2024-01-09 05:00:08
If a few days are enough to change telecoms operator, while keeping your mobile phone number, the operation turns out to be more complex when it comes to banking. In this case, switching to the competition involves changing your account number, which requires notifying the organizations carrying out transfers or direct debits.
To facilitate this transition, the Macron law on banking mobility, which came into force in February 2017, put in place a precise procedure. Once the new account is opened, it is possible to instruct your new bank to carry out the procedures for you. The objective was to make the process smoother for customers, so that they would not hesitate to compete.
In 2021, the Prudential Control and Regulation Authority (ACPR) carried out investigation on the application of this banking mobility assistance system. It appears that only 20.3% of customers use this service when entering into a relationship with a new establishment. “Most of them gradually transfer their recurring operations themselves, without necessarily using the mobility assistance service”notes Benoît Grisoni, the general director of BoursoBank, which welcomed more than 840,000 new arrivals over the first ten months of 2023.
Furthermore, customers opening an account at a new establishment do not always intend to change banks. “It is increasingly common to hold several accounts, each with a specific use: a service provider for traditional payments in France, another for transactions abroad, a third for consumer credit…”notes Ada Di Marzo, managing director of the Paris office of Bain & Company.
Anxiety inducing
Seven years after the Macron law came into force, changing banks remains an anxiety-provoking event. But “the process is ultimately simpler than what we initially imagine”, tempers Grégory Guermonprez, the director of Fortuneo, half of whose customers paying their salary use the mobility assistance service (the approach is currently rewarded with a bonus of 80 euros).
In theory, it takes care of everything, free of charge. You must start by signing a mobility mandate and providing the bank identity statement for your old account. Then, all procedures must be carried out by the establishments within twenty-two working days. The procedure follows a very precise rhythm.
The new bank must contact the old bank within two days after signing the mandate. The latter then has five working days to provide the list of recurring direct debits and transfers received and issued over the last thirteen months. This mainly concerns the employer, energy and telecommunications suppliers, Social Security, mutual insurance, and the tax administration.
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