PERSONAL FINANCE:Your queries answered

Q

In your opinion, are there any advantages in maintaining a qualifying account with Irish Nationwide, on the slim chance that a payout might accrue in the event of a change of status of the building society?

- Ms N H, Galway

A

No. The only group now in a position to get anything from the change in status of the building society is the State, which has bailed it out. And even that is unlikely.

How do I access my savings from abroad?

Q

I lived in Canada for nearly 42 years and saved some money while working there. Now I have requested the management of the Royal Bank of Canada to transfer any savings to my bank in Ireland. This was done about six weeks ago and I have had no reply so far. I am deeply worried that they will not give me my money. Should I seek legal advice and, if so, from whom? I do not know any lawyer in Ireland.

Could you recommend someone?

- Ms M C, Cork

A

I think you are getting a little ahead of yourself. There is no reason at this stage to worry about your money. Canadian banks in general, including Royal Bank of Canada, enjoy a good reputation worldwide and there is no reason to assume they are withholding your money deliberately.

I have checked the bank’s website and there is a comprehensive complaints system in place. None of the procedures involved require a lawyer. I would suggest that all communication be in writing – either by letter or e-mail.

At this point, your best bet is to contact the Client Care Centre at: PO Box 1, Royal Bank Plaza, Toronto, Ontario M5J 2J5. This address is for all queries other than those relating to RBC Direct Investing, RBC Insurance and RBC Dominion services.

The bank says it will endeavour to handle your complaint within five working days, although with international queries this could take longer.

You will need to give full details of the branch at which you banked, the type of accounts, the account number and the name of the person you first contacted in your letter. The bank also asks you to include a contact phone number. Remember to include the 00 353 international dialling prefix.

I would be very surprised if that did not get this sorted. However, if the problem continues, you can avail of the bank’s office of the ombudsman. The address is: RBC Office of the Ombudsman, PO Box 1, Royal Bank Plaza, Toronto, Ontario M5J 2J5.

Bear in mind that the ombudsman’s office will not deal with you if you have not gone through the previous steps. You will need to show some written communication to the ombudsman to show this has happened.

In truth, your letter has probably simply been misplaced. For all their recent bad publicity, banks have no interest in holding onto the personal savings of customers who are moving on.

This column is a reader service and is not intended to replace professional advice. No personal correspondence will be entered into.

Please send your queries to Dominic Coyle, Q&A, The Irish Times, 24-28 Tara Street, Dublin 2. E-mail: dcoyle@ irishtimes.com