If you’re one of half a million customers switching to a new bank, here are some of the things you need to know before switching.
Initially, you do not need to take any action until you are contacted by your bank. While Ulster Bank started this process in April, KBC started last month. Wait for the bank to respond, either by email or letter, before you start moving your account.
When it comes time to close your existing account and open a new one, there are certain paperwork that are essential to the move. You must provide photo ID such as a valid passport or driver’s license. Other options include a temporary residence permit or a residence permit.
You’ll also need proof of address before you can open a bank account with a new provider. Banks will accept documents such as a utility bill, bank statement, or insurance policy to verify this address.
Anyone switching accounts should create a list of existing direct debits, standing orders, and recurring payments.
From subscriptions like Spotify and Netflix to utility bills, all regular payments need to be transferred to the new account. This can be done when the account is officially opened.
Notify your employer as you will need to amend your details to ensure your wages go to the correct account. This can also wait until the account is live.
If you’re switching accounts, be aware that it may take a few days for debit card transactions to appear. Therefore, you should stop using your debit card for the old account before switching. If transactions are pending, this can cause the switch to be delayed or canceled.
When the new account is active, you will need to add card details of the new account to Google Pay or Apple Pay as the card currently linked to the phone payment platforms will no longer be used.
https://www.independent.ie/business/personal-finance/switching-from-kbc-or-ulster-bank-to-a-new-provider-heres-what-you-need-to-know-41813695.html Are you switching from KBC or Ulster Bank to a new provider? Here’s what you need to know