Rabodirect closing? One unexpected implication at first...

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LoveTrees

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I take the 100K protection-of-deposit rule very seriously since the creation. Also since I opened a couple of additional savings account with PTSB and I was asked to sign the "100K awareness form"...

So I am closing Rabo soon and what I loved about Rabo is that you could transfer uncapped amounts of money in 1 go.

PTSB is - at present - my main C/A-bank and what I don't like about them is that you can transfer externally only up to 5K/day. Which means now that I have to gradually empty my accounts with PTSB in order to allow for the container to be almost empty if some other big bank closes down and I might need to transfer into it quite a few K Eur in one go.

Are all the banks in Ireland capping external transfers to PTSB to a particular amount? May I have your experience with KBC, Ulster Bank, AIB, Bank of Ireland etc? Thank you very much.
 
No bank caps transfers to a named specific back only. Banks have an overall online transfer cap to all banks.

Most banks cap transfers at 5k per day online but allow much higher amounts in-branch.

AIB recently increased their online transfer cap to I think 10k.
 
I had no problems transferring in excess of 10k with my Ulsterbank Account online Banking.
I think most I transferred in one transactions was about 14k.
Never had the need (or money) to transfer more than that.

Edit: there’s a 25k limit to other banks, and 130k limit between own accounts in Online banking.
 
I think UB had a limit of somewhere around 13k per day in transfers, not sure if still the same.
 
If you have a cheque book on your account, there's no limit to the amount you can write a cheque for, as backward as it might seem.

Unfortunately the online limits will remain until banks can improve fraud prevention measures to an extent where they are willing to suffer the losses that might occur.
 
I've had to use cheques to open term deposits previously.

One thing I find ironic is that I can schedule as many €20k transfers in advance as I like with BOI online banking ... so I can shift €100k if I want, it's just that it will take five business days. Definitely something I will miss about Rabo.
 
Thank you all for your answers! Sorry I was mentioning online transfers of course because it's tricky for me to go to my local PTSB Branch. So I am emptying gradually my PTSB account because at any time I do not want to have any account with 100K+ Eur total balance with the same Bank (not even when money is transitioning). I will never forget the queue outside Northern Rock when the whole domino-effect started. I hope everyone can find food for thought in this, because - as Daniel Pinto of JP Morgan is stating - a 20%-40% market drop is likely to be on the way and panic will start going around again...
 
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dub_nerd said:
....it's just that it will take five business days.....
Click to expand...

5 business days to transfer funds ? :eek:

...if I've read that correctly, it's simply inexcusable in this day and age.


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I also have accounts with the PTSB and find their limit of €5k per day very restrictive (particularly given it's an overall limit, not a limit per single transaction, or to a single beneficiary). I do appreciate the need for a safety feature, such as a cap on the amount that can be transferred, but PTSB seem overly cautious here.

To give PTSB a little credit, I do find their online payments good - next business day for payments to arrive in Irish banks, along with banks in France, based on my own experience.







.
 
MrEarl said:
I also have accounts with the PTSB and find their limit of €5k per day very restrictive (particularly given it's an overall limit, not a limit per single transaction, or to a single beneficiary). I do appreciate the need for a safety feature, such as a cap on the amount that can be transferred, but PTSB seem overly cautious here.

To give PTSB a little credit, I do find their online payments good - next business day for payments to arrive in Irish banks, along with banks in France, based on my own experience
Click to expand...

I can only completely agree. I knew PTSB had the lowest maximum amount for online transfers and if it wouldn't be because they are lovely people (their open 24 team is very good in my opinion) and they don't have fees on my switch c/a I would have moved away a long time ago.

I will miss the possibility to transfer a large sum in one go with Rabo sooo much... And in the meantime 5K/day are leaving PTSB from my side until I reach a small amount to cover my monthly needs...
 
Dare I say it, but I suspect there is an element of certain banks using these mechanisms to protect their deposit bases here. The lower the bank's online transfer limit, the longer it takes for depositors to flee in times of turmoil. The weaker the bank, the lower will be its transfer limit; BOI 20k, AIB 10k and PTSB 5k; but all three will be chuffed that treble-A rated Rabo is now off the pitch.

Oh and no sign of official Ireland (Dept. of Finance, Central Bank, our elected politicians, consumer agencies, media, etc) looking after the citizen's interests. Quite the opposite actually!
 
MrEarl said:
5 business days to transfer funds ? :eek:

...if I've read that correctly, it's simply inexcusable in this day and age.
Click to expand...

No, what I was saying was that BOI have a €20k transfer limit. A single transfer will happen inside a day. But if you want to transfer €100k the only thing you can do (without visiting a branch) is schedule five daily transfers in advance, ergo, it takes fives days in total.
 
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