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Bank tariffs rise, Macron law arrives

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Trends

The birth of a future giant, Orange Bank, and the entry into force of a law on banking mobility are the two big news in the financial sector in 2017.

Bank fees have risen by an average of 1.16% over a year for the six profiles in the annual barometer carried out by the bank rate comparator Meilleurebanque.com for Le Monde on 127 banks. The increase in rates is an opportunity for some customers to decide to change banks. Good news: the operation is now simpler, thanks to the entry into force, on 6 February, of the banking mobility contract introduced by the Macron law of July 2015. “Changing banks is becoming less stressful,” confirms Romain Espinasse, the head of Meilleurebanque.com.

“Changing banks remains complex for savings products”

The difficulty is practical: you have to notify all the issuers and beneficiaries of transfers and direct debits from the old account to transfer them to the new account. Energy supplier, telecoms, employer, social security… in total, more than ten or even twenty organisations. With the Macron law, the customer no longer has to do anything himself. Their new bank will contact their old bank directly to retrieve the list of recurring direct debits and transfers for the last thirteen months, as well as any cheques not yet debited. The law also sets out the time limits: the transfer may not exceed 22 working days. Moreover, it is free of charge.

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