During the summer, many French clients of ING are facing account closures without prior notice. This issue arises due to ING’s decision to exit France’s retail banking market.

Background and Partnership Announcement

In December 2021, ING announced its intention to leave the French retail banking sector. In April 2022, it partnered with Boursorama, a French online bank, by transferring most of its client portfolio, including life-insurance accounts worth approximately EUR 5 billion.

Boursorama offered bonuses to customers who chose to transfer their accounts, up to EUR 320 per account. Initially, around 200,000 clients were supposed to be contacted in waves until the summer; others would have to wait for a formal closure process.

Account Closures and Customer Disruption

Nonetheless, ING began closing the accounts of those who did not transfer in the summer, sometimes providing only a few days’ notice. The method varied—some received registered letters, others emails or plain letters.

The abrupt actions have left many customers without sufficient time to find another bank and manage their finances effectively.

Regulatory and Operational Challenges

French law requires that savers can only switch accounts after their current ones are closed. Therefore, many customers who held regulated savings products were left with no income during the transition period.

Security account and PEA holders at ING received warnings stating that if they did not request a transfer or close their accounts by August 2022, ING would proceed to close them and sell securities according to its terms and conditions. This situation has caused significant financial uncertainty.

Collective Action and Impact

The multiple issues have prompted the formation of a collective action by France Conso Banque, with Michel Guillaud as president. ING has had approximately 1 million customers in France, employing around 700 people, two-thirds of whom are engaged in retail banking.