Rabo transfer to bank in trouble

R

roker

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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?
 
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?
Click to expand...

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?
 
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
 
If a nominated external bank got into trouble then presumably you just contact Rabo and change the nominated external bank account to another one?
 
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
 
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.
Click to expand...

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.
 
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.
Click to expand...
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
Click to expand...
I don't see how what Brendan posted implies that this is the case.
 
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....
 
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.
 
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.
 
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?
Click to expand...

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.
 
I think the original thread title is meaningless and the mention of Rabo is a total red herring.
 
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
Click to expand...
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.
 
ClubMan said:
I think the original thread title is meaningless and the mention of Rabo is a total red herring.
Click to expand...


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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