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US News With banks, loyalty does not pay!

14:25  25 february  2021
14:25  25 february  2021 Source:   immobilier.lefigaro.fr

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Avec les banques, la fidélité ne paie pas ! © fizkes / iStockphoto / Getty Images With banks, loyalty doesn't pay! It has been a long time since the spirit of competition has been blowing in an increasingly "cartelized" banking world. And that it appears, at least on the surface, that loyalty does not pay off. This is the opinion of MIichel Guillaud, president of the association for the defense of banking consumers France Conso Banque.

For those who may doubt it, remember that barely half a dozen brands share the big jackpot in interest and commissions of all kinds. And it is not the announced deaths of Crédit du Nord and HSBC bank that will improve this landscape where we already count the pure and simple disappearances of Crédit foncier and Crédit Immobilier de France, two major brands there are still not much time. As a result, the bank mobility rate, that is to say the number of customers who change banks, is in France one of the lowest in Europe. According to the statement by the France Conso Banque association, barely 1.3 million customers would have changed banks in 2019, i.e. a percentage of 2.9%. A rate that puts us behind our European neighbors: nearly 10% in Germany and the Netherlands, 14% in Spain…

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In this context, some people expected a lot from the Macron law of 6 February 2017 and its article 43 giving individuals the possibility of changing bank free of charge thanks to an automated service. But why not jostle the 42% of the population who have never changed bank or the 57% of those under 25 who keep their parents' bank? Because, alongside these diehards who, out of loyalty or inertia, have chosen to remain loyal to their bank, 20% would like to see elsewhere if the grass is not greener ... But they are not getting there.

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In question, a reduced mobility to the only current account and the costs of transfer of the prohibitive savings products - count so a hundred euros for a housing savings plan - or even an impossible transfer for the Livret A. In the same vein, the legalization, since 2018, of domiciliation clauses for borrowers, previously condemned by case law, sends a very bad signal to those who would like to try the adventure outside their banking establishments. Therefore, in this weakly competitive world, why should banks be keen to treat their current customers well? We must play the competition!

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For this, we can cite at least two examples, when taking out a loan or after opening an account. Banks practice the policy of "drawers" scales, which, in terms of loans, fluctuate not according to the risk but according to the origin of the client: old clients, clients in renegotiation, first-time buyers, new buyers. clients. To each his own scale! The new customers, in this logic, being of course the best served. Even more speaking: when opening an account, you can apply for practically anything you want, such as exemption from account maintenance fees, a free bank card, an authorized overdraft, etc. And we must take advantage of it, because after the first year, the bank coach risks turning into a pumpkin and tariff cuts are as rare as a tax cut.

By MIichel Guillaud, president of the association for the defense of banking consumers France Conso Banque (franceconsobanque.fr)

>> This article is a summary of the latest Capital available on newsstands and on Prismashop 0 © Supplied by Capital

DR   Avec les banques, la fidélité ne paie pas !

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