Tuesday 14 August 2018

Warning for savers to close RaboDirect accounts

RaboDirect has over 90,000 customers in Ireland with over €3bn on deposit (Stock Image)
RaboDirect has over 90,000 customers in Ireland with over €3bn on deposit (Stock Image)
Charlie Weston

Charlie Weston

SAVERS have been warned they will find it harder to access their money unless they act soon to shut their RaboDirect accounts.

The bank is winding up its deposit-taking operation in this country.

It had €3bn in savings from some 90,000 savers when it announced the shut-down earlier this year.

The online savings bank is closing down on May 16 next.

It said the majority of customers have now closed their accounts and received their funds.

But a number of savers have yet to close their online savings accounts.

Those who failing to meet the deadline for closing their accounts risk finding it harder to access funds after the closure date.

General manager at RaboDirect Tim Bicknell said: “Any accounts that remain open after May 16 will be closed by us and the funds will be moved to a separate unit within Rabobank.

“This means that customers will not be able to access their funds online and the process of closing their account will take longer than if they use the self-close option that is currently available on the RaboDirect website.”

No further interest paid will be paid on funds remaining after closure.

Mr Bicknell said that some customers mislaid their electronic device needed for accessing their online account details, known as a digipass. The device is needed to close an account. But these have been replaced.

He said that overall, the closure process is moving very smoothly.

“We want to avoid customers getting delayed as we move closer to the closure date so we are recommending that they take the necessary steps to close their accounts as soon as possible and ensure that they have their digipass and it is operational.”

In February, the bank said its decision to withdraw from the Irish market after 13 years was driven by moves by its parent, the Rabobank Group.

The group wanted to simplify its business model across the world and reduce cost.

The bank’s corporate banking activities, with a focus on food and agri clients, won’t be impacted by the closure of Rabodirect.

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