RaboDirect Ireland will be closing in May

[Freelance]

With regret I closed my Rabo account on Sunday at 3:00pm using the online procedure and the money was in my Ulster Bank Deposit Account by lunchtime Monday. These two probably have the online platforms in the Irish Market.

I'm at a loss as to where to put this money. I'm just about OK with it being housed in "BBB" rated outfits, but nothing about AIB or BOI (both of whom I dealt with in the past) would inspire me to try them, and my previous experiences with KBC were a very frustrating mix of administrative and systems errors and convoluted and misleading rules and charging structures - probably the worst and most convoluted banking experience I had. I am maxed out on Government savings (Bonds, Certs and Prize Bonds). Am I missing anything ?

 

[Duke of Marmalade]

I am maxed out on Government savings (Bonds, Certs and Prize Bonds). Am I missing anything ?

4 year National Solidarity Bond? Do you have a joint or single max?

 

[dub_nerd]

I'm at a loss as to where to put this money. I'm just about OK with it being housed in "BBB" rated outfits, but nothing about AIB or BOI (both of whom I dealt with in the past) would inspire me to try them, and my previous experiences with KBC were a very frustrating mix of administrative and systems errors and convoluted and misleading rules and charging structures - probably the worst and most convoluted banking experience I had.

Similar situation here. I'm not that interested in government savings at the current rates. My primary concerns are security, ease of access and administrative simplicity. Basically, I want what Rabo offered -- an excellent credit rating and simple online access with multi-factor security, making it possible and safe to move sizable chunks around when I need to. I'm still at a loss as to what to do. One possibility is a euro account with one of the larger UK banks, though that doesn't give me a warm fuzzy feeling either.

 

[messyleo]

Similar situation with myself, am loathe to go over the deposit guarantee with any institution including state savings, so might have to explore aib or kbc. Once it is under the deposit guarantee of 100k surely it should be safe? AIB rates are horrendous though 0.2% I think!

 

[Lightning]

am loathe to go over the deposit guarantee with any institution including state savings

The Deposit Guarantee Scheme does not apply to investments with State Savings. State Savings investments are placed in Irish sovereign debt which is guaranteed by the state with no limit.

AIB rates are horrendous though 0.2% I think!

AIB pay 0.05% for most variable accounts. 1 year term deposits pay up to 0.30%.

 

[TomOC]

I was the same and had endless bank accounts open about 10 years ago. I just had a look in files here. About 9 years ago Anglo were paying the 8% on a regular saver account. (I remember seeing a quote from the Anglo tapes about them increasing the deposit rates to get in any funds.) Irish nationwide were paying 7.6. And I saw a 1 year 6.5% lump sum fixed I had with Investec. All of those were losing only 20% in DIRT. Oh the days....

 

[Patrickf]

Well Freelance I was not as fortunate when closing my Rabo accounts. Did so on Thursday last. Checked with Rabo on Monday (long wait on phone) to be told that the accounts were closed but the money has not transferred to my nominated account in EBS and this is Tuesday, 27th Feb. Checked my EBS account on line and no extra funds there. I'm getting worried!. No answer from Rabo today to any call I made. Sent email this evening. Have transferred Rabo funds internall and externally in the past. They have not updated their website or there voicemail patter both give the impression that they are still open for new business. Any advice welcome on how I might establish where my money is out there in cyber space!
Patlar.

 

[Lightning]

Might be a delay in the wire due to a backlog of payments due to the closure.

 

[Patrickf]

Thanks Ciaran T.

 

[newirishman]

Closed my account yesterday afternoon, and the transfer arrived in my UB account this morning.
Patrickf you can always log back into the Rabo account and check the details of the transfer, to ensure you have the right IBAN.

 

[Patrickf]

Hi Newirishman,
Tried to log into my Rabo account on Monday, 25th Feb. Would not allow me. Contacted Rabo on Monday and spoke with staff member who confirmed that the accounts (2) were closed and once closed accounts cannot be accessed. No funds have arrived in my nominated EBS account and I closed the account last Thursday, 22nd February. I'm getting worried as I had a considerably amount of money on deposit with them. EBS confirmed that no money had transferred to my nominated account. Rabo are not answering the phones since last Monday. They say, 'leave a message and we will get back to you'. I've done this, sent and email and to date (Wednesday, 28th Feb. 15.00) no replies. Any more suggestions would be welcome Newirishman as I've never had to face a problem like this before.
Regards,
Patrickf

 

[Lightning]

The money will, almost certainly, be located.

Ask Rabo for the IBAN that they transferred it to. Check the IBAN for typos.

Thereafter ask Rabo for the SEPA reference details. Give these details to EBS if the IBAN is correct.

You can also ask Rabo to recall the payment.

 

[Patrickf]

Thanks CiaranT for suggestions. Cannot do much until Monday, 5th March due to weather. Rabo have not got back to me since Monday, 26th February despite I leaving voice messages and sending an email.
Regards,
Patrickf.

 

[adox]

Anyone considering prize bonds as an alternative? I’ve never had them but am thinking of spending a 5 figure sum on them with some of my Rabo money which I have yet to move.

With the interest rates so low everywhere it just seems a viable alternative(and a bit of fun at 5he same time).

 

[Gary_M]

Thanks CiaranT for suggestions. Cannot do much until Monday, 5th March due to weather. Rabo have not got back to me since Monday, 26th February despite I leaving voice messages and sending an email.
Regards,
Patrickf.

Have you had any resolution to this Patrickf?

I'm in the same boat myself, closed my account and requested transfer of funds to a nominated account but it's almost 2 weeks now and still no sign of the funds, Rabo online access has been removed since I closed the accounts, sent email last week but no reply, and can't get them on the phone either due to wait times. I know the weather will have delayed things but it's coming up on 2 weeks and I've no idea where my money is and nor can I access it.

 

[MrEarl]

Anyone considering prize bonds as an alternative?.....

With prize bonds, there is really just one question to ask yourself ... Do you feel lucky ?

- Forget the stats when it comes to prize bonds and payouts, it's all down to luck.

Personally, I've decided to buy a few value shares with some of my ex Rabo funds. There's an obvious capital risk, but I'm willing to take on a bit of risk for return over the next 1-2 years.

 

[dub_nerd]

- Forget the stats when it comes to prize bonds and payouts, it's all down to luck.

Luck is statistical !

 

[pudds]

Can we bin the digipass, after we have closed our account, not much point in sending it back, or is there?

 

[Dinarius]

I may be missing a trick here, but regarding the closing of RABO accounts and money not transferring out....

Wouldn't it be better to transfer everything (or everything minus €1, if you can't have a zero balance in a RABO account) and only then closing the account?

D.

 

[Gary_M]

I may be missing a trick here, but regarding the closing of RABO accounts and money not transferring out....

Wouldn't it be better to transfer everything (or everything minus €1, if you can't have a zero balance in a RABO account) and only then closing the account?

D.

Yes, in hindsight I wish I'd done it this way. I followed the Rabo instructions which closes your account and transfers your funds as one process.