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WHAT HAPPENS NEXT?

KBC Business Current Accounts

What's happening?

KBC Business Current Accounts are not moving to Bank of Ireland. This means that your KBC Business Current Account will be closed at a date in the future. To ensure you still have access to a Business Current Account you will need to open a new Business Current Account with a new provider if you do not already have an alternative Business Current Account that you can use.

From June 2022 we will begin writing to Business Current Account customers on a phased basis to give you 6 months’ notice of the closure of your account and this process will continue until all customers have been contacted. You do not need to take any action until you receive this notice from us.

In the meantime, we’re here to help with any queries about your KBC Business Current Account.

We apologise in advance for any inconvenience this may cause and we are ready to help you should you have any queries right now, please get in touch with us.

What to expect next...

We will send you a letter giving you at least 6 months’ notice of your account closing and providing you with more details about what’s happening to your Business Current Account. Letters to customers will issue on a rolling basis beginning in June 2022 and continuing into early 2023.

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What you need to do...

If you don’t have a Business Current Account elsewhere you will need to open a new one. You may want to begin considering your Business Current Account options. You can decide to use the switching process or close your KBC Business Current Account . We have put together some helpful tips on how to go about this below.

You do not need to complete any actions until you receive formal notice from us which will start issuing to customers from June 2022.

Opening a new Current Account

Steps to take when the time comes to move.

  • You should now start considering who you would like to open your new Business Current Account with. 

    If you have an existing overdraft this will not automatically transfer and you will have to make a new application with your new provider to have an overdraft on your new account should you wish to retain this service.

    If you would like to complete the set-up of your new account by using the switching process you will find more information below.
  • Once you have opened your new account there are a few important things you need to do to get set up. You should take some time to review the money coming into and out of your account so you can ensure your new payments are set up and not disrupted.

    Payments Out:
    If you have standing orders or direct debits coming for your KBC Business Current Account you will need to ensure these are being paid from your new Business Current Account. 

    Direct Debits:
    You will need to ensure that you have contacted the providers with your new IBAN.  

    Standing Orders:
    You will need to set these up yourself with your new provider. They can talk you through how to do this.  

    Payments In:
    If you have payments coming into your account you will need to ensure that you have provided your new IBAN to the creditors. 
  • When you are ready, it’s time to move your money to your new account. Before closing your account you will need to move your money and bring your balance to zero.
  • When you have completed the actions above, the next step is to close your account. Your Business Partner will be able to help you with this.  

    Once your account is closed you will not be able to re-open your account and any cards on the account will stop working. You should let all card holders know this. Make sure your new account is up and running before completing the final steps.

    You won’t be charged maintenance fees from June to allow you to do this.

    If you prefer, we will close the account on your behalf once your notice period is complete. You should still ensure that your balance is zero but you won’t have to take any further action.

Switching your Business Current Account

You could also avail of the Switching process with the help of the new Business Current Account provider of your choice. If you want to complete the Switching process you should contact the new provider of your choice for a switching pack which provides all the information involved in switching. You can also find all the information you need to know on www.ccpc.ie

To ensure that your day to day banking needs are not interrupted and that you have a Business Current Account which you can continue to use it is important to ensure that you have a new Business Current Account up and running before the end of your notice period. If you are having any issues opening a new Business Current Account elsewhere please contact us and we may be able to provide you with more time.

Business Overdrafts

As KBC Business Current Account are not moving to Bank of Ireland, they will be closing at a future date. Business Overdrafts will, therefore, be cancelled when your Business Current Account closes. You will be given 6 months’ notice in line with your Business Current Account notice.

Before your overdraft is cancelled you will need to clear the overdraft and bring your account balance to zero. Your KBC overdraft will not automatically transfer, should you require an overdraft after this point, you will need to apply for one by completing a credit application with another provider.

When deciding your new Business Current Account provider it may be useful to discuss this with them in advance.

We will write to you again with more information and next steps.

Frequently Asked Questions

  • Please be aware that KBC will commence a process of engaging with customers regarding the closure of current accounts from June 1st. You are not required to take any actions until you have been contacted by us. Formal closure notices will issue to customers from 1st June on a phased basis, a process that will continue until all customers have been contacted. Upon receipt of the closure notices, you will have 6 months’ to switch or close your account.  You will continue to be afforded all of the relevant legal and regulatory protections.

    Please note that you are not required to take any actions until you have been contacted by us. We apologise in advance for any inconvenience this may cause and we are ready to help you should you have any queries right now, please get in touch with us.

    When there are further updates we will write to you with any additional information and support you may require.  We will ensure you are provided with plenty of notice of any impact and/or changes to your account in line with all legal and regulatory protections.
  • Before your Current Account can be closed the balance on the account must be zero and any outstanding debit balance cleared. In order to close an account we need a written request signed by all the Account holders and/or authorised signatories.
  • We will accept new applications until 15 July 2022.

    Following the notice period, you should provide all the required documentation by 29 July 2022 for your application to proceed.

    Should you wish to continue with your application and your account is opened you should be aware that Business Current Accounts will be closed by KBC at a given date in the future and you will be asked to move or switch them to a provider of your choice, you will be given 6 months’ notice. This will happen even if the Binding Agreement with Bank of Ireland does not receive approval.
  • If you have an existing KBC Business Overdraft, after the 15 July 2022 existing customers can no longer apply for an increase to overdraft limits. However, you can continue to avail of this overdraft and indeed request a decrease to your limit at any time.

    While no immediate impact is foreseen for your existing Overdraft, irrespective of the outcome of the ministerial approval process for the Bank of Ireland transaction,  it will be cancelled at a future date.  

    When there are further updates we will write to you with any additional information and support you may require.  We will ensure you are provided with plenty of notice of any impact and/or changes to your account in line with all legal and regulatory protections.
  • We are now providing notice that after 15 July 2022 we will no longer be accepting new applications for all KBC products including Business Current Accounts, Business Loans and Business Deposits (including the Client Demand Accounts) for new and existing customers. We previously paused applications for Professional Fee Finance and Tax and Pension Finance Products, Business Overdrafts and Business Credit Cards and we will no longer accept applications from the above date.

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