Switching time – What should you do if you have a KBC or Ulster Bank account?

Mortgage customers need not worry at all. Ulster Bank and KBC are in the process of selling these loans and it really doesn’t matter who owns your home loan as long as you make the payments. Even if you’re not, all banks are subject to the Mortgage Arrears Resolution Process (MARP).

Checking accounts are different, they are closed and checks are written for any balance if customers don’t trade.

Bonkers.ie’s Daragh Cassidy says there are still eight alternative current account providers, although one of them is EBS, which could go out of business to focus solely on mortgages. If access to branches is important to you, online banks Revolut and N26 don’t have one, but all options have their pros and cons.

Mobile payments and overdrafts

If you’re happier typing and paying with your phone or watch, most providers offer either Apple and Google Pay, but FitBit and Garmin Pay are less widely available. Meanwhile, neither An Post, EBS MoneyManager, N26 nor Revolut offer overdrafts. Anyone who changes must renegotiate overdrafts in any case.

Each provider’s online capabilities vary greatly, so do your research to see if this is something that’s important to you. N26 and Revolut are leading the digital pack here and have almost revolutionized what you can do with your money on your phone. EBS, on the other hand, doesn’t even have a mobile app – but online (web) banking does.

alternative banks

For full service you need AIB, Bank of Ireland or PTSB. All fees – except for students and over 65s. All take deposits, have nice apps, and offer credit cards, overdrafts, and personal loans. The most welcome customers will be those who need credit and pay fees. Retirees with large deposits that the banks can barely make money from are less likely to find warm homes.

The sheer number of people having to switch accounts this year will put pressure on the system.

AIB, with 170 branches, says: “If you live in the Republic of Ireland, have an EEA passport, are aged 16-65 and do not have accounts with AIB, simply download the AIB mobile app to apply to open an account.

Alternatively, you can open an account at any of our branches across the country. Depending on branch location, wait times for account opening appointments may vary.”

You’re right. A family member of mine has an appointment at the end of April!

Bank of Ireland is delighted to welcome new customers to its 169 branches. Additional staff, dedicated phone lines and targeted support from vulnerable customer units are promised.

“The exit of Ulster Bank and KBC from the Irish banking sector is unprecedented. Minimizing disruption to customers switching banks also requires the collaboration of multiple stakeholders from across the economy, including utilities, government departments and agencies, and employers,” they say.

There is an account opening guide on www.boi.com and they ask potential customers to be aware of possible scams and scams around this time. In fact, this author has already received fake texts to change.

Both the Bank of Ireland and AIB offer services in 900 post offices, as does PTSB, which has 76 branches and will take over 25 branches of Ulster Bank over the next few years.

Alternatives to banks

N26 is a German online bank with a full banking license in Europe. That means you can set up direct debits, get your salary paid out, and get an all-important IBAN code (the 16-digit interbank number) and debit card. A virtual debit card is free, a physical one costs €10. The basic account is free, including three withdrawals per month, but after that you have to pay a whopping €2 each.

Revolut has abandoned its plans to use its Irish banking license, but customers are covered by its EU banking license, which is regulated in Lithuania. Here, too, the basic account is allowed free of charge with five withdrawals or €200 per month, after which 2 items will be charged. You will also receive a debit card and an EU IBAN code.

A post charges €5 per month maintenance, which includes one free cash withdrawal per week. Any more and you pay 50 cents each time.

Credit unions charge €4 per month, with five withdrawals per month, charging 50 cents for more. They also offer loans. See Girokonto.ie.

No matter where you go as a customer, you need to make sure direct debits and other payments are set up to pay from the new account or you could quickly be faced with unpaid bills.

The switching code

If you’ve never switched banks, don’t worry. The central bank’s switching code places specific requirements on the outgoing and receiving banks.

• Your new bank will need to provide you with a change pack outlining what will happen, what forms you will need to fill out and when it will be done. You must also be informed of any applicable fees and charges.
• In any case, the change must be made within 10 days.
• Make the switch during a period of low activity on your account – after payday and when your direct debits have run out.
• Your old bank contacts all direct debit customers – such as B. energy supplier – and updates your data.
• You must give your new account details to anyone who is contributing money to your account, such as employers, welfare workers or renters.
• Recurring payments like Amazon Prime, Netflix and Spotify subscriptions, gym memberships or insurance – anything that isn’t direct debit – need to be manually updated by you.
• You need to apply for a new credit card and overdraft.
• When you set up the new account, run it alongside the old one for at least two months so you can identify the transactions that didn’t make the switch. During this period, you must pay both rates.
• If you do absolutely nothing, eventually your old bank will just close your accounts and send you a check for the balance.