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KBC IS TO begin issuing letters to customers from today notifying them that they have six months to close their accounts ahead of its exit from the Irish market.
Letters to customers will issue on a rolling basis over the course of the remainder of this year and into early 2023.
KBC said it will provide reminders to customers during this period through a combination of letters, emails and SMS messages.
“It is the bank’s intention that the closure of all accounts is managed in a careful and efficient manner keeping customers informed throughout,” KBC said.
The bank has 130,000 current accounts that are active or have a balance. More than 50,000 of these customers will need to open a new account, the bank has estimated.
KBC has agreed to sell most of its non-performing mortgage portfolio and Pepper Finance Corporation (Ireland) DAC is now the legal title holder of the majority of these loans.
It has also entered into an agreement with Bank of Ireland to sell its performing loan assets, deposits and a small number of non-performing mortgages.
Current accounts are not part of the transaction with Bank of Ireland and KBC has said it will exit the Irish market irrespective of the outcome of the regulatory approvals process for the Bank of Ireland transaction.
KBC will not charge maintenance fees on current accounts from the point at which it commences issuing notice to customers of their account closure and this means they will not incur any extra fees and charges for having two accounts open at once.
The bank has said it will work with customers who cannot afford to pay their overdraft within the deadline to come up with an individual solution. There are approximately 7,000 customers with overdraft limits attached to their current accounts.
KBC said it has put in place additional supports for more vulnerable customers and those who may need some extra assistance.
This comprises of additional outreach and communication, access to a dedicated phone line and dedicated vulnerable customer care team who are specifically trained to support customers who may be vulnerable. Vulnerable customers can call 1800 804 472.
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Any other European countries with so little choice for banking. It’s desperate. Competition badly needed!
Off to Revolut so.
@John Bradley: yes indeed, left Bank Of Ireland for their extremely poor services that I wont recommend to anyone went KBC and then now going back to BOI who bought them back? Hell no!!!! I’ll give a try to Revolut who’s service so far as been amazing.
So will KBC mortgage holders lose the (small) discount on their mortgage rate that is tied to their having a KBC current account ? Probably but then again that might pale in comparison to going on a BOI mortgage rate.
@Darragh J Delany: no – I’ve checked this with them. So good news there at least
@Darragh J Delany: “If you currently receive a mortgage discount with your KBC Current Account, you will continue to do so when you transfer to Bank of Ireland.” https://www.kbc.ie/mortgages/important-update
Might as well go with revolut, only problem is they lock accounts from time to time which could be a nightmare scenario if it’s your only bank.
PTSB are useless, BOI are useless, but I’d worry about a future where the only option is a foreign multinational.
@David Bourke: Don’t know why you call PTSB useless – they are the only bank left with any credibility – BoI are only interested in Farmers or Businesses, AIB are closing down branches and do not want to interact face to face.
have your say