Opening an account in French bank is not as easy and simple as what you think. Sometimes, most banks care much only to those who have great amount of deposit. Of course, they always welcome depositors, but it is better to evaluate the bank especially of its benefits and other privileges. For students, it is therefore necessary to think twice before depositing your money on a particular bank.
1. Compare Several Banks and then Choose!
According to surveys, bank charges for certain services have substantially increased. However, the difference of this increase among banks is quite alarming. So before you open an account, you may visit some banks first, and be able to evaluate and compare their services and benefits. Take note that some banks have various marketing strategies they use during the formal negotiations in opening an account such as first-year free credit card and many others.
Once you have selected a bank, you need to understand the most important services with particular attention to the credit card charges, automatic teller machine withdrawals on deposits, and transfer of savings accounts. Procedures in opening an account are not complicated. You need to bring with you valid identification card or other verification document. Through interview, the bank would ask you about your basic economic conditions such as your work, income, homeownership, and savings. They would also confirm with the Bank of France regarding your clearance. All your answers during the interview shall be recorded electronically. You will also give specimen of your signature.
The Bank should inform you about various services charges which are all indicated in your signed agreement. The agreement should expressly state the calculating methods regarding the payment of accounts, the use of accounts, management (especially in the case of overdrafts), service charges, and overdraft interest.
2. What to do if the bank refuses to let you open an account?
Opening an account nowadays is very necessary. You cannot afford to buy something using cash. Instead, shoppers may use credit cards or checkbook. If banks refuse to let you open an account without any valid reason of rejection, request for a certification of refusal from that bank and then you may file a complaint to the Bank of France. The Bank of France will let you fill out an application. After proper review, the Bank of France designates the bank to accept your application to open an account together with the services due. These basic services include the right to open and close accounts, change of address, to pay monthly bills, receiving checks and transfers, long-distance account balance inquiries, regular withdrawals from the account to pay (PRELEVEMENT) and transfers, etc. .
Banks of course, have the right to close your account, but they must follow the normal and legal procedures. They must inform you in written form stating the cause or reasons of closing your accounts. The closure notice must be sent to you 45 day before the day it takes effect to give you the chance to discuss the issue with the bank to solve whatever problem and to avoid the closing of your account.
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3. Whether to accept or not packet charges?
When you open an account, the banks would recommend you to avail of a package fee (LES PACKAGES), but this can be rejected. Before deciding whether to accept the offer or not, you have to read carefully and understand first the package fee services. Of course there may be a lot of attractive services included in the package but make sure they are what you really need. Do not be blinded by the banks marketing strategies. Believe me, their main purpose is not to help you but to make money out of you…if you allow so. 130 Package prices vary from banks to the other. The minimum annual service fee is generally from about 45 euros to130 euros.
4. Closely monitor your accounts.
Inquiring about your account every month is free of charge. But if you inquire may be twice a month, a certain service fee will be charged from your account. It is easy anyway to monitor your account. Through bills of payments and bank charges, you can understand the account balance you have in the bank. In case the bank charges a fee price which is three months ahead of
Schedule, the bank should inform you in written form about this kind of changes. In case you do not agree with the new policy, it is either you have to close your account or let you transfer your account to other banks.
If you found mistakes on the banks billing, you are given one month to file a complaint, otherwise, you will be regarded as have accepted the mistake. If it was clerical error, you have ten deadlines to demand for correction. Generally, banks would return your corrected form including amount should the correction involved money.
5. How to settle disputes with banks.
There are many ways to solve disputes with banks, but usually, the consumers’ last resort is to make concessions. Initially, you may call the bank personnel regarding your case. As this often gives no concrete results, it is necessary to write the Director or Head of the bank, informing him or her about your case. Include in your letter whatever evidences you have. If the dispute is still not resolved, you can write to the head office of the Public Relations Department (CLIENTELE RELATIONS SERVICE) attached with the letter are all the evidences. Many banks choose mediation or may request the French Banking Federation for mediation. If the disputes involve consumer law, you can complain to consumption department and OLAF.
In case all the complaints and disputes are not solved through concessions, the best option to do is to file the case in court. If the dispute involves the amount of 1,500 euros, the case may be accepted and settled by a lawyer. If the dispute involves the amount of 1500-7600 euros, the case shall be settled in a municipal court. In both cases, you need not to hire a lawyer. It is only when the dispute involves amount to more than 7,600 euros that you need a lawyer since the case will be endorsed to the higher court.
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