Before the adoption of the banking mobility service, changing banks was a real ordeal for users. Banks were reluctant to let their clients move to competitors and multiplied obstacles to force them to stay.
Thanks to the banking mobility service, it is now easier for clients to change banks, as the formalities are simplified and the deadline is set at 8 working days.
How to proceed with a bank change?
The launch on November 1, 2009, by the Belgian financial sector federation (Febelfin) of the banking mobility service facilitates the procedures for changing banks. This solution requires the old and new banks to agree on the details concerning the account transfer.
You simply need to open an account in a bank of your choice, request a banking mobility form, and fill it out. From there, the new bank takes care of everything within an average of 8 days. However, it is important to specify whether you want to completely close your account in the old bank or if you wish to keep one or more of its products.
Standing orders
In the case of a total transfer of standing order operations, the new bank takes care of everything. You must ensure that all standing orders are processed before switching to the new account to avoid a refused transaction. If 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 newly opened account.
What about direct debits if you change banks?
If all direct debits are transferred to the new bank, it handles all the formalities. Partial transfer of direct debits is more complex, as it is necessary to distinguish between domestic (Belgian) direct debits and European direct debits.
For the first case, it is necessary to close the direct debit in the old bank and submit a Belgian direct debit request 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 debit account. Each of them will send you a new mandate that you will sign and return by mail. It is up to each creditor to settle the formalities with the bank.
What fees should be expected?
The banking mobility service is completely free. However, fees are expected if you close a term account or transfer a securities account. Similarly, your loyalty bonus is canceled from the moment you transfer your savings account.