To secure your money, you can choose to trust a traditional bank, a neobank or a financial institution like Anytime. What are the differences? Anytime gives you some concrete answers.
Can Anytime do anything?
The answer is NO.
Anytime acts as an agent for Treezor, a payment institution registered with the ACPR (Banque de France) which has mandated Anytime to provide payment services. Anytime is registered under the number 0846315003. Anytime also acts as agent (BNB agent ID: PPSEBEA000001), on behalf of PPS EU, an electronic money institution registered with the BNB (National Bank of Belgium) under number 0712.775.202. This means that the ACPR (Banque de France) and the BNB (Banque Nationale de Belgique) control Treezor, PPS EU and its agents in the same way as they do traditional banks.
In the same way as credit institutions, payment and electronic money institutions et are subject tò supervision by the regulatory authorities. In France, it's the ACPR that issues a license, authorizing a company to provide payment services. In Belgium, the BNB
To be able to carry out their activities, agents must prove their good repute and competence to the credit institutions, payment institutions or electronic money institutions that have appointed them, and be registered by the ACPR or the BNB.
The criteria used, particularly in terms of competence, are defined in article 36 of the decree of October 29, 2009 on the prudential regulation of payment institutions.
Can Anytime play with my money?
Article L. 522-17 of the French Monetary and Financial Code defines the precise rules for payment institutions, and article L. 526-32 of the CMF for electronic money institutions.
The funds collected are protected in accordance with̀ one of 2 methods, the choice of which is left to the discretion of the establishment. The latter can choose between :
- deposit the funds in a segregated account with an account-holding credit institution. An account agreement must be signed between the payment institution and the bank.
- Take out a surety bond or bank guarantee.
In the case of Anytime, funds are protected in a segregated account with Crédit Mutuel Arkea in France and Barclays in the UK.
How does a bank protect your money?
Subscribing to the FGDR (Fonds de Garantie des Dépôts et de Résolution) guarantee is one of the conditions required for banks to be accredited by the ACPR (Autorité de Contrôle Prudentiel et de Résolution) and operate in France.
100,000 guarantee per person for accounts and passbooks
In the event of a bank failure, the FGDR guarantees that all the bank's customers will get their money back, up to a maximum of 100,000 euros per person. Thus, in the case of a couple's joint deposits, both partners benefit from this bank guarantee, raising the ceiling to 200,000 euros. Repayment takes place within 7 days.
This guarantee covers current accounts, current accounts, passbook accounts, CEL savings accounts, PEL savings accounts, youth passbook accounts, PEA cash accounts and deposits held as collateral. It doesn't matter how many accounts the assets are spread over, it's the total amount held in the institution that counts. Beyond the ceiling of 100,000 euros per person, the funds are no longer guaranteed, and the bank can use them if necessary. Assets held in a joint account automatically belong equally to each partner.
You should know that sums placed in state-guaranteed accounts, i.e. Livret A and Bleu, LDD and LEP, are covered by a separate guarantee, also up to 100,000 euros, managed by the FGDR on behalf of the State.
Other deposits and guarantees
For other types of deposits, guarantees may be different, or even non-existent. For example, the deposit guarantee does not cover :
- anonymous deposits, non-registered instruments or instruments whose holder cannot be identified
- banknotes, coins and objects entrusted to the bank's safe-deposit box service
- retirement savings plans (PER, PERP, PEP) taken out with an insurance company
- group retirement savings plans (PERCO, PERCO-I, PERE)
- company and inter-company savings plans (PEE, PEI)
- deposits having the character of own funds
- savings bonds
In the event of bankruptcy of the bank in which you hold these financial products, you will not benefit from any cover and your funds may be lost.
Life insurance is not covered by the 100,000 euro deposit guarantee, but it is guaranteed up to 70,000 euros per customer and per bank, as are securities (shares, bonds, etc.). Lastly, exceptional deposits, such as income from the sale of real estate or money received from an inheritance, are covered up to a maximum of 500,000 euros.
How is having an account with a neo-bank different?
A neobank is not a bank
Neobanks offer one or more accounts without a bank. Their banking services are fully capable of replacing those of traditional banks. However, strictly speaking, they are not banks in the legal sense of the term, but payment service agents belonging to a payment or e-money institution. What's the difference? This legal status, created by the European Union in the late 2000s, authorizes payment or e-money institutions to provide payment services to individuals and legal entities. However, these establishments are not allowed to grant overdrafts or loans to their customers. This difference in status also has an impact on the overall management of customer deposits.
neobank accounts are not members of the FGDR
As we have seen, it is compulsory for credit institutions to join the Fond de Garantie des Dépôts et de Résolutions (FGDR) in order to be accredited in France. As neobanks are not credit institutions but payment institutions, they are not members of the FGDR. Consequently, they cannot grant loans, nor can they hold money deposited by their customers. This greatly limits the risk of loss and bankruptcy, which explains why neobanks do not require a guarantee from the FGDR.
So where does the money deposited in a neo-bank account go, and how is it protected?
The money is deposited in hive-off accounts
If the money deposited cannot be held by the neobank, the question is how your funds are protected. The ring-fenced account offers protection for the funds of payment service users (articles L. 522-17 of the French Monetary and Financial Code and 34 of the Order of October 29, 2009 on the prudential regulation of payment institutions relating to the protection of funds received).
By choosing a neobank or financial institution, your money is just as well protected as if you were depositing it in a traditional bank. Attractive rates and 100% digital services do not prevent a high level of security. Finally, to further protect your funds, the best technique is to place them in several different establishments.
For example, you can take advantage of the ease of use of an Anytime account and invest your money with other institutions.