ING disappears: what fate for customers’ life insurance, passbooks and PEAs?

End clap for ING. The Dutch online bank announced on Tuesday December 21 the withdrawal of its retail banking activity in France. However, it had been established in France for 20 years, a longevity that makes it the oldest player in this market. “This decision is the conclusion of a strategic review carried out since June 2021”, explains in a press release the establishment. Wanting to be reassuring, ING recalled that it is a “safe and solid” bank and that no change will occur for customers “before at least the end of the year”. Understand that they can continue to use their accounts and bank card.

But what to expect in 2022 for holders of banking products marketed by ING: equity savings plans, life insurance, Livrets A, LDDS and other mortgages? To find out, let’s remember that the end of ING will most likely result in the sale of its client portfolio and not in bankruptcy. What to facilitate the continuation of the events. Whatever the future buyer – Société Générale, Crédit Mutuel or Crédit Mutuel Arkéa are at the top of the list for a takeover – several options are available to borrowers.

The most cautious, for example, have already transferred their financial investments to another bank, without waiting for the name of the successor. From then on, they paid the fees in force, as indicated in the tariff brochure of January 1, 2021. Namely 15 euros per line, for securities accounts. The costs are even heavier for the PEA, because to these 15 euros per line is added a fixed amount of 65 euros. However, all of these costs are capped at 150 euros per transfer. These two rates could even be increased from January 1, 2022 if the bank so chooses.

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No worries, however, for life insurance since no exit fees are applied by ING and above all, the disappearance of online banking will not result in the termination of contracts. ING is in fact only a broker on behalf of Generali. It is the latter who sells the contracts.

Costs in the event of refusal by the acquiring bank?

Customers who will be led to refuse the future bank do not know, on the other hand, yet whether they will pay fees for the transfer of their PEA and securities accounts. Homeowners may also have to pay prepayment charges. Contacted by BFM, the Prudential Supervisory and Resolution Authority (ACPR) is also unable to say whether fees will be imposed: “During the transition period, customers must wait to know the concrete terms of recovery “, recalls the policeman of the banks. Asked by Capital, ING did not wish to answer this question.

In accordance with their tariff brochure, ING charges the purchase of a home loan by a competing institution. “In response to a large influx of calls, we are in the process of setting up a support and action committee to put pressure on ING and future buyers, explains to Capital Michel Guillaud, president of the France Conso Banque association. Orphan customers who wish to leave must do so under good conditions, with the least possible expense. It is believed that when a bank disappears, customers should benefit from advantageous conditions,” he underlines. An opinion shared by Angelo Caci, managing director of the consulting firm Syrtals Cards: “If a client refuses the bank of the buyer, he should be allowed to recover his assets without any penalty.”

Nothing will protect, however, your regulated booklets, booklet A and LDDS in mind. You will have to cancel them, transfer the funds to your current account and then place them in a newly created passbook. Non-regulated savings accounts, being specific to each bank, follow the same logic. If you still hold the starving orange savings account from ING – remunerated at 0.01%… – you will therefore have to say goodbye to it.