Foul!

Want to open a checking account in France? You can open a minimum balance one now, no fees. However, unfortunately, if you go to a bank, there is a government banking regulation dating back to 1967 that says you cannot earn interest on your checking account.

But wait! Don't give up! Now you can earn interest on your checking account in France, if you open up an account called Labractif-with (are you ready?) the Paris-based AGF INSURANCE COMPANY.

Presently offering 7% interest on checking accounts, AGF is the third largest insurer in France. It has assembled a sales force of 5,000 to sell the account. As a nonbank, AGF does not operate under the government regulations for banks.

Mesdames et messieurs, welcome to our world!

Copyright © 1992 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 2, No. 12, 3/92