Credit Agricole Transaction Accounts Review – Find Out Why This Product Is...

Credit Agricole Transaction Accounts Review – Find Out Why This Product Is Impossible to Navigate

Screenshot of Credit Agricole Personal Banking Home Page

Transactional accounts form an important part of everyday life. It allows customers to have a platform where they can comfortably transaction from, whether it’s incoming or outgoing transactions. A transactional account also needs to be well priced and offer the basic services that modern customers have come to expect. These include SMS notifications, bank cards, electronic banking, and more. Credit Agricole Transaction Accounts prove difficult to navigate and may cost the bank dearly in this rating.

Services to Expect from a Transaction Account

Often referred to as current, checking, or cheque account, transaction accounts often form the foundation of a customer’s banking relationship with a bank. This relationship determines the products and services the bank can offer the client, as a basic requirement is that customers have a satisfactory credit score to qualify. Apart from receiving income and making payments, the transaction account can also feature a whole list of special features as well. These special features differ from institution to institution, and from product to product.

Online, Mobile, and ATM Banking  

These services are crucial to the modern customer. Online banking allows customers to perform a myriad of transactions, such as view their statements, make payments and even give notice on their products. Mobile banking often runs of a USSD system and many banks also offer a mobile app to allow their customers to transact on the go. Finally, ATM services hardly require an introduction. Customers are able to access cash at the ATMs, and there are also other functionalities they can perform at the ATM, such as balance inquiries, payments, top up their mobile airtime, and more.

Debit Cards and ATM Cards

These cards allow customers access to their accounts at ATMs. Furthermore, customers can often use these cards to perform other transactions as well. These transactions could include swiping at merchants as payments for goods, shop online, and more. Some of the debit card products offered also provide customers with instant access to a number of add-on services. One these services include travel insurance.

Credit Building and Credit Facilities

The transaction account is one of the fastest ways customers can build up their credit rating within a financial institution. This account tends to keep some back-end information that is used when customers apply for other facilities. The conduct of the account plays a big role in the decision-making process. Also, customers have access to credit facilities such as an overdraft facility with these accounts. An overdraft facility is a limit put in place by the financial institution and allows customers to go into an authorized excess. This prevents the chances of being charged unnecessarily by the institution for excess fees, honoring, or dishonoring charges. The proper conduct of the overdraft facility will allow customers to build up their reputation, as well as give them access to funds that will assist their cash flow issues.

Special Services

These services will provide customers with additional services that are over and above their daily transactions. These could include items such as international payments, business banking facilities, and more.

About Credit Agricole

Crédit Agricole
Screenshot of a Portion of Crédit Agricole History

Founded in 1885, the bank initially opened its doors to service the agricultural customers in the area. These customers required the careful management of their money in order to be able to fund further agricultural projects. Loans to the farmers were only a small portion of the bank’s services and regular funding through government and local bigger banks were often needed to keep the operations liquid.

During the World Wars, banking regulations tightened significantly in order for banks to weather the ravages of war. During this time, Credit Agricole was an integral part of the survival of rural France. After the wars, the bank encouraged customers to save which helped the banks fill their coffers again. This also funded the way for the bank to increase its footprint in France.

In the sixties, the bank became self-financing and received financial autonomy for its operations. It was only in the eighties, however, when the bank fell under the Banking Act. As a fully-fledged bank, it paved the way for the bank to cross the borders and set up branches in other parts of the world as well.

Modern Banking

New products and services allowed the bank to experience satisfactory growth and profit margins. This soon came to a grinding halt when banks across the world felt the effects of poor investment. The subprime mortgage crash affected many banks and economies across the world and Credit Agricole was one of them. Forced to seek a bailout from the government, the bank took a long time to get on the road to recovery. Recently, the bank received another blow as the Competition Authorities in Brussels investigated this bank and others for the role in fixing the Euribor. If found guilty, Credit Agricole has to pay a fine of EUR 114 million. Read the full review of Credit Agricole and see how they perform as a bank across the board. 

Credit Agricole Transaction Accounts Product Range

Screenshot Cards and Accounts Home Page Credit Agricole

There isn’t much information about the current accounts on Credit Agricole’s books. There are, however, a number of special services that will provide customers with the means to meet their objectives. How customers bring this all together into a single product to continue their banking operations, remains to be seen.

Compte À Composer

With this service, customers are able to track the different movements on their account, plus a whole lot more. Furthermore, there are various levels of this service that provide customers with more options at each level.

  • This is regarded as an essential banking service base for all customers.
  • Customers have access to unlimited operations such as transfers and withdrawals.
  • The account is accessible by any means such as telephone, internet, or mobile apps.
  • Customers receive notifications of their payments via checkbook and card.
  • There are different modules customers can choose from for the insurance part of the offer.
  • Furthermore, the tariffs are adapted for families and young people and decrease over time.
  • Also, the premium level offers the highest level of service.

Checkbook, Withdrawal, Transfers

This service offering allows customers access to various payment instruments to meet their objectives. Furthermore, these services are open to any customers of Credit Agricole.

Direct Debits and Credits

Customers have access to a service that allows them to group all their direct debits and credits into their new account. This is a simplified solution in order for customers to have access to better means of banking. Furthermore, the administration burden of the account now rests with the bank. Finally, this service connects various parties in order to ensure a simple banking solution.

Deposit Accommodation Good Loc

This is another vital service that is offered to customers who hold accounts with the bank. This service screens potential tenants and when they have the right tenant in mind for the landlord, Credit Agricole guarantees itself to the owners. Furthermore, this service also extends to housing insurance packages to cover various risks.

A bank that only offers a single current account but manages a great score, is Ally Bank.

What We Like About the Credit Agricole Transaction Accounts

Customers who like to have their bells and whistles added to an account and wish to have a smooth process doing it will find the options suitable at the bank. That being said, these options specifically refer to the servicing choices, not the actual account packages.

Furthermore, the bank is concerned with the needs of customers and addresses many different aspects of the servicing side of the accounts often overlooked, which is very refreshing.

Finally, there are a number of added benefits that allow customers to not only do their daily banking but also have access to services they didn’t even know they needed.

The review on Deutsche Bank's current accounts went far better than this one.

What We Don’t Like About the Credit Agricole Transaction Accounts

It’s quite tough to make a decision here, as we’ve been unsuccessful in our attempts to locate an account package as yet. The information on the website tells us everything we want to know. But not everything we need to know. Trying to find out whether there are current accounts on that website is like finding the proverbial needle in a haystack. Without this information, we are unable to determine the pricing, terms and conditions, or other important information.

Critical Reviews Rating Credit Agricole Transaction Accounts – 4 of 10

Screenshot of Account Opening Process Credit Agricole

Although this may not be the rating the bank deserves on its products, this is the only rating we can give. This is because the huge gaping hole where the account packages should be cannot be filled with by-the-way information.

A thorough search of the site still leaves us without a clue whether the bank has checking accounts or not. The only thing that suggests that these accounts exist are the product features listed under various tabs. Proper information about the accounts themselves, however, remain a mystery.

Finally, customers who wish to move their accounts over from another institution will find it hard to do research on the accounts. This could prevent the bank from increasing their market share. By clearly allocating a section on their website to detail these accounts, the ratings may improve.

One of the best current account ranges can be found at Standard Bank and we recently did a full review.