Moving, change of personal situation, change of job, subscription to a loan, the reasons for transferring a bank account are many. But before taking the plunge, it is important to understand the different steps to follow and know how the bank account transfer works. What is a bank account transfer? What are the procedures? I’ve gathered the answers to all your questions in this article!
Among the many tasks one has to think about after a move or job change is bank account transfer. For geographical or practical reasons, there are situations that require, in effect, a change of bank branch or bank. This is the very principle of bank account transfer.
As you will certainly have understood from its title, this operation simply consists of: asking your bank to move some or all of your operations to another branch of the same establishment and/or a new competing bank. In both cases, the principle is similar. However, in the second case, banking mobility can be considered!
The principle of bank account transfer is quite simplistic. Nevertheless, to be able to start the process, it is necessary to clearly distinguish the different scenarios. Indeed, there is the transfer of a bank account from one branch to another branch within the same institution and the transfer from one bank to another bank (competitor).
Do you want to transfer your bank account to another branch of the same establishment? The procedure to follow for this first scenario is a simple request to your banking institution. This is an “automatic transfer”. This operation is free, fast and does not require specific supporting documents. Also, all banking networks offer this type of transfer.
If you wish to transfer your bank account to another banking institution, here are the two solutions available to you:
You can do all the bank transfer steps alone: opening the new bank account, transferring all the information about your bank account and closing the old bank account.
You can also use the banking mobility services of your new bank. This is a service introduced by the Macron law of February 2017. This law stipulates that your new bank is obliged to assist you fully and free of charge during the transfer of your banking mobility. To do this, the only step you need to take is to provide the RIB of your old account to your new banking institution. Once the banking mobility has been signed, you can immediately benefit from this service.
Note: It is important to specify that the banking mobility service only concerns deposit accounts and payment bank accounts. If it is a savings product or a securities account, you must carry out the procedures yourself.
If it is a bank account transfer within the same institution, the process is free and automated. In the case of a bank account transfer to another banking establishment, you must go through three distinct stages: the opening of the new account, the transfer of bank domiciliation and the closing of the old account.
The first step you must go through is opening a bank account in the new banking establishment of your choice. Generally, this process is quick and free. However, take the time to read the conditions of each establishment carefully, because in some banks you need to make a minimum initial deposit of money. As soon as your new bank account is opened, you will get a new RIB or Bank Identity Statement. This document is very important, because it is thanks to it that you will obtain all the information necessary to carry out transfers, transfers and bank withdrawals. You will also need the RIB to transfer funds and information from the new account to the old account.
The next step is to transfer all banking transactions from the old account to the new bank account. If you have decided to sign the banking mobility mandate with your new bank, the latter will take care of everything, from here. On the other hand, if you have decided to start on your own, it is up to you to take charge of all the procedures relating to the transfer of bank domiciliation.
In practice, what is meant by direct debit transfer? It is simply a question of identifying all the banking operations carried out over the last 13 months and informing the new banking establishment of all the direct debits and transfers carried out during this period. All the organizations concerned (electricity and gas suppliers, insurance companies, mutual insurance companies, social security, employer, lessor, etc.) by your automatic payments and permanent transfers must also be informed of the change in bank domiciliation.
The final step is to close your old bank account. If you have signed a banking mobility mandate, the new bank will take care of this process entirely. Otherwise, you must send a registered letter with acknowledgment of receipt to your old establishment. Following the closure of the old bank account, you must return the means of payment provided by your old banking institution (credit card, check).
Note : you do not have the option of having two regulated savings bank books (passbook A or LEP). If you wish to transfer it, you must therefore close your old account and then reopen it in another establishment. This type of transfer is also free.
Have you completed all the steps for transferring a bank account? What is the timeframe for the change to take effect? Generally, a bank account transfer is up to 22 working days from the date the bank account transfer mail is sent. Referring to the Macron law, here are the deadlines required for the bank transfer:
Make sure you have contacted and informed the organizations concerned by your change of bank account. A trick is to leave a certain amount of money in your old bank account, before it is closed, in order to avoid any incident.
There is no cost to pay for making the bank account transfer. Indeed, for all banking organisations, the mobility assistance service is totally free! Please note, however, that the absence of fees is only effective for current accounts and payment accounts. If it is a savings product, you must inquire beforehand with your old bank and new bank to find out the costs to be expected. Each banking institution imposes its own policy on rates and conditions. In all cases, the transfer of these banking products entails an additional cost: youth savings account, housing savings plan, housing savings account or savings plan in action.
Have you taken the first steps for the bank account transfer request? Unfortunately, the bank in question refused you the transfer? No worries ! The first thing to do is to understand the reasons why the bank decided to refuse you the transfer. Is this a problem related to your current financial situation? Is the bank account transfer governed by certain conditions that you have not respected? Is the problem related to banking mobility? Once you find the reason, it will be easier for you to find a solution.
If you have requested a bank account transfer from one branch to another, there are certain formalities to consider. Among the problems that can prevent the transfer is the change of branch network. Thus, some banks and their regional subsidiaries do not accept a simple request to change branch. You should therefore be prepared for the formalities to be similar to changing banks.
Another common reason for a declined bank account transfer is your account balance. Indeed, if your bank account is debited, you will not be able to make a transfer (whether it is a change of agency or a change of bank). Thus, it is imperative to settle all the debts of your old bank account before being able to benefit from the total banking mobility.
Another reason: you still have an outstanding credit in your old bank. In most cases, banks request that the monthly payments be debited from their bank account. If you have to change banks, with an outstanding credit, it may be more favorable to request a loan buy-back by the new bank.
A problem that can arise: the incorrect recording of your bank details. Your new bank is not obliged to verify that your information has been taken into account. The refusal can then come from the collecting organization concerned.
If you have decided to transfer your bank account yourself, you should write an account transfer letter to your bank. You will find on the internet or from your bank a model account transfer letter to be completed.