KBC BANK HAS said it will extend the notice period for account closures for a further six months as it withdraws from the Irish market.
Both Ulster Bank and KBC are winding down their operations in Ireland, leaving Bank of Ireland, AIB and Permanent TSB to fill the void in a landscape that has been described as the “biggest logistical turnaround in Irish banking history”.
The Central Bank has called a meeting of Ireland’s major banks to discuss how “more must be done” to support customers affected by the planned market exits of KBC Bank and Ulster Bank.
Banks have been told they must protect consumers, including assisting vulnerable customers, as many close their accounts and switch banks.
KBC Bank said this morning that it understands that changing bank accounts takes “significant time and effort” on the part of customers.
“We are also fully aware of the apprehension around the volume of customers who will seek to open new current accounts and the challenge presented by the market,” the Belgian bank said.
It is our determination to fulfill our responsibilities and minimize, as much as possible, the inconvenience caused to our clients. Consequently, KBC Bank Ireland has decided to extend the notice period for closing current accounts from 90 days to six months.
KBC Bank said it would start issuing the first batch of account closure notification letters in June and that notified customers will have six months to close their accounts.
These letters will be issued continuously this year and until early 2023.
KBC will provide reminders to customers during this period through a combination of letters, emails and SMS messages.
KBC Bank has about 130,000 checking accounts that are active or have a balance.
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For more details, you can read KBC’s FAQ page on this topic here.