€43m still in Rabobank’s Belgian accounts, but the bank pauses: What happens to that money?

After twenty years of being in Belgium, the curtain fell on Rabobank.be on September 1. Then the final accounts are closed. More than a week before that date, the accounts of about 29,000 customers were still active, compared to 211,000 at the start of the shutdown. These remaining accounts contain €43 million – that was initially €6.4 billion.

Dutch group Rabobank announced in June last year that it would stop its Belgian savings business – Rabobank.be – after no buyer was found. Mass layoffs of 53 employees have been requested.

Construction has taken place since then. Term accounts were closed first, followed by savings accounts on July 1 this year. The money that was still in these accounts was automatically put into the checking account. Then customers had three months, until September 1, to transfer their money to another bank.

What if you don’t move your money?

The money that was still with Rabobank.be at that time was not lost. It is transferred to the Depository and Shipping Desk (DCK) at FPS Finance. It can be recalled there up to thirty years after the transfer (via the e-DEPO digital app).

The bank notes that in recent months there have been “many moments” when contact has been made by letter, email and registered letter to larger accounts. Reminders are still sent by email.

Rabobank.be has been in Belgium since 2002. For a long time, the thrift bank has been tempting savers with high interest rates. In recent years, activities have been systematically curtailed. In 2018, for example, Investment Products was acquired by Keytrade Bank, and the company’s accounts were closed in 2019.

The wholesale division (services for large companies) at Rabobank in Belgium will remain active. (page)