Customers run risk of missed direct debits, loans unpaid and negative credit rating unless new bank found
Ulster Bank and KBC are set to exit the Irish market, leaving hundreds of thousands of customers looking for an alternative current account. File photograph: Alan Betson/The Irish TimesThe majority of Ulster Bank and KBC Bank Ireland customers who have yet to open current accounts elsewhere risk payment disruptions and negative credit ratings if they do not move soon to find alternative homes for their banking, the Irish consumer protection watchdog has warned.
The survey of 201 individuals was carried out by Ipsos MRBI last month. Of those who had started the process of finding a new current account provider, transferring direct debits and regular payments were identified as the biggest challenges, said the CCPC. KBC’s deposit accounts are set to transfer automatically to Bank of Ireland as part of a wider deal that also involves the sale of its almost €9 billion of performing loans.