Both KBC Bank and Ulster Bank are winding down and withdrawing their banking activities from Ireland. They have entered into transactions to transfer much of their business (e.g. mortgages and loans and in the case of KBC Bank, deposit accounts) directly to other providers without the need for customers to take any action.

 

However, if you have a current account with KBC Bank or a current or deposit account with Ulster Bank, the bank will close these accounts as part of its wind down. 

If you are an account holder with KBC Bank or Ulster Bank whose account will close, they will contact you at least six months before they propose closing the account to let you know when your account will be closed. They will also tell you what you will need to do to if you are moving your banking arrangements to another provider.

 

You do not have to wait for your bank to contact you. You can open a new account with any provider at any stage and give yourself more time to complete the process.  Even if you choose to wait until you get a notification from Ulster Bank or KBC Bank, you may want to begin thinking about where you might move to. 

You should consider what your needs are and which provider and product would be most suitable for you. 

The Competition and Consumer Protection Commission (CCPC) website has an online comparison tool which will help you decide which provider suits you best for the product you require.  

You can also visit each provider’s website to get more information on the types of accounts they offer, whether they are available online and/or in-branch (and the locations of any branches), availability of ATMs and any other services you may need.

If you currently have an overdraft or a credit card with KBC Bank or Ulster Bank, this will not transfer to your new provider when you move your banking arrangements.

Overdrafts
You will have to check that an overdraft facility is available on the account you chose and then apply for an overdraft separately to opening your account. Banks who are opening accounts for new customers will accept overdraft applications at the same time. To apply for an overdraft you will need to provide details for a credit assessment to your new provider. This may include recent payslips and bank statements from your KBC Bank or Ulster Bank current account.

There may be a waiting period while your application is assessed and your overdraft facility is set up. You may want to consider this to ensure you start the process with enough time to move to a new provider and ensure any overdraft you need can be put in place in time.

Credit card
If you require a credit card you will have to apply for this from a new provider (be that your new banking provider or another credit card provider). Similar to an overdraft, you will have to provide information for a credit assessment as part of your application. There may also be a waiting period while your application is assessed, you may want to consider this to ensure you give yourself enough time to arrange a new credit card before you close your existing account.

The Code of Conduct on the Switching of Payment Accounts (Switching Code) is a set of rules that most providers, including the main retail banks, must follow when customers are moving their payment account (such as your current account) to another provider.  When using the Switching Code, you must first have an account with another provider.

Using the Switching Code means that your existing provider will help you by notifying your new provider about active standing orders and direct debits (these are things like electricity, gas and oil suppliers, insurance companies, telephone and television providers etc.).

However, you will still need to take some actions yourself, for example:

• If you have any recurring card transactions on your debit card such as payments for music streaming or gym membership. You will have to notify these companies of your new card details.

• Notifying your employer and anyone else who pays money into your account, such as social welfare, of your new account details to make sure any future payments will go to your new bank account.

Your new provider will be able to help you with information about this and what you need to do based on your needs.

You do not have to use the Switching Code process. You can open an account with a new provider at any stage and set up new standing orders and direct debits yourself (e.g. by contacting your electricity, gas and oil suppliers, insurance companies, telephone and television providers etc.).  You can usually do this online. You will also need to contact anyone who makes payments into your account, for example your employer or social welfare, to advise them of your new account details to make sure any future payments go to your new bank account. You will also need to provide your new card details to any other companies where you have previously set up recurring card transactions on your debit card.

 

Your new provider will be able to help you with information about this and what you need to do based on your needs. Whether you choose to use the Switching Code process or not, providers must act in the best interests of both existing and potential customers.

 

Under the rules supervised by the Central Bank, both the exiting banks and remaining banks (and other financial institutions) are required to support customers in making arrangements to move their account. This is the case whether or not a customer chooses to use the specific switching process in the Switching Code or moves their account themselves.

KBC Bank customers can telephone 1800 93 92 44.  KBC Bank customers who may need additional help or who need information in a different format due to a disability, health condition, or because their circumstances have changed can telephone 1800 804 472. KBC Bank branches remain open and you can visit them for assistance.

Ulster Bank customers can telephone 0818 210 260.  Ulster Bank customers who may need additional help or who need information in a different format due to a disability, health condition, or because their circumstances have changed can telephone 1800 656 001.  Ulster Bank branches remain open and you can visit them for assistance.

Both the CCPC and the Citizens Information Board are independent bodies who provide information to Irish citizens and consumers on their rights and entitlements. They have helpful and practical information on their websites about switching and practical advice about what to do.

You have a right to complain to your provider if you are not happy with your experience. Your complaint must be dealt with in line with the requirements set out in the Consumer Protection Code. If you are not satisfied with the outcome of your provider’s complaints process, you may wish to bring a complaint to the Financial Services and Pensions Ombudsman (FSPO). You will find more information about making a complaint to the FSPO on www.fspo.ie.