Important Customer Notice Business Banking

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Important Customer Notice

KBC Bank Ireland would like to draw your attention to some important information.
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KBC Business Current Accounts

Please note: We are no longer accepting applications for this product. If you made an application on or before the 15th July 2022 it will continue to be processed as normal.

Business CA Download Booklet

Here's what you need to know

We've put together some useful tips and frequently asked questions for you.

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.
What to expect...
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. You do not need to take any action until you receive this notice from us.
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.

Guide to Next Steps


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Business CA Help Hub

What is changing?

Are you an existing customer? We've put together some useful information for you to help you prepare for the changes ahead.

Important...


Important Information about your KBC Current Account

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. If you do not already have an alternative current account, you will need to switch or open a current account with a new provider of your choice to ensure you continue to have access to a 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.

Top FAQs


We've put together the top FAQs for existing customers:

What does this mean for my existing Business Current Account? 

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.

I would like to close my Current Account, how can I do that?

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've put together a step-by-step guide for you below.

 

Overdrafts


What does this announcement mean for my existing overdraft?

While no immediate impact is foreseen for your existing Overdraft, irrespective of the outcome of the regulatory and ministerial approvals 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.

You can still apply for an increase to your overdraft and as per normal process each application will be reviewed on a case by case basis.

I am an existing customer, can I apply for a new Overdraft?

New applications for Business Credit Cards and Business Overdrafts are no longer being accepted.

Moving your 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 Block

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.

Get in touch - Business

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Important Information for the day to day management of your Account

Terms & Conditions apply. Other fees and charges including Cash withdrawal [ATM] charges if used, apply.

Cashback is at the retailer’s discretion and a purchase is required. A minimum purchase amount may be necessary.

Please note: KBC Bank Ireland does not offer cash facilities at our hub locations and so are unable to cater for cash lodgements or withdrawals in our premises.

  • The features of your Current Account will continue to apply until you close your account with us:

    • Cashback for easy access to cash when you need it.
    • Business Banking Online so you to manage your money anytime, anywhere.
    • A dedicated Business Partner and our Business Support Team to guide you through the options on your account.
    • The flexibility of contactless payments on up to two debit cards per current account.
    • Ability to make payments via Standing Order, SEPA Transfer and Same Day Money Transfer.