ONLY 30% OF Ulster Bank or KBC customers who must change bank have started transferring their direct debits since both banks announced their exit from the Irish market.

The Banking & Payments Federation Ireland (BPFI) found that although over 600,000 new bank accounts have been opened this year, few of those that had left Ulster Bank or KBC have updated their direct debit originator with these new account details.

BPFI and a number of its members hosted a roundtable meeting yesterday with relevant regulatory authorities including the Central Bank of Ireland, ComReg and the Commission for Regulation of Utilities (CRU) in addition to a wide range of direct debit originators, to strengthen the coordinated approach for customers banks.

 Speaking after the meeting Brian Hayes, Chief Executive, BPFI said:

“As banks and other financial services providers, regulators and direct debit originators continue to intensify efforts to work together proactively by identifying and addressing issues and monitoring capacity, one of the key messages from today’s session is to urge customers, once they have opened a new account, to keep going with the process.”

“This includes making a list of all your direct debits and working through this list to update all your providers with your new account details be it your utility company, phone or broadband provider, your insurance provider, or the Revenue Commissioners.”

“Crucially we also want customers to know that banks and other financial services providers, along with direct debit originators are available to support them through this process,” he continued.

“We would encourage consumers or businesses who are moving account to visit our website movingaccount.ie where they can find a wealth of in-depth information and advice including a list of some of the larger direct debit originators and information on how to update your account details for any direct debit arrangements you may have with them.”