It's your Mortgage Day!
You may have seen the news about a recent announcement by KBC Bank Ireland in the media – click here for the announcement and KBC will commence the process of engaging with customers regarding the closure of current accounts from June 1st – click here for the announcement.
Existing Customers
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.
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.
Customers can switch banking provider should they wish to do so. You can visit the Competition and Consumer Protection Commission's website for more information on switching (Switching your bank account - CCPC). Please refer to our FAQ below for more information on switching or closing your account.
A message for vulnerable customers
We apologise in advance for any inconvenience this may cause and we are ready to help you. Should you have any queriesat this time, please get in touch with us. We have a dedicated Care Team in place that you can call for support. Call us on 1800 804 472 and our team will be happy to help you with all your banking needs.
New Customers
We continue to accept new applications for Current Accounts. We will at a future date stop taking applications for new current accounts and notice of this date will be provided in advance in line with all consumer and regulatory protections. Please be aware that, should you still decide to apply for a KBC current account, we 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.
Overdrafts
If you choose to open a Current Account with KBC and would like to apply for an Overdraft, you should be aware that KBC have paused applications for new Overdrafts. If you have an existing overdraft with KBC it is important to note that irrespective of the outcome of the regulatory and ministerial approvals process for the Bank of Ireland transaction, it will be cancelled at some point in the future.
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 you are ready to take action, we are ready to help and are committed to supporting you should you decide to switch your account.
We also have a dedicated Customer Service Team who are here to help and we are applying additional resources to that team to ensure it is easy and convenient for you to speak with us. We understand you may have concerns or questions and if so, please give us a call on 1800 93 92 44 or you can email us at customerservices@kbc.ie. You can find our opening hours here.
Customers can also visit the Competition and Consumer Protection Commission's website for more information on switching (Switching your bank account - CCPC).
Also if you feel you may be vulnerable and may need some extra assistance, we have 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.
Should you wish to switch your Current Account now, you will need to choose who you want to bank with. When you are ready to take action, we are ready to help and are committed to supporting you should you decide to switch your account. You can decide to close your KBC Current Account or use the switching process.
Should you wish to close your account yourself here are some key steps to follow;
Step 1: Choose Your New Provider
You should now start considering who you would like to open your new Current Account with.
You will find useful information about the different Current Account providers at: www.ccpc.ie/consumers/money/banking/or www.bonkers.ie/compare-current-accounts/
Tip: It can take some time to get set up with a new Current Account so you can research your options now before you get the formal notice of your Current Account closing. When you get your formal notice you will have six months to move or close your account
Step 2: Move Your Payments
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.
Money In
Make sure you let anyone who makes payments to your account know you’ve changed accounts. For example, make sure you tell your employer or the Department of Social Protection that you’ve changed banks so your wages go to the right account.
To do this you will need to contact your creditors and give them your new IBAN (which your new bank will provide).
Money Out
If you have standing orders or direct debits coming from your KBC Current Account, such as electricity bills, mortgage repayments or insurance payments you will need to ensure these are being paid from your new Current Account. Remember to check the dates of your regular direct debits and standing orders to make sure that you do not miss any payments.
Direct Debits:
A Direct Debit gives a company permission to take a regular payment from your account e.g. your monthly Electricity Bill. You sign a direct debit mandate to give the company permission to take the payment from your account. You will need to ensure that you have contacted the providers with your new IBAN i.e., if you pay an electricity bill by direct debit you will need to contact your electricity supplier and provide them with your new account details.
Standing Orders:
A standing order is a regular payment you have set up to pay other people. You will need to set these up yourself with your new bank. They can talk you through how to do this.
Subscriptions:
Sometimes regular payments will be linked to your Debit Card e.g., Netflix / Spotify / Gym Membership. You will have to notify these companies of your new card details when you get them so that the payments keep running.
Tip: eStatements are a great way of reminding you what payments you have in and out of your account on specific dates.
Tip: Updating payments in and out can take time so as soon as you have your new account details you should ensure you give providers your new IBAN as quickly as possible.
Tip: To help with this you can find a list of all your existing standing orders and direct debits on your KBC App.
Step 3: Move your money
Before closing your account you will need to move your money and bring your balance to zero. You can do this with your KBC App or by sending us a written instruction to KBC Bank Ireland, Sandwith Street, Dublin 2.
If you decide to complete to move your money simply select make a transfer on the KBC app on the account summary screen select transfer; add your new Current Account as a payee and confirm the transfer. Remember we have limits in our App per day so you might have to spread it over a couple of days. It usually takes days 1 -2 working days for your money to arrive in your other account.
Tip: Make sure your account balance is zero so that your account can close.
Step 4: Close
When you have completed the actions above, the next step is to close your account.
Once your account is closed you will not be able to re-open your account and your debit card will stop working. 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.
There are three ways to tell us you are ready to close your account.
Don’t do anything and we will close your account for you at the end of your notice period, remember to make sure your balance is at zero.
Drop in to your nearest KBC Hub.
Write to us with your instructions at KBC Bank Ireland, Sandwith Street, Dublin 2.
Make sure to include the account number of the accounts you wish to close and that all account holders sign the instructions. Make sure to bring account to zero.
No, Current Account closure notices will start to issue to customers from 1st June on a phased basis. The closure notices will issue over a number of months into early 2023 until all customers have been contacted. KBC mortgage customers will not receive their closure notification until at least September 2022.
From the 1st of June 2022, if you decide to close your KBC Current Account your Mortgage Discount will be honored by KBC Bank Ireland and by Bank of Ireland should your mortgage transfer to Bank of Ireland if the Binding Agreement receives ministerial approval. In the meantime, you should continue to adhere to the KBC conditions associated with the discount i.e. continue to have your salary mandated to your KBC Current Account.
While no immediate impact is foreseen for your Overdraft, it is important to note that irrespective of the outcome of the regulatory and ministerial approvals process for the Bank of Ireland transaction it will be cancelled at some point in the future.
Please be aware that KBC will commence a process of engaging with customers regarding the closure of Current Accounts from June 1st. If you have an overdraft linked to your Current Account, this will need to be brought back to zero before your Current Account closes. Current Accounts and Overdrafts will be closed six months’ following your Account closure notice letters. If you wish to continue to have an Overdraft you will need to apply for this directly with your new Current Account provider once you have chosen them. You are not required to take any actions until you have been contacted by us.
Current Account and overdraft closure notices will start to issue to customers from 1st June on a phased basis, over a number of months into early 2023 until all customers have been contacted.
Once you have received your Current Account closure notice, you will then have six months’ to switch or close your 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.
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.