# Rabo transfer to bank in trouble



## roker (28 Aug 2008)

I have been looking at some of the threads on how secure my bank deposits are. I am thinking of opening a Rabo account because I have a lump some temporarily in a bank with a poor rating.

Rabo is very safe, but what happens If I set up Rabo to transfer to my unsafe bank when I need cash and the bank is in trouble?


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## Sunny (28 Aug 2008)

roker said:


> I have been looking at some of the threads on how secure my bank deposits are. I am thinking of opening a Rabo account because I have a lump some temporarily in a bank with a poor rating.
> 
> Rabo is very safe, but what happens If I set up Rabo to transfer to my unsafe bank when I need cash and the bank is in trouble?


 
What bank do you have them in? None of Irish banks have a 'poor' rating.

I am not sure what you mean by your question. Are you wondering what happens your money if a bank goes out of business?


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## regicide (28 Aug 2008)

I think he is asking: 

If he has his money in a rabo account, how can he access it if the only way is to transfer the money to the current a/c of his "unsafe" bank ?

Presumably the answer is to set up a new account with a "safe" highstreet bank (or _an post_?) and transfer it there.

reg


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## ClubMan (28 Aug 2008)

If a nominated external bank got into trouble then presumably you just contact _Rabo _and change the nominated external bank account to another one?


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## roker (28 Aug 2008)

Thanks,
Presumably this is a simple operation with Rabo, because it would be an ideal operation for a fraudster to get access to a persons money, changing where it goes to.
Sunny please look at the thread by Brendan . Some of the Irish banks could be in trouble


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## rmelly (28 Aug 2008)

roker said:


> Thanks,
> Presumably this is a simple operation with Rabo, because it would be an ideal operation for a fraudster to get access to a persons money, changing where it goes to.


 
Rabodirect is one of the safer (or the safest?) online banking operations in the country. 

If a 'fraudster' had that sort of access I'd imagine he'd clear the entire account contents.


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## ClubMan (28 Aug 2008)

roker said:


> Thanks,
> Presumably this is a simple operation with Rabo, because it would be an ideal operation for a fraudster to get access to a persons money, changing where it goes to.


All banks have procedures for verifying the identify and bona fides of individuals requesting such changes on an account.


> Sunny please look at the thread by Brendan . Some of the Irish banks could be in trouble


I don't see how what _Brendan _posted implies that this is the case.


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## roker (28 Aug 2008)

There are alot of links but if you go deep you will find this one refering to TSB and others refereing to AIB, BOI.

http://www.independent.ie/business/irish/tsb-most-exposed-in-credit-crux-1081400.html[broken link removed]


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## OPTIMUM (28 Aug 2008)

Is the critical point is that NO depositor has lost any money from any recent bank going into difficulty anywhere in the world in living memory...am I correct ? N Rock customers, Bear Stearns, Indymac etc etc
All these discussions about losing your savings because a bank may go under are tiresome; lets move on.
Bond holders and equity shareholders lose if the worst case scenario, and Central banks will always act as lender of last resort or the government have to call in the ECB. The Governor of the Central bank of Ireland has twice come out since July 07 to confirm the Irish banks are sound and secure....and with the strictest regulatory and liquidity rules in Europe ensuring they stay liquid. We seem to forget the purpose of central banks....


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## roker (29 Aug 2008)

Thanks, that's very reassuring. I am no financial expert, we have not seen the worst yet, why risk it when the Irish Government only guarantees 90% up to €20,000. When I was working abroad many years ago, I had a colleague from Cyprus who lost his money in an Irish bank, I do not have anymore details but it was an offshore account.


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## ClubMan (29 Aug 2008)

If you are not happy with the _Irish _depositor protection scheme then stick your money in a bank regulated by another central bank. _HMG _are guaranteeing 100% of _Northern Rock _deposits and interest.


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## spreadsheet (29 Aug 2008)

Roker, are you sure you should be taking 'Indedendent' advice? 



roker said:


> There are alot of links but if you go deep you will find this one refering to TSB and others refereing to AIB, BOI.
> 
> http://www.independent.ie/business/irish/tsb-most-exposed-in-credit-crux-1081400.html


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## newirishman (29 Aug 2008)

ClubMan said:


> If a nominated external bank got into trouble then presumably you just contact _Rabo _and change the nominated external bank account to another one?



There is no such thing like "nominated external bank" in rabo accounts. When you want to get money out of rabo, you just transfer it to whatever Irish account number you want it to end up.


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## ClubMan (29 Aug 2008)

I think the original thread title is meaningless and the mention of _Rabo _is a total red herring.


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## sidneycooper (30 Aug 2008)

OPTIMUM said:


> Is the critical point is that NO depositor has lost any money from any recent bank going into difficulty anywhere in the world in living memory...am I correct ? N Rock customers, Bear Stearns, Indymac etc etc


Indymac customers with over $100,000 lost money. The FDIC took control and when the customers logged into their account there was only $100,000 there. Indymac was not even on the list of baks in trouble.


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## RaboDirect (1 Sep 2008)

ClubMan said:


> I think the original thread title is meaningless and the mention of _Rabo _is a total red herring.


 

Couldn't agree more. Perhaps this thread should be closed and a new one opened with a more appropriate title. 

RaboDirect


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