If you move to the Netherlands, you must pass your new address on to your bank. De Telegraaf reports that the man who failed to do so now loses nearly €12,000, based on a ruling by Kifid, the complaints institute for the financial sector.
The Dutchman bought a house with his partner in 2001. He took out a mortgage loan with ING for this purpose, as well as a so-called and/or current account (both account holders can deposit or withdraw money here without the permission of the other) with an investment account linked to 30,000 guilders. (more than 13,500 euros). That money was invested in a specific fund.
Five years later, the two sold the house and took out a new mortgage elsewhere. However, they maintain a current and investment account at ING, although they do not often do so. They also forget to officially report their new address to the bank.
In 2012 and 2013, ING tried several times to reach out to the couple because the legislation became stricter and they should be able to identify their clients. In vain, there is no response to messages sent to the old address. Then ING transferred one cent of the euro several times to the bank account, stating that the couple must identify themselves. This also did not happen, after which the bank terminated the relationship with the customer in 2015, terminated the bank account and stopped the funds invested in a suspended account. At that time, the balance amounted to more than 22,000 euros.
Only in 2019, the man again thinks about his investment and finds out that his investment is not growing, but is stuck in a suspended account. If the money had stayed in the box, the value would have soared to over €34,000 by now. Now the man gets “only” 22,000 euros.
The man went to Kifid for complaints because he believed it was a “nonsense argument” that ING did not have his address. The bank learned that the couple moved in 2006, because after that the mortgage was paid, and the guy also has a business account in the bank, where his address is also known. However he was not right. The bank’s terms and conditions clearly state that you must proactively report a change of address. Nor did the man. So he loses 12,000 euros.