Ulster Bank and KBC customers should switch banks soon

Ulster Bank and KBC customers are being advised to switch bank accounts sooner rather than later by MABS, the Money Advice and Budgeting Service.

Both banks are exiting the Irish banking market in 2023, and the withdrawal of its banking activity and financial services is underway, requiring almost one million customers to switch bank account providers.

Customers are currently being contacted on a phased basis by both banks, notifying them of their account closure and the requirement to switch to another provider.

MABS is advising affected customers to switch bank provider sooner rather than later to avoid a last-minute dash that may cause issues for customers. Whether you have been written to or not, you should start looking at your options to avoid any last-minute delays, MABS have said.

For customers who don't close their account within the six month time frame, Ulster Bank and KBC will close their accounts, issuing a cheque for their account funds. Ulster Bank and KBC will be contacting customers into 2023, giving six months' notice once they have been written to in order to close their accounts.

Encouraging customers to explore their options sooner rather than later, Ursula Collins, Regional Manager, South Munster MABS said: “It’s important that KBC and Ulster Bank customers don’t delay with the switch-over process to a new bank in order to ensure a smooth transition. If left until the last minute, customers may face problems such as interruptions to direct debits, regular payments and social welfare etc., if a new account has not yet been opened when their existing account is officially closed. It’s important to be mindful that items such as standing orders etc. will all need to be set up again and this can require some time.”

Ursula added: “Customers should take time to research their options, choosing a provider that best suits their needs and individual situation. Customers should also allow time for the account set up process, bearing in mind the longer wait times if you need to meet in person with your existing or new provider.”

For those concerned about incurring two sets of bank fees during the switch-over process, KBC will not charge maintenance fees on current accounts once the six month account closure notice has been issued.