The closure of ING France is a disaster, as customers find themselves without a bank account

The closure of ING France is a disaster, as customers find themselves without a bank account

The shutdown of ING France has just turned into a fiasco. Many clients find themselves in a disastrous situation, between accounts closed without warning, savings transfers, investments and credit products lingering. A class action is being prepared against the Dutch banking institution.

Close ING France
Credits: ING

In January 2021, the Dutch banking institution ING, which has been in France for 20 years, announces his departure from France. To facilitate this delicate process, ING has announced that customers will be able to take advantage of a Simplify the conversion procedure by switching to bursuramaselected by ING as “Partner”.

In theory, the principle seemed fine-tuned and well-thought-out, the goal being to speed up transfers, maintaining continuity of existing customer contracts, while enticing them with welcome offers (up to €320 on offer depending on which services were subscribed). We’re still talking about potential 500,000 additional customers for Bursurama.

Please note, however, that the transfer of an ING current account to Boursorama is not automatic (unlike life insurance contracts). ING has announced that customers will be contacted in successive waves by the summer of 2022 to provide them with this option. And for those who prefer to turn to another bank, It will be necessary to be satisfied with the traditional procedurewhich may take some time sometimes.

Current accounts were frozen overnight

Indeed, everything indicates that ING completely forgot to include these customers in its accounts and take them into account Usual deadlines for bank account transfers to another institution. Since the beginning of the summer period, Many ING customers suddenly found themselves without a checking account, with warning emails sent just days before closing. “At the end of July 2022, my bank account was closed, 2 or 3 days after I received a simple letter announcing the upcoming closing of my account.” Says an ING customer at Figaro columns.

Very short time to change banks. So these customers found themselves with no means of payment (no credit card, no RIB or cash) in the middle of the summer term. We can at least feel comfortable knowing that No account closing fees will be chargedExcept for the inactive account maintenance fee, in accordance with the applicable tariff”, According to ING.

Read also: Bank card – banks are obligated to compensate customers who are victims of fraud

Close ING France
Credits: Flickr

Problems of savings and investment products

cherry on cake Customers who own savings or investment products are also in trouble. Organized brochures such as the A-Booklet or the LDDS are also affected by this chaos. ING France is clearly overwhelmed by the volume of closing requests. However, as required by French legislation, It is impossible to open a savings account of this type in another institution until the first account is closed

Unsurprisingly, this multiplication of requests to open different accounts It also causes traffic jams in other French banks. “We are struggling to meet the deadlines imposed by ING”, Honoring the director of the BNP Paribas Foch Maillot Agency in Paris for our colleagues on Le Particulier.

During this processing time, Savers can sit on the interest that should have been generated Between closing the account by ING and opening a new account. Because of this situation, several affected clients decided to unite and launch a class action lawsuit against ING. “They can contact us to join the teamwork we are going to launch. The aim is to compensate each saver, at least for the interest that he did not receive.” Explains Michel Gilaud, Client Concern and President of France Conso Banque.

Close ING France
Credits: Wikimedia

Make a cross on your assets and securities

For holders of a PEA (Equity Savings Plan) or a stock account, the situation is not much better. “In the absence of a request to transfer or close a Securities Account or PEA, ING reserves the right to begin closing your Account(s) from August 2022 and to sell your Securities in accordance with our Terms. general “. You read correctly, those customers, who received this alert message in July 2022 for the vast majority, They can lose all their assets… Unless they manage to get around before the fateful date. The problem is, the transfer of assets or securities takes time, during this period, it is impossible for the saver to buy or sell. This can lead to significant financial damage.

If the customer is not able to respond in time, ING will have to send the RIB from an active account to the following address for a refund: ING – Operations Department, 40 avenue des Terroirs de France, 75616 Paris cedex 12. “The invoice will be submitted to ING, and we will determine the amount of damages for each person who will join the collective against ING”, Promises of Michel Gilloud.

Finally, regarding the mortgages obtained with ING, The Dutch company keeps them. However, you will need to indicate your new checking account in Online Banking via an unsealed envelope (containing your new RIB) at this address: ING – Credit / Real Estate Management, Free Response 70678, 75567 Paris Cedex 12. The procedure remains the same for personal loans.

Source: Le Figaro

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