La Banque Postale closes Ma French Bank: what will become of its thousands of customers (and their money)?

It was not profitable. It was in the pipeline, it is now concrete. My French Bank, a 100% subsidiary of La Banque Postale, is over. Well almost.

Presenting itself as a “connected and participatory digital bank”, primarily targeting 18-35 year olds, we will now have to forget it. La Banque Postale has confirmed the cessation of its activities, it informed-.fr. « The end of Ma French Bank will be gradual and will last from June 2024 to summer 2025 », explains the group’s communications department.

On April 25, 2024, the social dialogue period came to an end, and the closure of the mobile bank was finally recorded. The end of Ma French Bank will nevertheless be gradual, and spread out until the summer of 2025, i.e. an overall duration of 12 to 15 months.

Were you a customer of Ma French Bank and have money in this bank? You will be informed “individually” of the steps to follow, “during the year 2024”, replies La Banque Postale.

Customers encouraged to open an account at La Banque Postale

And you can already open an account and transfer your assets to La Banque Postale, the parent company, “and thus benefit from a welcome bonus of 50 eurosunder conditions”, highlights the group in passing.

You will thus have “a welcome offer”, continues the group, namely free commissions on payments and withdrawals outside the euro zone from July 1 to December 31, 2024 and two months of subscription offered for subscribing to a mobile plan. at La Poste mobile.

My French Bank was launched in July 2019

Ma French Bank launched its current account offer in July 2019 and had 675,000 customers at the end of June 2023. “Despite undeniable success with customers, Ma French Bank has not achieved profitability and has not found its economic model”, summarizes La Banque Postale to explain this outcome.

Ma French Bank and La Banque Postale had started in mid-December 2023 “an information-consultation procedure” of their respective staff representative bodies aimed at studying this cessation of the activities of Ma French Bank, and the conditions under which it would be implemented. artwork. Social dialogue continued until the end of April.

“No risk for client assets and deposits”

From now on, the La Banque Postale group and Ma French Bank would like to reassure and repeat that this cessation of Ma French Bank’s activities presents “no risk for customers’ assets and deposits, which will remain accessible throughout the procedure until ‘upon the closure of their accounts’.

With the closure of Ma French Bank which is spread over a period of “12 to 15 months”, insists La Banque Postale to-.frthis gives customers a reasonable amount of time to find alternatives.

The online and mobile banking sector is characterized by very strong competition. For Ma French Bank, this dynamic translated into the need to make significant investments to stay in the race.

However, La Banque Postale noted last December that “such an orientation” no longer appeared “compatible” with the strategic plan of the La Banque Postale group, which plans to prioritize its investments “on the acceleration of its digitalization”.

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