Hundreds of thousands of KBC and Ulster Bank customers have been issued a major warning as the banks are set to leave the Irish market.
A whopping 227,649 current accounts are still open with the two banks, according to stats from the Central Bank of Ireland. Customers have been warned to close their old accounts and find new providers.
Those who don't switch in time will see their accounts being frozen for days before the bank closes the account. The bank will then issue a cheque for the remaining balance in your account.
Read more: KBC bank Dublin branches shutting their doors permanently
If your account is frozen, payments will not go through and this may result in missed mortgage or loan payments. This could affect your credit history and so your ability to apply for a loan in the future.
There are two ways you can switch accounts:
- Open a new account yourself. You will have to set up your payments going in (salary, social welfare payments, etc.) and payments coming out (direct debits, standing orders, subscriptions).
- Use the Central Bank of Ireland’s switching code. This is a code which some providers follow to help you switch accounts where they will move many of your regular payments for you. Whichever you decide, we have a full guide on our Money Hub to help you.
The Competition and Consumer Protection Commission has issued some handy tips for choosing a new account.
- Compare the fees and benefits of various options using their current account Money Tool.
- Visit the provider’s website to find out more about the kind of accounts available. You may want to know the locations of their branches, ways of contacting them, etc.
- Review your banking habits and find an account that best meets your banking needs. Some providers may not offer a smartphone app or digital wallets like Apple/Google Pay. Similarly, some providers may have high ATM fees which wouldn’t suit you if you regularly withdraw cash.
- Not all providers offer overdrafts. If you need one make sure your new provider offers this. You should also check if you can apply immediately for an overdraft or if you need to wait after setting up your new account.
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