Why online banks have become unavoidable

Having an account at a bank branch costs more and more. Gone are the days of free checking accounts. Since 2015, banks have generalized maintenance fees, around € 24 per year in major networks. More than 90% of these are withdrawn, according to the Observatoire des tariff bancaire. Annual dues for blue cards are also climbing. They would approach on average 65 €, according to the website Panorabanques.com

By adding all the paid services (card payments and checks, withdrawals, transfers, authorizations of levies, card subscriptions with insurance, etc.), the average cost of a bank account reaches 150 €, according to the National Consumers Association and CLCV users, and nearly € 200 according to the Best-Bank.com website.

Despite the annual summary of fees, mandatory for all customers for ten years, 26% of French people have no idea what their bank costs them, and 51% have a rough idea of the costs of their current account, according to an OpinionWay survey for Fortuneo. But 70% say they are ready to change institutions for less than 150 € savings per year, according to the same survey.

Reasonable rates from online banks

Switching to online banking saves most of the 150 to 200 € collected in branch networks. The three leaders in the French market, Boursorama, Fortuneo and ING Direct, charge almost nothing. Everything is free, transfers to withdrawals through the MasterCard credit card, provided you meet a few commitments (domiciliation of income or minimum savings, use of his credit card at least once a month, for example). All in all, banking fees would be limited to € 10.54 per year at Fortuneo and € 12.80 at Boursorama, and again, especially for active profiles, mainly because of commissions on payments and withdrawals by CB outside the euro zone.
The supply of discount banks has grown over the decades. The first Bank to be launched twenty-five years ago, Banque Directe, now Axa Banque, is no longer really an online bank and no longer has such a low tariff, since it has been linked to the network. insurers of the same name. But others have embarked on this segment.
With the Nickel Account, taken over by BNP Paribas since 2017, customers have an account with a CB in a tobacco shop for € 20 a year. On a similar principle, Carrefour Banque offers its current account C-zam, with CB, for € 5 at the opening then € 1 per month. It is also the spirit of Monabanq (2 € per month with CB Visa Classic).

Fees, a key factor in performance

Some remote banks affiliated with major networks, such as BforBank (Credit Agricole), or Hello bank! (BNP Paribas), also offer basic banking services with free CB under conditions. Finally, in the wake of Orange Bank, built by the telecoms operator since 2016 on the foundations of Groupama Banque, other “neo-buccaneers”, or “fintechs”, try their incursion on this market, like the French Eko by CA (Credit Agricole), the young Anytime sprout, or the German N26. In addition, most offer welcome gifts of up to € 80 or more to new customers, such as ING Direct, Fortuneo or Boursorama. Added reason to take the plunge!

In addition to savings on the cost of banking services, placing money through banks and online brokers also serves to reduce fees and significantly increase the profitability of its assets. Costs are a key element of performance, as the Autorité des marchés financiers regularly remind us. However, out of the € 1,700 billion placed in life insurance, management fees can be estimated at at least € 9.5 billion on euro funds and $ 7.5 billion on unit-linked assets (UC). ) , or more than 17 billion euros in fees per year.
Online, we benefit from funds in euros more profitable. First advantage, no entry fees, when banks continue to post fees on payments of up to 2%, even if they commonly reduce them to 0.5% by “commercial gesture”, to convince their customers to stay.
Secondly, the euro funds of Internet contracts generally have higher returns than most bank contracts, and much better for savers who wish to diversify their contract with UCs, ie investment funds.

Bank card fraud: get your money back the next day

Do not worry about fraud on your credit card. Your bank must return your accounts as they are before the next evening of your return or justify them to the competent authorities.

To maintain consumer confidence in all means of payment, the European authorities have provided that your banks and payment providers – established in the European Economic Area – will fully reimburse you in the event of fraud.

To ensure this, the Payment Services Directive (PSD2), which entered into force on 13 January and has been transposed into the Monetary and Financial Code (by the order of 9 August 2017) also invites plaintiffs who would not be reimbursed in due time to appear with the banking authorities, the Prudential Supervisory Authority and Resolution (ACPR) in France .

Do not wait two months to denounce your dispute
So now if you are in good faith and your bank does not reimburse you, the Banking Constable (ACPR) invites you to report the incident. An invitation made on page 18 of the 2017 Annual Report of the Observatoire de la Securite des Means of Payment. You will do so without waiting for the two-month period to communicate your dispute to the mediator and during which the situation of your account could deteriorate seriously.

This “denunciation” may diminish the lawsuits and the number of cases brought to the attention of the mediators and authorities on this theme: more than 300 landed last year at the mediator of the French Banking Federation that manages litigation of several banks.

Remember that if you could not suspect fraud because your card remained in your possession, no payment validation was requested or that the fraudster managed to divert security barriers such as the code strong authentication, you will be fully and immediately refunded.

Your rest-to-charge is zero. This applies to all payment transactions that you have not validated or that you would not be responsible for.

Better, your bank and new payment service providers, such as Nickel , the proposed payment account at the tobacconist, must also remit your accounts in the state by also reimbursing any overdraft fees caused by the disputed payment.

And this from the day following your complaint, except in case of suspicion of fraud on your part or gross negligence that must be substantiated to the authorities. But in this case, it is up to your institution to prove that you are responsible by gross negligence or will fraud, not you to prove that there has been a piracy.

Only a deductible of 50 euros can remain your responsibility in case of theft of your card and fraud before you do not oppose (to urge you not to delay!)

Remember that apart from cases of theft and opposition to be made urgently, the directive grants you thirteen months to assert your rights in case of fraud (previously you had only 70 days to denounce a fraud on a payment outside the European Union) but it invites you to do so without delay so that your provider can implement the necessary means of struggle.

Respect some instructions of vigilance

Do not let a fraud spread, especially if it was repeated. This could support your bank’s suspicions about you or your loved ones. You are not supposed to give them your cards and codes!

Do not leave your codes hanging on post-it notes and your cards on your desk when there is passage. Because your bank may still refuse to reimburse you if it has strong presumptions against you, provided however that it argues its position to the authorities immediately.

And as prevention is always better than cure, stay wary when an email invites you to update your means of payment, operating mode of “phishing”. Because every day the hackers of the web refine their methods of usurpation and they copy better and better real sites.

Do not lower the guard in the physical world, when withdrawing from distributors. In a restaurant or a shop, you do not leave your map and go to the counter if you have to.

Even if the fraud on payments decreases falls the Observatory of the security of means of payment which welcomes the means implemented: strong authentication on the occasion of the purchases on Internet, method of analysis and sophisticated surveillance on the part banks and e-merchants.

They know better and better detect and block fraudulent transactions. Do not be the weakest link .

Paying with your mobile is easy!

Thanks to Paylib, Apple Pay, Samsung Pay or Google Pay, paying with your mobile phone is more affordable than you think. So what are you waiting for?

Did you know? All payment terminals set to accept the contactless card also accept payments over the phone, via Paylib, Apple Pay, Samsung Pay or Google Pay, which use the same technology.

It is designated on the terminals by the oval filled with four curved lines symbolizing the waves of the NFC (Near Field Communication). But some traders sometimes learn from their customers!

And thanks to Paylib and Google Pay, no need to invest in a mobile of last generation. As Benoit Grisoni, CEO of Boursorama, said in launching Google Pay last November: “All Boursorama Bank customers now have the option to pay for their purchases in-store and online, with any mobile device.”

To date, Boursorama is the only major French bank to offer the three main digital wallet portfolios of Apple Pay, Samsung Pay and Google Pay, in addition to Paylib, the French solution, created by a consortium of banks for counter the boom of Paypal, and boost mobile payments. But agreements between banks and providers of digital wallets are multiplying.

By integrating Apple Pay on March 5, La Banque Postale follows the example of Carrefour Banque and the Caisses d’Epargne, the first to conclude with the firm in the apple, in July 2016, followed little by little Fortuneo, Societe Generale , Boursorama, Crédit du Nord then BNP Paribas and HSBC this month of February

In two clicks with Paylib

It’s up to you to see if you draw faster with your card (at the bottom of a wallet in the bag) or your phone! Specifically, the mere fact of approaching your mobile phone from a contactless payment terminal awakens the payment application of the phone.

The Big Banks Paylib banking solution will still require two clicks, one to open the application and the other to validate that this is a payment you want to make, when Apple Pay and Samsung Pay will only require one single click biometric validation (with the ID key or even a facial check with iphone X).

Paylib wants to be very secure, with a click or two more than Apple Pay or Samsung Pay (which annoys some bankers determined to do it at this click too much!).

It’s up to you to judge the art of the customer experience implemented.

Then you put your mobile on the payment terminal to complete the transaction and a beep sounds. Up to 30 euros, there is no code to enter, whether you use your card (contactless) or your phone.

New applications on track

If the services of your bank do not satisfy you, new payment applications or neo-banks open you access to mobile payment (by debiting the bank card that you have enlisted beforehand).

Among the recommended payment applications: Lydia is one of the largest French fintechs with 1.5 million users and includes the CNP insurer in its capital, and compatible with Apple Pay, Samsung Pay and Google Pay; or Max, Crédit Mutuel Arkea application also open to all and compatible with Apple Pay, Samsung Pay, and Garmin and Fitbit wristbands.

The latter allows you to aggregate all your other cards on your own card and to debit the card of your choice, and even to create a payment account .

Among the neo-banks, C-zam opens Apple Pay and Carrefour Pay, Orange Bank offers Orange Cash and Apple Pay; German N26 is one of the few to offer in France Google Pay, in addition to Apple Pay.

Most of these payment solutions are in the starting blocks to associate loyalty programs to make you use your cards and / or refer you to partner merchants to value your data and earn commissions from merchants.


Mexican central Bank plans to launch new mobile payments with Amazon

Amazon has approached multiple banking institutions to offer its loyal customers the opportunity to have a current account. Today, we know that the world leader in online trading has entered into talks with Banxico, Mexico’s central bank.
The giant e-commerce plans to launch a new payment system accessible to the general public.

This confirms rumors that the e-commerce giant is considering launching banking services. Called CoDi, this new payment system will not only allow Mexicans to pay for their purchases online, but also reduce commissions paid in different transactions.

If the partnership is confirmed, Amazon and Banxico will have taken a big step since more than half of Mexicans do not have bank accounts.

CoDi is already under construction

In an official statement, Banxico pointed out that the deployment of the CoDi payment system was scheduled this month. An affirmation that supports the statement of Jaime Cortina, Banxico’s current Director of Operations and Payments. “They also said they could implement it relatively quickly,” he said.
With the latest generation CoDi payment tool and QR codes, customers will be able to make payments online via their smartphone. Same thing for payments in the stores. The service is completely free. In addition, users will not need to pay additional fees.

Financial technology as a way out of poverty

Amazon enjoys a high profile worldwide. Nevertheless, it is the first time that the company is talking with Mexico.
The deployment of innovative scanning technology throughout the Mexican territory is also a first. Both entities face a daunting challenge, especially when last year, only 3.6% of online sales were made in Mexico.
The administration of Andres Manuel Lopez Obrador sees this new financial technology as a solution to take Mexico out of poverty, especially since the use of telephone banking has become commonplace in some emerging countries. China, Kenya and India are among them.