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KBC will start closing current accounts from June

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PEOPLE who have current accounts with KBC Bank have been informed that the accounts will be closed from June 1st.

The bank said its customers will soon receive notice that they must start closing their current accounts before the lender pulls out of the Irish market.

A statement from the bank said that once customers receive the notification, they have 90 days to close their accounts.

Customers do not need to take any action until they have been contacted by the bank.

Formal closure notices will be issued to customers in stages beginning June 1, a process that will continue until all customers have been contacted.

After receiving the closure notices, customers have 90 days to close their account.

KBC is selling part of its business to Bank of Ireland, but the daily current accounts are not part of the deal.

It is expected that with the two banks’ upcoming closures this year, customers of KBC and Ulster Bank will be looking for new options for their day-to-day banking.

Some commentators have said the shutdown process could be “disastrous” for those delaying the establishment of new banking regulations.

KBC said its customers do not need to take any action until they have been contacted by the bank and can continue to bank as usual until then.

The notification process will be phased, he added.

After receiving the closure notices, customers have 90 days to close their account.
Ales Blazek, CEO of KBC Bank Ireland, said: “Current accounts are not part of the proposed transaction with Bank of Ireland and in order to transact this business in a responsible manner we would like to let customers know as soon as possible so that they can do so to make the necessary plans as we prepare for our full exit from Ireland.”

He said the bank will invite industry participants to an information session where we will present our detailed plans for closing current accounts to minimize the impact on customers.

“We will be communicating with all checking account customers to notify them and assist them with this process. We are setting up a number of additional supports across our mobile app, contact center and website to ensure this is the smoothest possible process for customers.”

The bank said it will waive current account maintenance fees from the time it notifies active customers of their account closures.

This means that they will not incur any additional fees and charges for opening two accounts at the same time.

Customers were advised to visit the Competition and Consumer Protection Commission website for more information on switching.

The closure of the two banks will result in the largest movement of checking and deposit accounts in the state’s history.

KBC is believed to have around 130,000 active current account customers.

https://www.independent.ie/business/personal-finance/banking/kbc-to-start-closing-current-accounts-from-june-41546509.html KBC will start closing current accounts from June

Fry Electronics Team

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