Around 675,000 people in France are affected by this news.
It’s rare enough to be underlined: a bank will soon close its doors. And it won’t be the first of the year in France. Other establishments have already lowered the curtain, bringing the total to three entities ceasing their activities. A little less than two million French people have already, or will very soon have to, change banks. If for the most part, the transfers have already been made, several tens of thousands of people will have to start taking steps.
After HSBC and Orange Bank, it is the turn of Ma French Bank to disappear. The bank was not necessarily the best known. If 70% of customers were “recruited” at the post office and 30% online, it had no agency in town and everything was done only online or by telephone, without a dedicated physical advisor. Despite this, around 675,000 customers had opened an account there, sometimes with regret: the organization has attracted numerous criticisms, despite advantageous rates, notably the free use of a bank (debit) card.
Launched in July 2019 by La Poste, the establishment aimed to attract a young and connected clientele thanks to its 100% digital services. However, the objective of one million customers by 2025 seemed too far away, the bank having fulfilled barely more than half. Above all, it was not making any money and this project appeared too heavy to bear for a group historically dedicated to mail distribution but which is trying to diversify its activities.
For account holders with Ma French Bank, the news is not a surprise. The announcement of the closure had already been made at the end of December, but now the bank’s management has clarified the timetable for the cessation of activity: since June, customers began to receive a letter to inform them of the rest of the operations for their money. Everyone can rest assured: their liquidity will not disappear overnight. The bank will remain active until summer 2025.
Until then, Ma French Bank customers must begin to take steps so that their current and savings accounts can continue to exist. As the bank is a subsidiary of La Poste, an offer is offered by La Banque Postale so that the funds are paid to the big sister of Ma French Bank: 50 euros offered and 0€ fees on payments and withdrawals abroad until December 31, 2024 (if you subscribe to an account plan). However, customers are given complete freedom to transfer their money to the bank of their choice.