Boursorama, which was chosen by ING as an alternative bank for its customers, has set up a process allowing an easy transition between the two banks. For those who want it.
ING France customers now know more about what awaits them. 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, which currently has 500,000 active customers (after thousands of account closures deemed inactive).
It is Boursorama, Société Générale’s online bank, which has been chosen by ING as an “alternative” for French customers.
“We do not give the amount of the transaction because we do not yet know the number of customers who will have actually accepted this transfer”, explains to BFM Business, Benoit Grisoni, general manager of Boursorama.
In fact, ING France customers have the choice of accepting Boursorma’s proposals or refusing and choosing another bank to transfer their funds.
“It is a principle of referencing”, explains the person in charge. “Whoever 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 ING France customer to accept a transfer to Boursorama beforehand.
In just a few months, Boursorama has set up a system to attract as many ING customers as possible in France. “We are aiming for at least half of the portfolio”, announces Benoit Grisoni. The principle: to make it possible to go quickly in this transfer, to maintain the continuity of the contracts and to seduce with exclusive offers. Throughout the course, a telephone line and dedicated Boursorama teams will be made available to ING customers.
Here is how it will actually happen:
– ING customers will receive an information letter from mid-April inviting them to connect to their ING customer space. If the client does not wish to become a Boursorama client, his assets will be transferred to the external account entered in his ING client space. Otherwise, he can give his consent to start a simplified account opening process.
-His consent allows ING to share with Boursorama Banque the personal data necessary to pre-fill the account opening form with Boursorama Banque, 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-filled form. He can also activate the banking mobility service to easily transfer his direct debits and transfers.
-The amount of the exclusive offers from which he benefits is then credited to his Boursorama Banque current account, this commercial carrot may reach 320 euros depending on the services subscribed.
In any case, accounts held at ING will be gradually closed in 2022.
Securities accounts, PEA, life insurance and loans
Regarding securities accounts and PEAs, Boursorma explains “that after having opened a current account with Boursorama Banque, customers can also open a securities account and/or a PEA, 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 PEAs transferred will retain their unit cost price. The opening date tax for PEAs will also be retained”.
On the life insurance side (5 billion euros in assets managed by Gerenali) “management will be transferred to Boursorama Banque, which will act as broker, at the beginning of July. The exact date of the transfer will be specified to customers in June. This transfer will be done without any action on their part.The characteristics of the life insurance contracts, in particular the investments made, the tax precedence and the designated beneficiaries, will remain unchanged.Generali Vie remains the insurer of the insurance contracts. ING Direct Life”
Finally, home loans and consumer loans continue to be managed by 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 next installments will be debited. The credit conditions remain unchanged for all customers”.