About Lydia Solutions "inactivity fees"
"Inactivity fees" are due to a French legal requirement called "Eckert law", which applies to French banks, credit establishments and payment services companies.
So, what are those inactivity fees?
Eckert law (2008) requires credit, banks and all payment services companies to check that their customers were still able to use their accounts after some time. If it wasn't the case, the accounts would have to be closed.
What we mean by "inactivity"
For current accounts, French law says that "inactive" are customers who didn't perform any operation on their account over 12 consecutive months.
Lydia Solutions considers that customers are "inactive" when they haven't opened nor used the Lydia app or Sumeria app or contacted Lydia Solutions in 12 consecutive months.
Rest assured: we warn you twice
If you don't open the Lydia Solutions apps in 12 months, you will receive two emails: the first is sent on the day of the 12th month, the second is sent 7 days after the first one. Both emails invite you to either:
- Reactivate your account simply by replying to the email or by opening/using the app at least once;
or
- Close your Lydia Solutions account if you ask for it by email.
How much are these “inactivity fees”?
If you still haven't replied to those emails on the 13th month, you'll receive a final email informing you that we will debit inactivity fees. There are two scenarios:
- If you don't have money on your accounts, we don't charge any fees;
- If you have money left on your accounts, Lydia Solutions is legally obliged to transfer this money after 10 years to the French "Caisse des Dépôts et Consignations" and to close your account. You will have 20 years to ask for your money back. As this procedure has a cost for Lydia Solutions, we debit "inactivity fees" before doing so. Its amount is strictly capped by French law. Current inactivity fees' amount can be checked on our Pricing & Limits page.
