If you speak to almost any U.S. expat living in France, they will invariably have a horror story about dealing with French banks and their draconian banking policies and practices. In fact, I’ve been with some groups of expats, and when banking comes up in the conversation, each person tries to outdo the other with their most outrageous banking story. I, of course, have mine which I will share in a minute. The reason why I am writing this post is because just when I thought I heard the most ridiculous banking story ever, I learned of a new one that jumps to the top of my list. Before I get to the story my friend experienced, I’ll tell you mine to give you some context before my friend’s doozie.
When I arrived in Paris to live in 2005, I opened up a bank account at Societe Generale, and it was fairly simple. I received a checkbook, a debit card, and a packet with all the pertinent information, just look I did back in New York.
The first month my rent was due, I wanted to make sure I paid it on time on the first of the month, to show my landlord I was a good tenant. I decided to take cash out of my U.S. bank account instead of doing a wire transfer, because it was easier and there was no fee. I gathered and counted out the cash and put the euros all facing the same way, made out a deposit slip, and then I practiced in the mirror, how to say “I want to make a deposit” in French.
I patiently waited on line, and when I handed the teller my deposit, saying confidently in French I would like to make a deposit, she looked at me and replied and said “I’m sorry, but we don’t accept cash deposits on Monday”. Befuddled and bewildered, I asked her to repeat herself and she said the same thing again. I thought perhaps it was a joke and I looked around me to see if there was a secret camera with Alan Funt telling me I was on Candid Camera but after a few moments, I realized she was telling me the truth, which I couldn’t comprehend. I also thought could you imagine if I went to my Chase Bank in New York, and said they said the same thing, and I laughed out loud. I never questioned why they didn’t accept cash on Mondays because I was afraid of what the explanation was. I returned the next day and made my deposit without problem.
The following month I learned my lesson and went to the bank on Tuesday to make my deposit, but at a different branch. I proceeded the same way as I did the month before and went to the teller, and she told me “ I’m sorry, but we can’t accept a deposit this large, you have to go to your own branch.” Again, I looked for Alan Funt and his hidden film crew, but to no avail, they weren't there.
I could tell you other banking stories, but I don’t want to keep you in suspense any longer about my friend’s story.
My friend, who has been living here for over 30 years, received her stimulus check last month and went to deposit it at her branch of Societe Generale, which I forgot to mention before is the third largest bank in France. She hands the teller the check and he/she tells her-WAIT FOR IT! - that they can’t cash the check because it was signed by President Trump, and since he is no longer president, the check is invalid, and she needs to send it back to the U. S. and have President Biden sign it. No joke, this is a true story and April Fools is long over.
It seems as though the Societe Generale headquarters is located in Hooterville from the Green Acres television show, and Mr. Haney dictates the bank's policies.
If you have any French banking horror stories, feel free to share them in the comments section. Let’s see if you can top the one I just told you and if it does, I will post it on here.
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I, being a native from France and living in the United States, returned home on several occasions to visit my family. When I went to the bank with my sister once, I inquired about opening a savings account, which would make it easier for me to access funds for my expenses. The manager said yes I could do that. And when I asked about the interest this account would earn, he said that, because I reside in a foreign country, the interest would be taxed automatically at 50%. I told him that was "highway robbery." On another occasion, my sister owed me money, so she went to her bank to request a check drawn on a US bank so she could repay me. She was told that was not possible. I would have to furnish my US bank account number so a wire transfer would be made (and they probably would charge an arm and a leg for that transaction). I declined that option.
Another time, I wanted to exchange US dollars for French currency (different city, different bank), and was told the bank did not deal with cash inside. All transactions were made at the ATM and, of course, no foreign exchange, unless I went to The Banque de France - which was very far away from where I was.
Posted by: Annie Petitt | April 27, 2021 at 05:26 PM
Thank you, Richard, for the laugh-out-loud banking story. Loved it and can definitely say that Credit Lyonnais is no different!
Posted by: Carmen Clarke | April 29, 2021 at 12:03 AM