Key Post Opening an account with KeyTrade Belgium

What about security? Is money safe with Keytrade? Is it guaranteed? And if so, by whom?

Savvy Row said:

What about security? Is money safe with Keytrade? Is it guaranteed? And if so, by whom?

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All your questions are answered on their website...

Hi,

to finish out the story with Keytrade - they finally "found" the money.
I was in the process of opening a complaint with the financial ombudsman.
The issue was to get them engaged with the issue - when they actually put some effort into it the money was found 45 minutes after I mailed suggesting I would need to begin legal proceedings.

They were very apologetic offering to back date the transfer to the original date and also allowing free trades with the online share trades.
Anyway it was stressful and time consuming. Ulster bank were very good in keeping the issue opened and insisted all along that Keytrade were the ones who would ultimately resolve this. They found Keytrade equally unresponsive on this.

Does anybody know what keytrade mean when they ask for a copy of both sides of your passport?

I photocopied both the cover and the inside, and that worked fine.

davebrien said:

There are different accounts when you open the saving account - there is one for trading and a 6% booster account. Each has an IBAN and BIC listed - I tried to transfer directly to the 6% booster - there is no clear documentation that I could see that explains this. anyway that is the problem the account I referenced was the 6% percent booster.

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Hi dave,
Just noticed you mentioned a 6% booster a/c. Can you tell me what account this is please, as there's nowhere near this rate on the 'savings' part of the batch of accounts that was opened in my 'banking relationship' (current + savings + trading accounts). Thanks.

Thanks damson.

One more question regarding the passport photocopy...should it be in colour or will black and white do them?

black and white will do

Thanks for the quick reply mac.

galleryman said:

Trying to open an a/c at the moment. Just trying to read the T&C and I have no idea what this is all about. Can anyone explain ? What is the PLEDGE?

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Bit of a late reply, but I did some digging...

Have a read of this (I can't post URLs, so I have to replace dots with spaces):
www linklaters com/Publications/Publication2051Newsletter/20100708/Pages/Pledgesoffinancialinstruments.aspx

I'm not a lawyer, and know less than zero about Belgian law, but what I guess that means is that if you owe them money, they can do whatever they like until they get it back. In particular I think that means they have rights on your money should a 'financial instrument' make you liable (for example, you short-sell some shares and make a loss). I think the way Belgian law works is you 'pledge' something as collateral for that transaction when you make the agreement. That hopefully shouldn't be an issue for savings account holders.

I've read all the Ts&Cs (apart from the investment appendix) and they seem mostly OK. Basically don't screw up (especially things like the security of your internet banking ID) or go in debt, otherwise you're in big trouble. One that's a bit dodgy is 6.8, where you agree to login to your internet banking account once a week in case they need to tell you things. You can avoid that one by choosing not to have internet banking.

Given that (and I doubt many people check their savings accounts every week), has anyone used them for telephone banking? Do they offer the usual services (eg funds transfers to other EU accounts)?


On another point, as far as I can tell the 6% booster account was only offered until 31 October 2010.

Vega#47,i'd be very cautious about putting any significant into your account, vega as I worked in customs, no mail is opened the way yours was, first your mail is put through an x-ray, and if all these letters are coming from keytrade then customs would know exactly whats in them and it definitely wouldn't be drugs coming from a bank. Iwas just reading about this keytrade when I came across your reply to why you think your mail was delayed, did it ever cross your mind that your mail could of been opened by crinimals who copied everything and just posted your mail on, and they'll wait till theres a lot of money before touching it. Hopefully everything is ok with your account ok, but a warning, never assume. In future, If letters from keytrade arrive open, change your account immediately. If in doubt,check it out.

Just wondering how people feel about Keytrade Belgium now. Any concerns? Has anyone moved their money?

Is there any new news about Belgium? I have a good amount in there, and as far as I can read, it doesn't seem any worse that it was before....

I hope.

No very recent news, just the ongoing political and sovereign debt crises. Just wondering if it has caused enough concern for people to move their money elsewhere. For the record, I still have a substantial amount in Keytrade but will move it to Germany if things get any worse.

As an alternative to deposit accounts - would there be merit holding savings in bank draft form?

Now wondering if this is the best decision...

I've moved my money to Keytrade Luxembourg but now nervous that this might be a case of "out of the frying pan, into the fire"? Which is the greater risk now:

1. Greece defaulting (seems v. likely now) & then Keytrade deposits at risk given Credit Agricole's (parent of Keytrade) apparently large expose to Greek debt

vs

2. Ireland leaving the euro

(I know Keytrade deposits are guaranteed but still.................
I suppose money can be transferred quickly back from Keytrade to the registered account if scenario #1 looks likely)

This is a very good question. Something I am thinking about at the moment as well.

Has anyone else any thoughts on the likely outcome of a Greek Default on Keytade?

I've almost decided now to move everything but a small amount back out of Keytrade.

Listening to Constantin Gurdiev (spelling?) on Dunphy's Newstalk show yesterday, he said that Credit Agricole's leveraging was 70 to 1 - Lehman Brothers' was 44 to 1 when it collapsed (Deutchsebank is now 52 to 1). He said that if there is a 1% writedown of Credit Agricole's assets as bad assets, they will be insolvent.

I'm ****ed off that after all the setting up of this, the one bank I pick seems to be France's Anglo Irish Bank

Of course, on the other hand, does the parent matter? Aren't Keytrade Luxembourg/Belgium deposits covered by their respective government's guarantees up to 100,000 euros? As stated in previous posts, Belgium have a large debt but I think Luxembourg is pretty healthy so maybe I shouldnt be worrying?

SIEMANS withdrew over half a billion euro from two large French banks and transferred it to the ECB in a move indicating increasing nervousness surrounding the European banking system.
The German company now has between €4bn and €6bn held at the central banks facilities, the Financial Times has reported.

The company is said to have withdrawn the funds partly out of concerns about the banking system and partly because they are attracted to the higher interest rates at the ECB.

France's two largest banks, Credit Agricole and Societe Generale, last week had their long-term credit ratings cut by Moody's due to risks increasing on their holdings of Greek sovereign debt.

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Credit Agricole owns Keytrade....this is really getting tiresome.