This is a hard blow for these 675,000 French people who had opened an account in this bank. Indeed, having been in deficit for several months, this French bank is obliged to close its doors, but then what will become of these customers' money? We tell you everything!
The ready-to-wear and cosmetics sectors are not the only ones to experience dark days in recent months. Indeed, banking organizations are also having a hard time getting their heads above water. If in January 2024, the banking establishment of British origin HSBC had to close its doors by selling its network and its customers to Crédit Commercial de France, it is the turn of a new establishment to meet the same fate. The French banking ecosystem, already in full transformation with the rise of neo-banks, is thus faced with a new challenge.
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This is unfortunately a shock announcement in the banking sector: this well-known French bank will soon cease its activities and quite simply disappear. A gradual closure which concerns more than 675,000 customers, individuals who legitimately wonder about the fate of their money. The closure of this establishment raises many questions: what measures will be put in place to protect customer funds, and what solutions will be proposed to ensure a smooth transition? We tell you everything!
Closure of Ma French Bank: 675,000 customers affected
In financial difficulty for several years, this decision marks the end of an adventure for a bank which had established itself as a modern and 100% digital alternative. Online subsidiary of La Banque Postale, an organization which has already announced a record increase in its banking fees, Ma French Bank was launched in 2019. If this online bank aimed to compete with neo banks like Revolut having no own agency, all procedures were carried out online or by telephone, his adventure quickly ended.
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Indeed, having never managed to achieve profitability in five years in view of disappointing financial results, La Banque Postale, the parent company of this organization, has decided to close its doors. Bogged down in issues like this recent conviction in favor of “ victims of fraud on Leboncoin-type marketplaces »My French Bank having been in deficit for many years therefore officially closes its doors with a support plan for its customers put in place over several months. But then what can the 675,000 customers of this bank expect?
What will happen to Ma French Bank customers’ money?
The closure of Ma French Bank takes place over several months between June 2024 and summer 2025, leaving its customers obliged to transfer their accounts to other establishments. To anticipate this transition, La Banque Postale, parent company, is offering its customers the opportunity to migrate to its traditional offers, thus guaranteeing continuity of services with a welcome offer. However, some customers may prefer to join other neo banks or banking establishments, in which case they can transfer their assets to the establishment of their choice.
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To facilitate this process, Ma French Bank offers to use banking portability which allows you to easily transfer automatic debits and recurring transfers to a new account. The La Banque Postale group confirmed withBFMTV that the cessation of the activities of Ma French Bank “does not present any risk for clients' assets and deposits, which will remain accessible throughout the procedure, until their accounts are closed».
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