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ING online banking closes thousands of accounts in France

Home »Economy» The ING online bank closes thousands of accounts in France on January 8, 2022

Published on: 08/01/2022 – 06:53

Dutch online bank ING is cleaning up its French customers. Several hundred thousand of them had their accounts closed earlier this week. A maneuver in view of the future resale of ING France.

ING had announced it at the end of December. It is withdrawing from the online banking market in France. According to a consumer association, around 300,000 customers have had their savings accounts closed.

Asked by AFP, ING confirmed on Friday January 7 that a procedure for closing Orange Savings Accounts (LEO) had been initiated since the summer of 2021 with customers “. who do not have other products at ING “.

These closures relate to a very specific product of the bank which is justified by explaining that with an interest rate of 0.01%, these passbooks are very poorly remunerative for customers.

Societe Generale and Crédit Mutuel in the ranks

The other hypothesis put forward by the France Conso Banque associationis that ING is preparing to sell its portfolio of French customers. Société Générale and Crédit Mutuel are also in the running. But to sell at best, ING would like to clean up its small accounts which are very inactive and therefore very unprofitable for the future buyer.

This is all legal. A bank has the right to unilaterally close a customer’s account. But she must respect a period of notice. Some angry French clients of ING have formed a defense collective to bring the case to court around this deadline, which they believe has not been fully respected.

To read also: Bercy attacks Wish, an “e-commerce” platform which sells illicit products in France

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