Technology

ING: Closing online banking hurts –

At the end of last year, we informed you about the intention of ING to close its online bank in France. The customer portfolio has been taken over by Boursorama and has approximately 500,000 users. Despite this takeover, the client is not required to maintain their accounts with Boursorama and may choose another service provider, whether online or at a “classic” agency.

Only a few accounts seem to have already been closed in a “wild” manner with minimal communication during this summer period when customers are not necessarily waiting for a letter or email.

sudden closure

Many ING customers use the online service as their main account, according to France Conso Banque. If transfer procedures to Bursorama have been simplified (and encouraged), this is not the case for transfers to other institutions. This takes time, and this is what some clients lack.

Among them is Michel Guyot, president of France Conso Banque, who saw his account closed 2 or 3 days after receiving a simple standard “Ecopli” email. Although he was able, thanks to his structure, to re-open his account in time to take the necessary steps, this is not necessarily the case for the “regular client”, who may find himself without assets and without means of payment due to the almost instantaneous.

Indeed, while some customers have received a registered letter, others seem to have received only a simple letter and an email (which is easily spammed) at a time when many French people are not necessarily at home.

That’s why France Conso Banque intends to file a class action lawsuit against IGN to get compensation for those affected, because current accounts are not the only ones suffering from the sudden closure.

Many products have been affected

While some clients only have a checking account with ING, others have savings, loans, life insurance or securities accounts. Here is a brief (and non-exhaustive) overview of the implications of closing the ING online service for these various products:

Savings account : the accounts have been or will be closed in the near future, and the money has been transferred to the account specified by the client for the transfer. The problem is that now you can open a regulated savings book (passbook type A) in a bank only if you have an account of this type in another institution. The verification process takes time, which means a loss of interest during the procedure. The class action also seeks compensation for his interests.

Account names: if the client fails to take the transfer steps in time, ING “reserves the right to sell the securities”, an approach consistent with the general terms and conditions under ING, but which may result in capital losses. Even if the client makes the transfer on time, there is a period during which it will be impossible for him to make transactions.

Life insurance: for this part, the customer had no choice, all contracts were transferred to Boursorama, which maintains the conditions, signed and sent the identifiers to their “new customers”. As a Generali Vie reseller, ING disclaims any responsibility for the transfer and encourages customers to contact the organization directly if they wish to work with another reseller. In short, “dear customer, manage yourself.”

Credits: without taking over its “credit” activities, ING continues to provide services. Consideration would need to be given to quickly sending them a new RIB to avoid the cost of not making monthly payments and registering individual loan repayments. This approach is valid for mortgages as well as for personal loans. Please note that for the latter, ING offers early repayment without penalty.

Individual

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