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RABODIRECT IRELAND has announced that it is closing on 16 May 2018.
Some 90,000 customers in Ireland have savings totalling over €3 billion with the online bank, which was established in 2005.
A process has begun to inform all customers about what they need to do before 16 May. Rabobank said it wants to make the process as straightforward as possible for customers to close their accounts and transfer their savings securely to another financial institution.
The Rabobank group set up in Ireland to provide funding for lending activities but “as conditions have changed across Europe generally, this source of funding is no longer required by Rabobank,” it said.
The bank said that it is waiving the notice period on its notice saver accounts and will be paying the interest earned up to the point of the account’s closure.
In the case of term deposit accounts, it is going to pay all the interests that would have been due over the full term.
The company said it would remain committed to its corporate banking activities, focused on food and agri clients, who will not be affected by RaboDirect’s closure.
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Rabo is a good bank , another foreign bank who can’t make it work here, wonder why?
@gregory:
Keep the recovery going.
Join your local CU.
@gregory: Numbers. Not enough customers.
@gregory: knows a corrupt country when it sees 1
Does not bother me. I still dont have a bank account. Signed-bertie ahern
@John Smith: poor ould bertie…..and the public willing to forgive and forget.
@John Smith: he didn’t need 1. Probably did all his betting on horses on line
What will Sean Moncrief do now???!!!
Im very fond of my rabo account. im going to miss it.
@Brendan Grehan: Rabobank has always been triple A. It is very well run by competent people. I know a highly qualified ex Rabo employee w/ a myriad of quals who was unable 2 get hired by an Irish bank. I guess she scared them with her analytical skills – she (Dutch) really knew her stuff. I guess she was too professional for Irish banks and was not connected. That was 2002. Btw Dutch banks are light years ahead of Irish banks in terms of competency and organization and regulation.
Can we bring back the thumbs down for comments? The amount of rubbish people post on here nowadays is childish.
@Tom Sawyer: And wanting a thumb to click on isn’t?
@Tom Sawyer: They have the snowflake mute and hide options.
In case you end up reading something you don’t agree with.
Disliking something only causes snowflake depression
@Neal Ireland Hello.: I don’t think you get my point or perhaps reasoning for it. If someone posts childish nonsense thinking they are funny and it gets 20 thumbs up it’s only encouraging them to post more childish rubbish. People stop learning if there told they are great all the time.
@Tom Sawyer: True.. You just have to look at the results of some of the surveys vs the comments sections to see that..
They were set up as a deposits bank as a means of taking in funds to lend out through ACC bank which was aquired by Rabobank during the boom. ACC then went bust. It is costing Rabobank to have money so much on deposit that it cant lend out anywhere so this has been on the cards for a long time.
@Ciarān: __ I find it amusing that the old ACC branch in Listowel became a betting shop after it closed, so nothing much changed.
Unfortunate. Hard bank to deal with but their interest rates on savings accounts are better than the main Irish banks by quite a margin.
Post office? Bank of Ireland and AIB don’t care about ordinary people only big money. PTSB? Immoral scammers
This could be a worrying development. May actually be a consequence of Brexit if truth be known. Watch this space to see if any others up and leave.
@F. Wood: __ I think they’ve been on the verge of walking away since the crash, and it’s taken them this long to come up with some kind of excuse.
The auld recovery is going well i see.
I’m going to put it all in BitCoin…..
I’ll hold it, it can rest in my account. ‘Twill be grand and safe.
@Brendan Hughes: I also know a prince who will double it, if he can mind it for a bit.
@Brendan Hughes:
If its good enough for Micky Martin, Vulture Noonan and FG’s Lowry tis good enough for everyone in the audience.
Rabo are, by far, the most difficult bank to deal with. It’s like it is run by a bunch of kids. Nobody has a clue in there.
@David Murphey: Refused a loan then?
@Father Hody Commody: Ha, ha.
If i was a smarta$$, i’d say “Read the article, good lad”.
But i’m not.
It’s an online savings bank.
Can’t we put deposits into Rabobank in Holland though?
@Father Hody Commody:
You would have thought so, given much vaunted positives spun about EU / Eurozone membership……open borders, free movement of capital, goods etc.
Something is quite rotten in the state of Denmark, if a bank operating in a supposed properly functioning single market, currency zone can just dump 90,000 satisfied customers and their €3 bn of deposits!
@Rory J Leonard: They are Dutch not Danish
@Ciarān: I’m assuming you didn’t do Higher Level English in the Leaving Cert if that one went over your head.
@Father Hody Commody: yes
@Rory J Leonard: they were acting as a deposit taker only. There’s no sign of deposits being in any way profitable for the next 24 months minimum and, even after that, if rates begin to swing, there’s bigger all money in it.
Try opening a shop that sells only petrol at a mark up of 1c per liter – see how long you hang in there.
Think I will have to revert to putting money under the mattress!
@Sean Fox: __ You can rest while it’s resting.
31 redundancies announced.
Queue the scam emails and phone calls
“A process has begun to inform all customers …”
this is the first I’ve heard of it. No letter, no email, nothing.
Idiots.
@David Murphey: they have details today on website
have an account with them. tried phoning them yesterday but kept getting message saying they where all at a meeting. guess now the staff where being told that bank was closing.
It pays off at times not to fall for the hard sale. As they say….if it’s too good to be true…..
There is actually a story here for a good journalist to follow up, why can we in the days of EU financial passports only have AIB, BofI, BofS t/a Ulster Bank, and some bailed out PTSB type ex building societies?
Presume the IRL Central Bank is blocking access To IRL, and IRL peoples access to EU with EU agreement??
This anti money laundering must proof address thing is also a control against us moving money to other countries?
@DeFonz: you might also ask why we have to pay massive VRT on cars imported from other parts of the EU despite Ireland supposedly being part of the Single Market with free trade across borders!
@DeFonz: We are free to use any bank in Europe. All banks are legally obliged to open a basic account for you. So you don’t need to worry about the bank choosing to open a branch in Ireland.
@DeFonz: The proof of address is no block to opening an account…you would need to prove your address to an Irish bank or a German or a Portugese bank
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