End clap for ING. The Dutch online bank announced on Tuesday, December 21, the withdrawal of its retail banking business in France. However, it has been established in the Hexagon for 20 years, a longevity that makes it the oldest player in this market. “This decision is the conclusion of a strategic review conducted since June 2021,” the institution said in a statement. will intervene for customers “before at least the end of the year”. Understand that they can continue to use their accounts and credit cards.
But what to expect in 2022 for holders of banking products marketed by ING: action savings plans, life insurance, A-books, LDDS and other real estate loans? To know this, let us already remember that the end of ING will most likely materialize in a sale of its client portfolio and not in a bankruptcy. What to facilitate the continuation of events. Regardless of the future buyer – Société générale, Crédit mutuel or Crédit mutuel Arkéa are at the top of the list for a takeover – there are more possibilities for borrowers.
The most cautious, for example, have already transferred their financial investments to another bank, without waiting for the name of the successor. From then on, they paid the fees in force, as indicated in the tariff brochure of January 1, 2021. Namely 15 euros per line, for securities accounts. The costs are even heavier for PEAs, because in addition to these 15 euros per line, there is a fixed amount of 65 euros. However, all these costs are capped at 150 euros per transfer. These two rates could even be increased from January 1, 2022 if the bank chooses.
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On the other hand, there is no concern for life insurance since no exit fees are applied by ING and above all, the disappearance of the online bank will not lead to the termination of the contracts. ING is only a broker on behalf of Generali. It is the latter that sells the contracts.
Fees in case of refusal of the repurchasing bank?
Customers who will be forced to repurchase the future bank, however, do not yet know whether they will pay a fee for the transfer of their PEA and securities account. Holders of a home loan may also have to pay an early repayment fee. Contacted by BFM, the Prudential Resolution Authority (ACPR) is also unable to say whether a fee will be charged: “During the transition period, customers must wait to know the actual arrangements for recovery “, recalls the gendarme of the banks. Sollicité par Capital, ING do not want to answer this question.
In accordance with their tariff brochure, ING charges the purchase of a home loan by a competing institution. “In response to a significant influx of appeals, we are in the process of setting up a support and action committee to put pressure on ING and future acquirers,” said Michel Guillaud, President of France Conso Banque. Orphaned customers who want to leave must do so in good condition, with as little expense as possible. It is estimated that when a banquet disappears, the clients must benefit from advantageous conditions “, he underlines. A shared opinion from Angelo Caci, CEO of Syrtals Cards: “If a customer refuses to take over the bank, it should be allowed to recover its assets without penalty.”
On the other hand, nothing protected your regulated booklets, booklet A and LDDS in mind. You will have to terminate them, transfer the funds to your current account and then place them in a newly created passbook. Unregulated savings books, being specific to each bank, follow the same logic. If you still have ING’s famous orange booklet – 0.01% paid … – then he’ll have to say goodbye.
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