Boursorama, chosen by ING as an alternative bank for its customers, has set up a process that allows an easy transition between the two banks. For those who want it.
ING France customers now know more about what to expect. Remember that after more than 20 years of presence in France, the Dutch ING announced its intention to close its retail bank in the country.
It is Boursorama, Société Générale’s online bank, chosen by ING as an “alternative” for French customers. That is 500,000 customers covered by this acquisition (after hundreds of thousands account closures considered inactive).
“We do not disclose the amount of the transaction as we do not yet know how many customers have actually accepted this transfer,” explains Benoit Grisoni, Boursorama’s general manager, to BFM Business.
In fact, ING France customers have the choice of accepting or rejecting Boursorma’s proposals and choosing another bank to transfer their money.
“It’s a reference principle,” explains the person in charge. “The one who stops offers an alternative to his customers and this alternative is us. At the choice of the customer who must give his consent”. It is therefore up to the customer of ING France to accept a transfer to Boursorama in advance.
Boursorama was founded in just a few months a machine to attract as many ING customers as possible in France. “We’re aiming for at least half of the portfolio,” Benoit Grisoni announces.
The principle: let go quickly in this transfer, maintain the continuity of the contracts and entice with exclusive offers. During the course, a telephone line and dedicated Boursorama teams will be available to ING customers.
Here’s how it will actually happen:
– ING customers will receive an information letter in mid-April inviting them to connect to their ING customer area. If the customer does not want to become a Boursorama customer, his assets are transferred to the external account entered in his ING customer space. Otherwise, he can give permission to start a simplified account opening process.
-His consent enables ING to share with Boursorama Banque the personal data necessary to pre-complete the form to open an account with Boursorama Banque and then to transfer the balance of his ING account to his new Boursorama Banque account.
-The customer is redirected to the Boursorama Banque website, where he can open a current account in 15 minutes using the pre-completed form. He can also activate the banking mobility service to easily transfer his direct debits and transfers.
-The amount of the exclusive offers he takes advantage of is then credited to his Boursorama Banque current account, this commercial root can reach up to 320 euros, depending on the services subscribed.
In any case, the accounts with ING will be closed gradually in 2022.
Securities Accounts, PEA, Life Insurance & Loans
With regard to securities accounts and PEAs, Boursorma explains “that after opening a current account with Boursorama Banque, customers can also open a securities account and/or a PEA and then request the transfer of their securities to this (these) new account(s). The transfer of securities will be free of charge and will lead to the closure of the ING account. The securities registered in the portfolios of the securities accounts and transferred PEAs retain their unit cost. The tax on the opening date for PEAs is also retained”.
On the life insurance side (5 billion euros in assets managed by Gerenali) “management will be transferred to Boursorama Banque at the beginning of July, which will act as broker. The exact date of the transfer will be announced to customers in June. This transfer will take place without intervention on their part. The characteristics of the life insurance contracts, in particular the investments made, the tax priority and the designated beneficiaries, remain unchanged. Generali Vie remains the insurer of the insurance contracts. Life”
Finally, home loans and consumer loans remain under management at ING. “If the customer repays his monthly installments from his ING current account, he must provide the details of an external current account from which the following installments will be debited. The credit conditions remain unchanged for all customers”.