We continuously evaluate our activities, including assessing whether they are likely to achieve the preferred scale in the market within a reasonable time frame. We have concluded that, for us, there is no realistic path towards sustainable growth in the foreseeable future in Mass Retail Banking in Luxembourg.
In accordance with article B.9 of ING Luxembourg's General Terms and Conditions, the Bank has the right to unilaterally terminate its business relationships and/or customer accounts at any time without having to state the reasons.
More information in our press release from 29/05/2024:
If you have received a registered letter, we recommend that you adhere to the mentioned notice period for closure in the letter to avoid the blocking of your accounts, which would result in the following consequences:
If you have already submitted your closure request, we want to reassure you that your accounts, cards, and insurance will remain accessible until the effective date of the transfer of your account balances to another bank in accordance with your closure instructions.
Of course, your account will not be closed until the balance of your account has been transferred in accordance with your instructions.
Once you have completed the account closure process on My ING (completed account closure form), your accounts will be closed by our teams, subject to repayment of any debit balance on your Visa account, if you had a Visa credit card.
When ready, you can initiate the termination procedure by clicking on the button provided for this purpose when you log on to My ING.
If you have already submitted your closure request, we want to reassure you that your accounts, cards, and insurance will remain accessible until the effective date of the transfer of your account balances to another bank in accordance with your closure instructions.
Of course, your account will not be closed until the balance of your account has been transferred in accordance with your instructions.
In this case, you are not concerned at this stage and no action is required from your side. We remain at your disposal for any questions you may have.
ING continues to serve all clients with mortgage loans, other loans and/or investment portfolios.
If you have received a registered letter, we recommend that you adhere to the mentioned notice period for closure in the letter to avoid the blocking of your accounts, which would result in the following consequences:
If you have already submitted your closure request, we want to reassure you that your accounts, cards, and insurance will remain accessible until the effective date of the transfer of your account balances to another bank in accordance with your closure instructions.
Of course, your account will not be closed until the balance of your account has been transferred in accordance with your instructions.
If, for example, you have an account(s) with a credit balance and an account(s) with a debit balance, we will adjust the debit balance by offsetting it against the credit balance(s) on the other account(s) without prior notice, in accordance with article A.8.2. of the General Terms and Conditions of ING Luxembourg.
No, we will only do this at your request or when we are obliged to do so following the non-repayment of your debit accounts.
There will be no problem as regards transferring the assets to another bank in the euro area and definitively closing the account. However, if your assets are in a currency other than euro, you may be liable for transfer or exchange fees, both for cash and securities.
There are no charges for closing the account if the transfer is made in euro to an account in your name at a bank in the eurozone. The charges that will be deducted are custody charges, i.e. the charges relating to the activity of the account before the closing date, as well as any debit interests.
Your LuxTrust certificate will not be affected by the closure of your ING account.
This certificate is issued by ING in its capacity as Registration Authority on behalf of LuxTrust and is specific to you: you can use it to identify yourself at other banks and to certain authorities. Your certificate will remain active until its expiry date (please refer to the LuxTrust website for further information).
In some cases, it is possible that the LuxTrust certificate you were using at ING cannot be used at your new bank. In this case, your new bank will help you to create a new LuxTrust certificate.
However, please note that at the end of this year, the (physical) token will no longer exist (following a decision by LuxTrust, following a press release to this effect). We therefore advise you to download and use LuxTrust Mobile before the end of this year.
In accordance with the provisions of Article 23 paragraph (1) of the Payment Accounts Act of 13 June 2017 (as amended), certain banking institutions are obliged to offer basic payment accounts to consumers who do not have or no longer have a bank account with another institution.
We suggest you to contact these establishments should you need additional information.
If you do not have another account registered in your name in the eurozone, you will have to choose another financial intermediary in the eurozone and open an account there. Alternatively, if you have only a small amount of cash in your account with us, you can withdraw funds using your card, our ATMs or at the cash desk of our head office branch.
The simplest and most effective solution is, of course, to open an account at another bank and transfer the funds there.
In the event of a positive balance on your account(s) and/or on any securities portfolio, there is no problem transferring cash to an account opened in your name in a bank in the eurozone and securities to another account opened in your name in another bank in the eurozone.
No charges will be applied to the transactions resulting from the decision to terminate and the transfers so required. However, any charges due (prior to the termination letter) for use of the account, card(s), etc. will be applied.
The best solution is to follow the digital account closure procedure when you open your My ING application.
Failing this, please send us the form at the bottom of this page, duly completed and signed. We take care of everything. Upon receipt of your form, transactions on your accounts will no longer be possible and you will have to wait for the money to be available in your new bank, which can take several working days.
Indicative list:
As long as you are still within the notice period your cards should be active.
This letter of cancellation takes precedence over any other communication you may receive from ING Luxembourg.
First of all, repay any debit balances on your accounts and respect the repayment deadline to avoid late payment charges.
For all practical information about reimbursing your Visa account: Visa account or FAQ-pay.
Do you have a current account with us?
If you don't want to spend the amount in your Visa account, simply transfer the balance to your current account by using the option "new transfer" available in the main menu of My ING.
Then connect again to My ING and follow the account closure procedure.
Once the account closure procedure has been completed, transactions on your accounts will no longer be possible and you will have to wait for the funds to be available at your new bank. This can take several days.
You do not have a current account with us?
If you do not wish to spend the balance of your Visa account, you can complete and return the form at the bottom of this page to us so that we can transfer the balance of your account to you.
As far as the insurance services of your VISA card is concerned, all payments made with your card will remain covered under the terms of the general conditions of your VISA card (article C.1. of our Visa General Terms and Conditions) even after its cancellation.
The assistance services linked to your card will cease to apply on the day your card is blocked (i.e. on the date indicated in your letter of cancellation of your card/account).
If you had chosen to receive your Visa statements via My ING, remember to retrieve them before the date of closure of your accounts.
If you have taken out an ING Pension Plan or ING Mortgage Life insurance contract that ING markets in partnership with Foyer SA, nothing will change in the management of this contract.
ING remains your intermediary for these contracts, and if you have any questions you can contact one of our advisers at the following e-mail address Personal-Banking.lu@ing.com.
We really want to make this process as smooth as possible for you. We have put in place several measures to answer your questions and explain the account transfer process:
Log in and do your transactions when and where you want.
For support on online banking, information on our products and our services or any other question, your Contact Center is available from Monday to Friday, 08.30 am to 06.00 pm.
Our advisors are at your disposal to help you.