Crossroads Bank has decided to put an end to its banking offer simplified C-Zam.
While rumors were circulating for several months already, the news has just broken today. Crossroads Bank has decided to put an end to the adventure C-Zam. The bank account is simplified, which had painfully reached 120 000 customers, has announced that the final closing of accounts would take place on 15 July 2020.
Closing no later than July 15,
The press release available on the official website of C-Zam mentions that ” in accordance with the terms and conditions of the account and card, C-zam, Crossroads Bank will close your current account within a period of 2 months from may 12, 2020 and no later than the 15 July 2020″. He explained that the Crossroads Bank will cease marketing and Account management C-Zam.
The bank of the giant of the distribution will not have managed to distinguish themselves on a market that is already very crowded. Among the offerings simplified to 2€ as Eko or My French Bank, the neo-banks, such as Nickel, N26 or Revolut and online banks, the French do not know where to give head.
The account and the card that were sold in large stores and on the internet were ultimately not allowed to Crossroads Bank to reach a critical size. Over the same period, the account Nickel has gained 1.6 million customers through a network of 5 000 tobacconists partners. This last has a different model since it strongly encourages the tobacconists to develop its offer for a fee, we explained to Marie Degrand-Guillaud, the delegate director of Nickel, in an interview.
Worse, the health crisis and containment, have put a lot of model for all these neo-banks, the first to put the key under the door at the end of the month of April. These last derive their income primarily from a commission on each of the payment transactions carried out through their fleet of bank cards. While transactions were down by 30% according to figures released by N26, the neo-banks are suffering.
No buyer for C-Zam
Crossroads Bank has sought for a number of months a buyer for its activity, C-Zam, in vain. Finally, she will have to settle an agreement with the Account Nickel, which agrees not to pay any fees (20€ in normal time) to former customers (C-Zam for a year. Remember, Nickel has been acquired in 2017 by the BNP Paribas group, which itself owns 40% of Crossroads Bank.
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