New EU Directive on Elec Fund transfers - can only go to one bank????

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galleryman

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I transferred money from an account with INBS last week to Nat Uk by Electronic Fund Transfer (EFT)

I went back to INBS to transfer another amount this time to RaboDirect again by ETF. I got a call later that same day to say that my new EFT can't actually be processed as it is going to a different institution to the previous one.

Apparently a new EU Directive states that an EFT can only be done to one other bank not multiple.

This sounds like a load of tosh to me. How can that be real???

Has anyony else experienced this?
 
I have not experienced this.

INBS have a very old EFT system.

What alternative did they give you to get your money out? cheque?
 
Yes Cheque OR send it to Nat UK. They did not blameit on their systems, they claimed it was an EU Directive. When I asked what the aim of the restriction in the in the directive was, they were unable to engage in a discussion about it.

very odd if you ask me. I think they may have mi- interpreted the requirements
 
I don't think the directive stops these transfers.

How do they "send it to Nationwide UK" if it is not EFT?

Did you get a cheque off INBS for your deposit? It will obviously take 5 days for that to settle with NUK.
 
The first EFT went from INBS to Nat Uk no prob. If I want to send another EFT to Nat Uk that is no prob. If I want to send an EFT to ANY other financial institution from that INBS a/c they claim I am not permited under the new directive.

they have said they cannot do my EFT to RaboDirect, that it must be a cheque.

i don't get it??!!!
 
that's the plan.....actually i might walk into INBS and ask for CASH!!!!! That should set the alarm bells ringing.
 
Transfer it ot another irish a/c and do the EFT from there. Quicker than a cheque, safer than cash (you don't wanna get mugged on the day you have half your savings in your pocket (or briefcase, depending on how much you have :) )in cash !
 
i cant. The only a/c I can do an EFT to, from my INBS a/c is Nat UK. to get in into another Irl a/c requires me to lodge a cheque.
 
checked into this and apparently you need to "Designate" an a/c on fixed term a/c's for EFTs and there can only be one for such a/c's.
 
At this stage I can't be bothered, the cheque is lodged with Rabo and I am now wiser. Apparently it came in in 2009 to help combat money laundering.

Just for the rest of you, be aware that if you are setting up a fixed term account and you designate a.n.other a/c to accept EFT. That is the only a/c thereafter that you can send and receive electronic transferd with. You MAY be able to change it BEFORE you send/receive the first EFT but definately not afterwards.
 
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