Before the adoption of the banking mobility service, changing banking establishments was a real ordeal for users. Banks were reluctant to let their customers leave for competitors and increased obstacles to force them to stay.
Thanks to the banking mobility service, it is now easier for the customer to change banking establishment, because the formalities are simplified and the deadline is set at 8 working days.
How to change banks?
The launch on November 1, 2009 by the Belgian federation of the financial sector (Febelfin) of the banking mobility service facilitates procedures for changing banks. This solution requires the old and new banks to agree on the details regarding the transfer of the account.
All you need to do is open an account in a bank of your choice, request a bank mobility form and complete it. From there, the new bank takes care of everything within an average time of 8 days. However, it is important to clarify whether you want to completely close your account with the old bank or if you wish to keep one or more of its products.
Permanent transfers
In the event of a total transfer of standing order transactions, the new bank takes care of everything. You must ensure that all permanent transfers are made before switching to the new account, otherwise you risk seeing a transaction refused. In case some transactions remain in the old bank, you simply need to cancel the standing order you wish to transfer and create a new one on the recently opened account.
What about direct debits if you change banks?
If all direct debits are transferred to the new bank, the latter takes care of all the formalities. The partial transfer of domiciliations is more complex, because it is necessary to distinguish domestic (Belgian) domiciliations from European domiciliations.
For the first case, it is necessary to close the domiciliation in the old bank and submit a request for Belgian domiciliation on the new account. It is up to the new bank to carry out the rest of the procedure. In the second case, you must first notify your creditors by letter of the change in the direct debit account. Each of them will send you a new mandate that you will sign and return to them by mail. It is up to each creditor to settle the formalities with the bank.
What are the costs to expect?
The banking mobility service is completely free. However, fees may be incurred if you close a term account or transfer a securities account. Likewise, your loyalty bonus is canceled from the moment you make a transfer from your savings account.
