Our French bank has asked about patrimoine - what does this mean?

Reader Question: We have been asked to update information for our French bank (Credit Agricole), which we have had for over 30 years. One of the requests is for is our ‘patrimoine’, which literally means heritage. We suspect this is not what they want – what is the meaning of this?

Banks have the right – indeed an obligation – to keep themselves informed about their customers’ financial situation and the kinds of questions they can ask have been getting more extensive in recent years with increasing concerns about combating problems such as the financing of terrorism and money laundering.

They may ask questions in relation to a particular change – a loan request or application for a new service etc – or just as a matter of routine. 

They appear to be somewhat more common for second-home owners living abroad than main-home owners with their regular salaries and pensions etc paid into the account, who the bank may be already deemed to ‘know’ well.

Read more: Residents in rural France affected by bank closures

On the whole, questions typically asked break down into either revenue (revenue or ressources) – what you have coming in – and, sometimes, patrimoine – that is to say what you own.

Patrimoine refers to ‘wealth’ or ‘property’ in the broad sense. 

It includes bricks-and-mortar property but also unbuilt land, boats and cars, cash in current or savings accounts, stocks and shares and assurance vie policies, valuable art and collectibles etc.

They will be looking for an overall estimate of key elements, not a figure worked out to the euro.

The request should, if the bank is following the rules strictly, include information about the reason for the request and the way they will use the information, as well as any consequences for not providing it.

You are also entitled to ask that the information not be used for any marketing purposes.