KBC BANK HAS said that it will extend the notice period for accounts being closed for another 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 gap in a landscape that has been described as the “biggest logistical change in the history of Irish banking”.

The Central Bank called a meeting of Ireland’s main banks to discuss how “more needs to be done” to support customers affected by KBC Bank and Ulster Bank’s planned departures from the market.

The banks have been told they must protect consumers, including assisting vulnerable customers, as many close their accounts and switch to a new bank.

KBC Bank said this morning that it understands that changing bank accounts involves “significant time and effort” from customers.

“We are also fully aware of the apprehension around the volume of customers that will be seeking to open new current accounts and the challenge to the market that presents,” the Belgian bank.

It is our determination to meet our responsibilities and to minimise to the greatest extent possible, the inconvenience caused to our customers. Accordingly, KBC Bank Ireland has decided to extend the notice period for the closure of 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 customers communicated with will have six months to close their accounts.

These letters will issue on a rolling basis this year and into early 2023.

Related Reads

Opinion: We need to get real, branch banking as we know it is gone

KBC will provide reminders to customers during this period through a combination of letters, emails and SMS messages. 

KBC Bank has around 130,000 current accounts that are either active or have a balance.

For more details, you can read KBC’s FAQ page on this issue here.