End of clap for Ma French Bank, La Poste’s 100% online bank! Faced with its lack of profitability, it will bow out by the end of the year. Here are the steps to take if you are a customer.
If you are a customer of Ma French Bank, now is the time to act! The neobank, launched in 2019 aimed at young people, is permanently closing its accounts. Like the vast majority of online banks, with the exception of BoursoBank and Fortuneo, the subsidiary of La Banque Postale is not profitable and must go out of business, like Orange Bank and HSBC France. Accessible only on the Internet, Ma French Bank nevertheless offered more advantageous rates than a traditional agency as well as a free debit card, and benefited from good exposure in post offices. But this was not enough to find a place in the very competitive market. What will happen to its 675,000 customers?
End of Ma French Bank: some 675,000 customers in difficulty
The end of Ma French Bank is not a surprise in itself. The news had already been announced last December, which gives its customers plenty of time to find another banking establishment. The fact remains that the process of cessation of activity has accelerated. Our colleagues from The Echoes have obtained one of the letters that the neobank is currently sending to its customers to tell them what to do.
If you are a customer and you have not yet started the process, don’t panic! If Ma French Bank will cease its activity by the end of the year, it will remain active until the summer of 2025. You therefore have almost a year to transfer your funds to the bank of your choice.
End of Ma French Bank: what steps to take?
Because yes, the operation is not automatic, it is up to you to take the necessary steps. However, in the case where “the account has not been closed within two months of receipt of this letter, we will terminate the contract linked to your account in writing”, warns the establishment. Once this process has been completed, you have two additional months to transfer the balance of your account to the bank of your choice. Ma French Bank reminds you to communicate your new bank details to the various organizations which made transfers or withdrawals from the now closed account.
Finally, the cessation of the Ma French Bank mobile payment service will be effective from December 4. It will therefore no longer be possible to register your card on a wallet or carry out a transaction via this payment method.
Note that, Ma French Bank being a subsidiary of La Poste, you can benefit from a takeover offer from La Banque Postale, with €50 offered (subject to conditions) and €0 fees on payments and withdrawals abroad up to ‘until December 31, 2024. Two months of subscriptions are also offered for subscribing to a mobile plan with La Poste Mobile. But you can always go see if the grass is greener elsewhere!