What to do if your ING account is closed
Source: Tim Evans, Unsplash
Background
First of all, we would like to clarify that the Bank is not closing all accounts, but a significant part of them. All clients affected by this measure should receive a letter to this effect.
Due to the large number of people who want to transfer or withdraw money, the bank has extended the closing date until September 30, 2024. In addition, no account will be closed as long as there are transactions on it or a certain amount of money in the balance.
This is due to ING's change of focus in Luxembourg. In the Grand Duchy, the bank wants to focus on complex financial operations, such as investment assistance and business support. This does not mean that individual accounts will also be closed in other countries where the bank is present: this is an exclusive measure in Luxembourg.
What should be done
If you have an account with ING and have received a notification letter from them, there are several options.
The first and easiest is to apply for a new bank. Financial organizations benefit from having a new customer, so they should help you transfer funds. This is what ING says on their FAQ page.
The second option is to do it yourself. You'll need to enlist the help of third-party organizations or MyGuichet (the preferred method).
The first thing to do is to make sure that all of your income goes to a different bank. This includes:
- Salary/pension/unemployment benefits;
- Rent;
- Reimbursement from CNS;
- Refunds from the IRS;
- Supplemental insurance;
- Other transfers.
This is not an exhaustive list; it is individual and depends on what sources of income you have.
If you have automatic payments set up, you'll need to cancel them and re-set them with a new bank. You can view active transfers in your My ING account.
These transfers include:
- Tax payments;
- Insurance payments;
- Utilities;
- Communications and Internet;
- Subscriptions;
- Loan payments;
- Other payments.
This includes streamings and paid services. This can include online movies, games, and other services.
How to close an account
If you have received a notification letter, your account will automatically close on September 30th. You can do this earlier by downloading and filling the form.
Attach a copy of your identity card to the completed form and send it to the bank by September 30. ING Luxembourg will then independently transfer your balance to the financial institution indicated in block 3. This will save you the time and effort of manual transfers.
We have also asked ING Luxembourg for information regarding the transfer of rental deposits and other complex cases, but we have not yet received clear instructions. The article will be updated as soon as we have relevant information.
