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 are issuing on a rolling basis which began in June 2022 and continuing into early 2023.
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 should take action as soon as possible and move your payments in (supplier payments, invoices, etc.) and payments out (direct debits, standing orders and subscriptions) to an alternative account. 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? 

If you have not already received a letter, we will send 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.

We will send letters to customers on a phased basis beginning in June 2022 and continuing through to early 2023.

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?

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

Before your overdraft is cancelled you will need to clear the overdraft and bring your account balance to zero. If you have an existing overdraft this will not automatically transfer to your new provider and you will have to make a new application with your new provider to have an overdraft on your new account. When deciding your new Business Current Account provider it may be useful to discuss this with them in advance. Please note that the overdraft terms and conditions may be different and you may not be approved for the same overdraft limit with a new provider.

If you are an existing customer you will have received a booklet which clearly outlines what is happening to all KBC Business Banking products in detail. We will write to you again with more information and next steps.

In the meantime, we’re here to help with any queries you may have about clearing your Overdraft, please get in touch with your dedicated Business Partner.

Worried about repaying your overdraft?

If you are currently having difficulty repaying your Overdraft, please get in touch with your dedicated Business Partner to talk about your options and how we can help you. We can work with you to find a repayment solution that suits your situation.

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.
    You will find useful information about the different business current account providers at www.bpfi.ie

    Should you choose Bank of Ireland as your new Business Current Account provider, they have a dedicated current account opening team who are available to help you make the move. For more information visit bankofireland.com/thebigmove or call 0818 354 454.

    If you would like to open your business current account with a new provider by using the switching process you will find more information below under Switching your Current Account.

    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.

     

  • Once you have opened your new business current 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 business current account so you can ensure your new payments are set up and not disrupted and to ensure there is no potential impact on your credit rating if you pay other loans from your KBC Business Current Account.

    Payments In
    Let anyone who makes payments into your business current account know that you have changed accounts. Examples of these would be supplier payments, invoices, etc. Your e-statements are a handy way to see your payments.

    Payments Out
    Contact any companies who you have direct debits with and change your account number to your new IBAN. Check the standing orders set up on your current account and you can set them up with your new provider on your new account. It is important to check dates to ensure you do not miss any payments. You can view your standing orders and direct debits using the online banking platform.

    Subscriptions
    It is important to update any card subscription you might have. For example, e-flow. You typically do this by setting up new card details (of your new account) on the website of these companies.

    Please be advised that from Monday 21st November 2022, KBC Current Account unpaid fee charges will be reduced from €10 to zero. This means you will no longer be charged the €10 fee for unpaid Direct Debits or Standing Orders.

  • Before closing your KBC Business Current Account you will need to move your money and bring your balance to zero. There are a couple of ways to do this:

    • Through your online banking you can transfer your funds electronically. The easiest way to add a beneficiary is through your online banking platform. If you decide to complete the transfer via online remember your daily limits, 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.
    • You can also send a signed instruction via email to business.support@kbc.ie or alternatively you can post signed instruction to KBC Bank Ireland, Sandwith Street, Dublin 2. This should include the date, amount to transfer, account details of where the funds are to be transferred to and signed in accordance with your business banking mandate.

  • There are 3 ways to close your Business Current Account once your balance is zero.

    1. Don’t do anything, your account will close automatically on or after the closure notice date, remember to make sure that your balance is zero.
    2. Contact your dedicated Business Partner.
    3. Email us at business.support@kbc.ie or write to us at KBC Bank Ireland, Sandwith Street, Dublin 2

    Once your account is closed you will not be able to re-open your account, your Debit Card will stop working (you should let all cardholders know this) and you will not be able to access the account via your online platform. It is important to note that any Debit Cards associated with your KBC Business Current Account will stop working 7 days prior to closure to allow pending transactions to complete. Make sure your new business current account is up and running before completing the final steps.

    We will not charge maintenance fees on your KBC Business Current Account to ensure you do not incur any extra fees and charges for having two accounts open at once.

    Please Note Hub Closure Information: Galway, Limerick, Lapps Quay Cork, Wilton Shopping Centre Cork, Waterford, Maynooth, Main Street Swords, Blanchardstown Shopping Centre, College Green Dublin, Baggot Street Dublin and Stillorgan Hubs will close permanently from 5pm on 10th March 2023. Grand Canal Dublin Hub will remain open until the 31st August 2023 and then permanently close from this date.

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 may 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.