RaboDirect Ireland will be closing in May

Dinarius said:
Wouldn't it be better to transfer everything (or everything minus €1, if you can't have a zero balance in a RABO account) and only then closing the account?
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That was my plan too, but it turns out you can't as far as I can see. That information about them "waiving the notice withdrawal period" on notice accounts only applies to account closure. I've been trying to move money from my notice accounts to my savings account, with a view to transferring the whole lot en masse out of Rabo before finally using the account closure option. But you can't -- the notice withdrawal period still stands unless you are closing the account.
 

I would consider it best to:

1. Do a test transfer of a small amount now.

2. Don't rush with closing the account as your funds are most likely safer there than anywhere else.
Depends of course on the rate you are receiving elsewhere.

3. Once the test transfer worked alright then go ahead and move most of the funds possibly leaving a small amount.

4. Close the account completely when it suits you.
 
The problem with this strategy is, if you have a 90 day notice account, the test transfer won't be in your account before Rabo shut down in May as they only waive the notice period when you actually close the account. Are they still taking deposits? If so you could transfer in a few euro to the demand account and then transfer it out as a test perhaps. However, I encountered no problems transferring a large sum out, so once there are no typos there should not be a problem, bar those few that only accept transfers in from another "home" bank account
 
Maybe the massive outflow of cash (corresponding) is slowing things down? Most banks aren't set up to handle a massive withdrawal from their deposit base all at once after all they must have the bulk of the cash doing something instead of keeping it on standby for withdrawals?

Could anyone report back on their success closing either on demand or notice accounts?
I'm curious if it's just the latter been delayed as it means that despite officially waiving the notice period that it still isn't been treated as an on demand withdrawal.
 
Yes I have withdrawn a large sum from a 90 day notice account and it went in the next day. The only problems seem to be arising from people trying to transfer to deposit accounts where the feeder account must also be from the same bank, or perhaps where there was a typo in the IBAN - both of which Rabo cannot be blamed for.

As rabo are telling people to withdraw funds/close their accounts they will obviously have prepared for this and have the cash on hand to fulfill the withdrawals, so that would not be an issue in the slightest.
 
So I got to the bottom of why my funds went missing - I requested the funds in Rabo be transferred to a savings account in another Irish bank I have, however I didn't realise this particular account had a limit on the maximum funds it would accept per month so the funds bounced back to Rabo. This is where it gets messy, as the account the funds came from in Rabo was now closed the money had nowhere to bounce to. Rabo have done a trace on the money and have identified it thankfully. I've had to fill in paperwork and send it in via post to request to have the bounced funds transferred to another account that will accept large transfers.

So it was completely my own fault, and in fairness to Rabo they have been very helpful in trying to resolve it. Just posting this here as a warning to others - be sure the account you are requesting transfer of funds to can actually accept the transfer amount!
 
Thanks Gary - I never thought an account would have such a limit (apart from regular savers and the like) so good to be aware of this for future transactions - thanks! I guess a good idea is to transfer it into a current account and then transfer it onwards (this is what I always do - I imagine no current accounts would have limits?)
 
Sue Ellen said:
1. Do a test transfer of a small amount now.
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Completely agree. Always do a test transfer if you're setting up a new payee. Also I agree never to close an account until all funds are completely received on the other bank. I will close my Rabo when I'll have just a few Eur in it, I am still waiting for my 30 days notice withdrawal to apply into my main Rabo savings account.
 
Hi,

Just out of interest here, why are we all bothering to formally close our accounts ?

Once we have transferred out our funds, why not leave the admin to Rabo to sort out ?
 
MrEarl said:
Hi,

Just out of interest here, why are we all bothering to formally close our accounts ?

Once we have transferred out our funds, why not leave the admin to Rabo to sort out ?
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Of course you can leave it to Rabo, they will just close the accounts for you. However, if there's any interest owed to you it will be a bit trickier to get the money.
Also, if you have notice accounts you need to give notice, wait, transfer the money out, still have the headache regarding interest.

It took me 2 minutes to close all the accounts and transfer the money. This made sure all interest is applied correctly, I got all my money, and the accounts are closed.
The money was in the account - details of which provided as part of the closing procedures - the next day.

There is no "admin" to speak of.

Why would you not just close the account and be done with it?
 
Ditto. It's already too late to transfer the funds out of a 90-day notice account. Plus you don't get your interest until you use the account closure option.
 
Totally agree, it is actually easier to close the account, than having to type in the amount you wish to withdraw. Also if you don't select the "close" option the interest won't be included (as newirishman points out) and notice period won't be waived so it's not an option for some of us with the 90 day notice account.

Edit: Maybe MrEarl has not seen the interface - a "close account" button has been added which means you just log on, click it, and complete the security codes and you are done - your account is automatically emptied to your chosen account.
 
gravitygirl said:
....Edit: Maybe MrEarl has not seen the interface - a "close account" button has been added which means you just log on, click it, and complete the security codes and you are done - your account is automatically emptied to your chosen account.
Click to expand...

Spot on - thanks for the info.
 
Regarding closing a Notice Account ...... I spoke to them on the phone today and they said I should send them an email from within your account (button on left hand side) with a request and they will close the notice account only and transfer the money to your saving account. From there you can then transfer as normal to an external account and when all is done then close the Rabo account for good.
 
I just closed my accounts with Rabo and everything went flawlessly as 99% of the times I dealt with them. Thank you so much Rabo, I loved the way your team works and the way your site works...
 
Advice needed. I’ve transferred my own Rabo savings account to an account with my other bank where I have my current account. Poor rate but will have to do.
However, I have 3x 90 day notice accounts for my 3 kids, money they inherited. The Rabo accounts were in their names with my name on the account and I managed them. Kids are 11/13/15. I’m not having much luck finding a similar setup anywhere else. I don’t want accounts in my name. I don’t want current accounts. Junior savers generally only go up to 12. I have half of their money in government savings and they each have small amounts in their credit union accounts but this is money they know about and save into and may get access to before 18. The inheritance I don’t want them to touch or know about really. Any advice?
 
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