Well-known bank ceases business in Germany: What customers need to know now

Customers will still have access to their Rabodirect bank account until the end of the year. Then it’s over. The Dutch Rabobank decided to stop its business at least for German private customers at the end of the year.

As a spokesman confirmed, the bank in Germany has over 250,000 private customers who are bunkering over eight billion euros in Rabobank’s accounts. “We will do our best to ensure a smooth closure process for all customers,” emphasized Klaus Vehns, European head of direct banking and Germany head of Rabobank.

The bank wants to continue the corporate business in Germany.

Rabodirect started nine years ago

Rabobank was founded in 1898 as a cooperative bank in the Netherlands. In Germany, the German branch was launched under the name Rabodirect. With attractive interest rates on overnight money and savings accounts, the bank lured them to the end.

Because the bank has to park its deposits with the European Central Bank (ECB) and also has to pay negative interest, checking, savings, fixed-term and overnight accounts are no longer a lucrative business for banks.

The corporate customer business is not affected by the decision, stressed the institute. Rabobank in Germany still sees growth potential in this area.

What do Rabodirect customers need to know now?

The bank is currently writing to private customers by post and email to inform them of the closure. All private accounts of the bank will be closed by the end of the year. The saved money is then transferred to the reference account, which the affected account is specified and verified in online banking.

To do this, click on My Account, then on Account Management and then on Reference Account. However, customers should be able to access their account without any problems until the closure at the end of the year.

CHIP.de advises all customers to try to get a new fixed-term or overnight account anyway. Check in online banking whether the postal addresses, e-mail and the specified reference account are up to date.

Be sure to download account statements from the download area in online banking. You should also download and save tax certificates. The bank declares that the annual tax certificate for 2021 will be sent by email in good time.

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