Macron law: how to change bank easily?

Less than 5% of French people change banks each year. In the process of making heavy demands on customers.

Less than 5% of French people change banks each year. In the process of making heavy demands on customers.On February 6, 2017, the provisions of the Macron law of August 7, 2015 relating to the simplification of the change of bank came into force and allow the clients to mandate the new bank to take the necessary steps to transfer Account.Article L. 132-1-7 of the Monetary and Financial Code stipulates that the new banking institution will be able to offer "a bank mobility assistance service allowing automated change of bank directorships to the new account, Valid withdrawals and recurring transfers from the originating account ".It introduces simplification measures which can be summarized in two documents:

•     The delivery of a RIB (bank identification statement)

•     The signing of a banking mobility mandate.

The procedure takes place between the two banks within a maximum of 22 working days. Upon receipt of the account transfer request, the former institution must transfer the banking information to the new establishment within 5 working days of the request. He must then close the bank account.Once the information has been received, the new bank will send the details of the new bank account to the issuers of withdrawals, recurring transfers, checks not debited and used during the last 13 months.This new system recalls the one introduced by the Hamon law of 2014 concerning the change of insurance company. 

Note: Real estate loans, certain investments and savings accounts (Livret A books, sustainable development booklets and solidarity savings booklets) are not transferable. Savings accounts can be closed free of charge.

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