Why millions of bank accounts will be deleted by the end of 2024 ?

© La Banque Postale

The year 2024 will be marked by the closure of three major banking institutions in France – causing real upheaval for their millions of customers. Clients will have to choose their future establishment themselves, although they may have advantages in migrating to one rather than another.

HSBC, Orange Bank, Ma French Bank

Since January 1st,HBSC France has ceased its activities having been bought by My Money Group. With the elimination of its 800,000 accounts, customers are forced to be transferred to the new Crédit Commercial de France brand, CCF. After June 30, 2024, they will need to have a new specific IBAN for their CFF account and a new bank card. Advisors and agencies remain in place.

The transition from HSBC accounts to CFF © CFF

During the same year, another bank was preparing to disappear: Orange Bank, an online bank whose 1.8 million accounts will also be deleted. Orange and BNP Paribas have agreed to encourage former Orange bank customers to migrate to Hello bank! (with a bonus of up to 430 euros), the online bank of the rue d'Antin group. Orange has never been able to find the equation to position itself in the sector and decides to put an end to the ordeal after more than a billion euros in losses.

The message on the Orange Bank website © Orange Bank

After having accumulated 255 million euros in losses between 2018 and 2022, Ma French Bank is also putting an end to its activity. The simplified bank account of the La Poste group has decided to close the bank accounts of its 700,000 customers by the end of the year. If nothing has yet been suggested, it could be that the BNP Paribas group is also negotiating a transition home, our colleagues at La Tribune believe we know. Otherwise, La Banque Postale will offer customers of Ma French Bank the opportunity to migrate to it.

One thing is certain: millions of French people will have to change banks and modify their bank details. Whether you are at Ma French Bank, Orange Bank or formerly HSBC France, you will have to organize yourself to ensure a good transition to a banking establishment. Know that you always remain in control: even if certain partnerships have been established between a bank which is closing and an establishment, you are not obliged to follow the recommendation.

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