Je ne launder pas d'argent

Bank Account. Having opened a number of them throughout my life, those two words should not cause a shutter to move through one’s body and they don’t if you’re in America. Bank Account in France – well, that is this blogs story.

It’s always best to do research before you send your life into an upheaval. And I did. Months ago I joined an English-speaking French “ex-patriot” website which covers every topic you can imagine, giving insight as to how things are done “in France” (and believe me, every day is a new learning experience!). One of the topics was about bank accounts. I learned that it is pretty much mandatory to have one because one’s rent, utilities, mobile phone – just about anything you pay on a monthly basis – is automatically withdrawn from your account. I also learned that it is difficult for Americans to open a bank account in France due to the recent FACTA (Foreign Account Tax Compliance Act) rules. In addition I learned that if you live in France you cannot be denied a bank account and after the third time you are refused an account, then the 4^th bank you go to is obligated to accept you. So, knowing all this I expected to have to ask for “letters of refusal” and eventually find a bank that would accept me.

Now, banks are very different here than in the US. You may have an account at well-known bank (as an example, think of Bank of America) but each branch is considered its own bank – so, there’s nothing ‘corporate’ about it. You might be accepted as a client at one branch but not another. The ‘Directeur’ of each office is the decision maker on everything. And, you are expected to do your banking in the neighborhood where you live. Of course, there are a number of different banks in each neighborhood.

The closest bank to my apartment is literally (once I get outside my building) 30 seconds away – walking, so of course that’s where I wanted to bank (and I am). I must have had luck on my side because I wasn’t refused an account at my first choice bank.

Of all the bank accounts I’ve opened in the US it was pretty easy – fill out the application, give them money to deposit into the account and off you go. Not so in France! France is very concerned about money laundering. And then the US enacting FACTA has caused a large strain on all foreign countries (they have to report to the US Federal Government all US citizens who have bank accounts in their country, and how much money is in the accounts). So, you don’t just go to a bank and open an account, not in France, no sir, ain’t gonna happen! It took 4 separate appointments (rendez-vous) for me to actually get my account set up and active.

Rendez-vous 1: I went to the bank the second or third day I was in France, knowing it would take some time to get ‘approved’ to have an account (and also thinking I’d have to shop many banks). I met with the ‘Sous Directeur’ (Assistant Director) because he speaks English (normally you have to meet the ‘Directeur’, so I’m guessing he only speaks French, or maybe just wasn’t there that day (I’ve never met him). This meeting is just a “meet and greet” for the Sous Directeur to get to know you a little, why you want a bank account and to give you some ideas of the types of accounts offered. That meeting done, we made another rendez-vous for two days later.

Rendez-vous 2: Again, I met with the Sous Directeur – the bank wants to get to know their clients. I gave him copies of my passport, my visa, my rental contract with my landlords, my US bank accounts, and my pension statements. This time the application was filled out – with him asking questions and typing directly into his computer program. I’m thinking “great, I can get the large amount of cash (euros) I brought over into my account and won’t have to worry about how I’m going to pay my landlord for October – I’m doing this in plenty of time”. Ha! Slam on the brakes. After he asks all the questions, etc. he then tells me that my application has to be ‘approved’ and it will take a couple of days (it’s a Wednesday that I’m there) so he’ll contact me – he hopes by Friday. If not, it won’t be until the next Tuesday because the bank is closed on Sunday and Monday (it’s open on Saturdays).  Of course I don’t get notified until that next Tuesday that I’ve been ‘approved’.

Rendez-vous 3: I’m pretty sure THIS time I can deposit my money into the bank since I’ve been approved and I’m all excited, so off to the bank I go to meet with the Sous Directeur again. (I have to tell you, he is the nicest of gentlemen). Now we’re sitting in his office and he’s explaining the options I have regarding my account since I’m a “Premier Customer” (woohoo).

The first question he asks is what balance I want for ‘over draft’ protection. I explain to him that I don’t do business that way and I won’t need any type of ‘over draft’ option. He tells me it’s not an option and he’ll set mine at 3,000 euros. Okay-dokey.

Next, we discussed the debit card. It’s already been explained to me that banks do not issue credit cards in France. Actually, credit cards are not available in France except for specific businesses/stores (i.e.: Kohls, Sears, Texaco). Banks issue debit cards for general use and ATM use.

So, he asks me do I want to set up the debits from my account to accumulate throughout the month and are all paid on the same day of the month (the 5^th) or do I want my debits to be immediately withdrawn from my account when I use the card. I imagine my mouth was hanging to the floor with that question – all I could think about is the dirt-bag people I spent my career chasing who committed fraud, thinking OMG what a scam – I could get a debit card, chose the option to have them all just be ‘pending’ on my account until the appointed date for withdrawal, spend to my heart’s content (well, depending on the type of account you have there is a limit on spending per month – mine is 8,000 euros, not counting against me any automatic payouts such as my rent, mobile phone, etc) and then just disappear! I of course selected to have my debits be immediately withdrawn from my account.

So with the account specific questions answered he now prints out the contracts which we both sign. I ask him if he will now take my money to deposit into the account and he says “No”. I have to wait for the bank to send my checks and debit card, as I can’t activate my account until I’ve received my debit card and use an ATM to activate the account. WTF, I have a bank account with a zero balance! And they won’t take my money!!!!

He also explained to me that in France banks in general won’t take deposits, cash or checks. If you want to make a deposit you have to ‘justify’ where the money came from through some type of paperwork to prove that the money is ‘legal’ and that you’re not laundering money. As he was telling me this I was thinking how in the heck do I prove the 2,500 euros in cash I have is legitimate – then remembered I could show him my August US bank statements showing me withdrawing that money, phew! He told me that because he had gotten to know me, the bank would this one time only accept my cash money to deposit into my account (but not on that day – remember my account hadn’t yet been activated!).

I ask him how long I have to wait for the checks and debit card, which are sent directly to the bank, and he tells me that I need to be patient – maybe a week. And in addition, I have to wait until I receive in the mail at my apartment the PIN for my debit card. Of course I’m notified a little over a week later that the bank has my checks and debit card, but I had yet to receive the PIN. Ugh.

As an aside, when you have a bank account in France it automatically gives you insurance (different levels dependent upon the type of account you have), so my bank insures me for many types of traveling claims, such as lost or delayed luggage, returning me to Paris should I get injured in some type of accident outside of where I live, replacing my passport if it is lost or stolen. Weird!

Rendez-vous 4: Okay, so today (17 September 2015 – about two weeks from my first rendez-vous) I’m on my fourth trip to meet with the Sous Directeur – and at this point I realize that they really do “know their customers” since I don’t even have to ring to get let into the bank, by now the receptionist recognizes me (no walking into a bank, you have to ring the buzzer) and she buzzes me in. Long story short – I sign for the checks, I sign for the debit card. I use the ATM machine and finally deposit my cash. I use the ATM machine to withdraw 20 euro to make sure I know how to use it correctly. And off and running I go.

I won’t even go into detail on what I needed to access my account online. I had to wait for another letter from the bank with a different PIN (it was in my mail today, coincidently), create a ‘memorable’ question for the website, a password, two security questions … then on my mobile I was required to download the banks app, create a different confidential code for that …. And to log into the online account from either my desktop PC or via my mobile I have to, via my mobile, request a time limit ID code number to enter for access. Good God!!! I have so many notes written down about this I have no idea how I’m going to remember everything.

So, that’s banking in France.