum.
You can choose the transfer date and the closing date of the old account (or keep it temporarily). It is nevertheless advisable to leave the old account open for a few weeks in order to avoid any payment incidents.
Banking mobility mandate
The banking mobility mandate is a document by which you authorize your new bank to carry out, on your behalf, all the necessary steps to change banks. It constitutes the key to triggering the banking mobility service, made compulsory and free for banks.
Banking mobility: in the event of a problem during the transfer
If you encounter a problem transferring your account, you can contact the ACPR (the prudential control and resolution authority). If the difficulties encountered are due to the bank you are leaving, you can also contact its customer relations department, and, if the problem persists, contact the bank’s mediator.
What are the steps to easily change banks (Crédit Agricole, Crédit Mutuel, BNP, CIC, etc.)?
You have decided to change banks and you have opened a new account after comparing the different offers. But don’t think that’s enough. You will still need to complete certain restrictive administrative formalities. Here are the steps of the procedure.
Open a new account and activate the banking mobility service
Once the new account is opened, you can ask your new bank to activate the banking mobility service. For this you must sign a mobility mandateindicate the desired date for the transfer and specify whether you wish to close or temporarily keep the old account.
Request the transfer of transfers and direct debits
Thanks to the banking mobility service, you do not have to more to list all the operations yourself. Concretely, the bank you are leaving transmits the list of recurring transfers and direct debits and the new bank then automatically informs the organizations concerned. This approach only concerns current accounts.
Notify certain direct debit recipients and transfer issuers
In the majority of cases, you no longer have to warn one by one organisms. But certain cases may require direct intervention on your part: occasional transfers, infrequent subscriptions, organizations using old procedures. The organizations to be checked are then the following:
- Social security and pension funds;
- CAF or employer;
- gas and electricity;
- telephony and Internet;
- insurer and mutual;
- various subscriptions;
- banks and credit organizations.
Close the old bank account
Once all transfers and withdrawals are working correctly on the new account, you can ask for the closing old account. Before doing so, check that no transaction is pending, that the balance is positive or zero and that the means of payment (card, checkbook) have been returned or destroyed. Closing is free in the majority of banks.
How long does it take to change banks?
Deadlines for changing banks
From the moment your new bank receives the banking mobility mandate and the two establishments have exchanged the necessary information, the transfer of operations must be carried out within a maximum delay of 22 working days. In practice, the transfer is often effective in two to three weeks, subject to the responsiveness of the organizations concerned.
The alert procedure after closing the old account
The regulations provide for a customer protection after account closure. For a period of 13 months following the closure of the old account, the original bank is required to set up an alert procedure. This procedure aims to avoid payment incidents and secure the banking transition.
Concretely, if a transfer or direct debit appears on your closed account, the bank must inform you as soon as possibleby any appropriate means (mail, email, customer area). This information allows you to contact the organization concerned in order to regularize the situation.
Can you change banks with an existing loan?
Have a current loan (real estate, consumer, car, student, etc.) does not prevent you from changing banks. You can open an account in a new establishment and domicile your income there, even if your loan remains attached to the old bank.
The credit remains with the old bank
Initially, the current credit is not transferred automaticallyit continues to be managed by the bank which granted it. Thus, the monthly payments are always taken from an account (old or new, according to your choice and subject to having transmitted your new RIB to the lending bank).
Bank domiciliation of income: a point to check
The domiciliation of income is no longer taxed for life. However, certain credit contracts may provide for a temporary domiciliation clause (five or ten years), accompanied by a price advantage (reduced rate, free fees). In the event of non-compliance, your bank cannot terminate your credit, but it can remove the advantage granted.
Credit redemption
If you wish to go further, you can consider a loan repurchase by the receiving bank: the loan is paid early and a new credit is set up. This may allow you to renegotiate the rate or term. Please note, however, that early repayment compensation may apply.
Can you transfer all your accounts and savings accounts held in a bank?
No. The banking mobility procedure only allows the transfer of the current account only. For financial products such as savings accounts and investments, nothing has been provided for by law.
Transfer of savings accounts
The law does not apply to booklets (booklet A, LDDS, LEP, youth booklet). For them to be managed by your new bank, you will need to close them. That is to say, transfer the funds to the account opened in your new bank and open a new booklet with it.
Transfer of savings plans
If housing savings accounts and plans (CEL and PEL) are transferable from one bank to another, it is outside the banking mobility procedure. It is most often a paid transfer. The same goes for securities accounts and stock savings plans (PEA), the transfer of which is chargeable.
Transfer of life insurance contracts
Finally, life insurance contracts are never transferable neither in the context of banking mobility nor otherwise. If you really want to recover the money invested in your old bank, you will need to request its redemption. Once the funds have been recovered, you will be able to reinvest them in the new contract, but you will lose the tax priority of the contract.
Is changing banks free?
No fees for changing banks
THE banking mobility service is free. Your new bank takes care of the transfer of recurring transfers and direct debits, as well as the procedures related to changing accounts, without invoicing. No fees can be charged for setting up the banking mobility mandate.
Closure of old bank account
There closing your current account is, in principle, free. Banks cannot charge for account closure, including when this occurs as part of a change of establishment. However, fees may be applied if your account has a debit balance.
Savings and investment products
Savings products are not automatically transferred. Depending on the case, the transfer of a PEL, a securities account or a PEA may result in transfer fees. Likewise, certain products (Livret A, LDDS) must be closed then reopened, free of charge, but with delays. It is important to consult your pricing conditions before any transaction.
How to change bank branch without changing banks?
You can change bank branch without changing banks when your situation changes, for example following a move or to benefit from better monitoring. This process only consists of transferring your account within the same establishment.
Retention of accounts and services
By changing agency, you keep all of your accounts, contracts and means of payment. Your IBAN remains the same, your direct debits and transfers continue to function normally, and your credits and savings products are not modified. This is an administrative transfer, with no impact on your daily banking life.
Steps to take for changing agency
To change agency, you must apply to your bank. You can contact your advisor, contact the new agency you want or complete the process from your online customer area. The bank may ask you for proof of identity and address in order to update your file.
Transfer deadlines and conditions
The change of agency is carried out in a short deadlineranging from a few days to a few weeks. During this period, your banking operations continue normally and no service interruption is expected. This process is most often free, except in special cases provided for in the pricing conditions.
Assignment of a new bank advisor
Joining a new agency generally entails the assignment of a new advisor, or even a meeting to take stock. This becomes your main contact for the management of your accounts and your life projects. This change may be an opportunity to adjust certain services to your current needs.
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