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 Deposits

(including Client Demand 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 Deposits 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?
Your KBC Business Deposit Account including Client Demand Deposit Accounts will be moving to Bank of Ireland. You do not need to do anything right now. We will write to you again with more information and next steps. In the meantime, we’re here to help with any queries about your Business Deposit Account and/or your Client Demand Deposit Account.
What to expect...
Should we receive ministerial approval, KBC will send you a letter within the next few weeks with more details about what’s happening to your Business Deposit Account and/or your Client Demand Deposit Account. You will get plenty of notice (at least 90 days) of your Business Deposit Account and/or your Client Demand Deposit Account transferring to Bank of Ireland. In the future, should we receive ministerial approval, Bank of Ireland will write to you as well with important information.
What you need to do...
You don’t need to take any action at this time. We will write to you again with more information and next steps. Make sure your contact details are correct and up to date so we can keep you informed, and Bank of Ireland can contact you directly about the transfer of your Business Deposit account.

Guide to Next Steps


Download now

DGS Block - Business

The Deposit Guarantee Scheme

The Deposit Guarantee Scheme (DGS) guarantees your eligible deposits up to €100,000 per financial institution. Following the transfer, if your total balance on deposit with Bank of Ireland exceeds €100,000 (including any funds held in a BOI current account), amounts above €100,000 will no longer be covered. If this applies to you, please contact us to discuss your options.

Example 1:
Customer has €50k in KBCI Business Deposit account and €50k in Bank of Ireland deposit account. On transfer of the KBCI deposit to Bank of Ireland the whole €100k will be covered by the Deposit Guarantee Scheme

Example 2:
Customer has €60k in KBCI Business Deposit account and €50k in Bank of Ireland deposit account. On transfer of the KBCI Business Deposit to Bank of Ireland, only €100k will be covered by the Deposit Guarantee Scheme and €10k will not.

The following document outlines the basic details of the protection of eligible deposits in KBC Bank:
https://www.kbc.ie/online-pdfs/depositor-information-sheet.pdf

More information can be obtained at www.depositguarantee.ie

Business Deposits 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.

Your Deposit Account


Your Business Deposit rate and notice period, if any, will not change on the date of transfer of your Business Deposit Account to Bank of Ireland.

Any future changes made by Bank of Ireland to the interest rate or terms of your Business Deposit Account must be in line with all regulatory and contractual obligations, including providing you with sufficient notice of any changes.

The Deposit Guarantee Scheme (DGS) guarantees your eligible deposits up to the €100,000 per financial institution.

Following the transfer, if your total balance on deposit with Bank of Ireland exceeds €100,000 (including any funds held in a BOI current account), amounts above €100,000 will no longer be covered. If you are impacted and have concerns, please contact us to discuss your options.

Top FAQs


Are you an existing customer and need some additional support check out our FAQs:

What does this announcement mean for my Business Deposit Account?

The account you have chosen provides you with access to your funds when you need it. While no immediate impact is foreseen for your KBC Demand Deposit Account, should a Binding Agreement with Bank Of Ireland receive ministerial approval, your account will be transferred to Bank of Ireland.

 

Get in touch - Business

Hi!

We’re here to help. Phone us Monday – Friday from 8am – 6pm.

Need help or support?

Get in touch

Important Information about your KBC Deposit Account

  • Demand Deposit Account

    Your funds are available when you need them. Interest is paid twice yearly.

    Fixed Term Account

    Please be aware that if we receive ministerial approval and your fixed term account matures after the transfer to Bank of Ireland, your account will transfer with the same maturity date and the amount of interest you will earn will remain the same until that maturity date.
     
    Should your account transfer we will write to you with further updates. When considering your options please be aware of the Deposit Guarantee Scheme limits if you already have eligible deposits with Bank of Ireland.
    For further information regarding the Deposit Guarantee Scheme or for information about accounts maturing prior to transferring to Bank of Ireland, please see our Frequently Asked Questions above.
    The Standard Fixed Rate Deposit Account does not permit any access to funds prior to the maturity date. In exceptional circumstances, KBC Bank Ireland may at its sole discretion and subject to reasonable conditions permit a withdrawal from an account before the maturity date.
    Unless we receive instruction(s) from you on or before the maturity date, the full balance in the account will be reinvested in a similar fixed term product at the prevailing interest rate for that product on that date. If on the maturity date there is no similar fixed term product available, the full balance in the account will be reinvested in our Standard Demand Deposit account earning the then prevailing Standard Demand Deposit Account interest rate.
    If you are permitted to make an exceptionsal withdrawal from the account before the end of the term, the amount of interest earned will be less than if the deposit had been left intact for the full duration of the term.