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

ING France fermeture

The closure of ING France has just turned into a fiasco. Many customers find themselves in a catastrophic situation, between accounts closed without warning, and transfers of savings, investment and credit products that drag on. A collective action against the Dutch banking establishment is in preparation.

ING France closing
Credits: ING

In January 2021, the Dutch banking establishment ING, present in France for 20 years, announces his departure from France. To facilitate this delicate operation, ING has announced that customers will be able to take advantage of a simplified transfer procedure by turning to Boursoramachosen by ING as a “partner”.

On paper, the principle seemed fine-tuned and well thought out, the aim being to speed up transfers, maintain the continuity of customers’ current contracts, while seducing them with welcome offers (up to 320 euros offered depending on the subscribed services). We are still talking about a potential for 500,000 additional customers for Boursorama.

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

Current accounts blocked overnight

And indeed, everything suggests that ING completely forgot to include these customers in its calculations and to take into account the usual deadlines for bank account transfers to another institution. Since the beginning of the summer period, many ING customers suddenly found themselves without a current 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 closure of my account”. says an ING customer in the columns of Figaro.

Far too short a time to change banks. These customers therefore found themselves without any means of payment (neither credit card, nor RIB or cash) in the middle of the summer period. We can at least take comfort in knowing that the closing of accounts will not be chargedwith the exception of inactive account maintenance fees, in accordance with the tariff in force”, according to ING.

Also read: Bank card – banks are obliged to reimburse customers who are victims of fraud

ING France closing
Credits: Flickr

Problems with savings and investment products

Cherry on the cake, customers holding savings or investment products are also in trouble. Regulated booklets such as booklet A or LDDS are also affected by this mess. Obviously, ING France is overwhelmed by the volume of closing requests. However, as provided for by French legislation, it is impossible to open a savings account of this type in another establishment until the first one has been closed

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

And during this processing time, savers can sit on the interest that should have been generated between the closure of the account by ING and the opening of the new one. Exasperated by this situation, many aggrieved customers decided to unite and launch a class action lawsuit against ING. “They can contact us to join the collective action that we are going to launch. The objective is for each saver to be compensated, at least for the interest that he has not received”, explains Michel Guillaud, customer concerned and president of the France Conso Banque association.

ING France closing
Credits: Wikimedia

Make a cross on your assets and securities

As for holders of a PEA (stock savings plan) or a securities account, the situation is not much better. “In the absence of a request to transfer or close the securities account or the PEA, ING reserves the right to initiate the closure of your account(s) from August 2022 and to sell your securities in accordance with our conditions. general”. You read correctly, these customers, who received this alert message in July 2022 for the vast majority, could lose all their assets… Unless they manage to turn around before the fateful date. Problem, a transfer of assets or securities takes time, and during this period, it is impossible for the saver to buy or sell. This can lead to significant financial damage.

If the customer has not been able to react in time, ING will have to send a RIB from an active account to the following address to recover the money: ING – Operations Department, 40 avenue des Terroirs de France, 75616 Paris cedex 12. “The invoice will be presented to ING, we will quantify the damages for each person who will join the collective against ING”, promises Michel Guillaud.

Finally, and with regard to property loans taken out with ING, the Dutch company keeps them. However, you will need to indicate your new current account at online banking via an unstamped envelope (containing your new RIB) to this address: ING – Real Estate Credit / Management, Free response 70678, 75567 Paris Cedex 12. The procedure remains the same for personal loans.

Source : Le Figaro

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