The central bank has not set up a task force to help Ulster Bank and KBC customers switch

The central bank has not set up a task force to handle the transfer of thousands of accounts to other institutions ahead of the forthcoming closures of KBC and Ulster Bank.

This has led the consumer association to question whether the regulator has got the handle on the situation.

The two banks are expected to write to more than a million customers in the coming weeks detailing their plans to close.

These letters will likely prompt a scramble to find new account providers, with fears many will do it until the last minute.

There are major concerns that new direct debit and standing order arrangements may not function smoothly if too many are late to roll out new arrangements for day-to-day banking.

The departure of the two foreign-owned banks will result in a seismic shift in Irish banking.

There are fears that vulnerable customers will struggle to open new accounts.

Ulster Bank has nearly one million checking accounts, 360,000 of which are used as the primary daily consumer checking account.

There are also 70,000 commercial current accounts, 40,000 of which are main current accounts for companies.

The bank says it has 301,000 deposit accounts.

KBC is said to have more than 300,000 current accounts.

His deposit accounts will be sold to the Bank of Ireland, subject to regulatory approval.

When asked if the central bank had set up a task force to oversee the closures and wire transfers, it said just that She expects plans from all retail banks to deal with the impact of the changes and consolidation in retail banking.

“It is the responsibility of individual banks to ensure they put their customers first, ensure customers are treated fairly and that customers understand what the changes mean for them.”

It said it has been working with all banks to set out how they should “manage issues and consumer risk during this period of change”.

Ulster Bank said it will shortly start writing to current and deposit account customers telling them to switch providers.

KBC said it would be communicating officially with its current account customers in the coming weeks.

Consumers’ Association Chairman Michael Kilcoyne asked why the central bank hadn’t set up a task force yet.

https://www.independent.ie/business/irish/central-bank-has-no-task-force-in-place-to-help-ulster-bank-and-kbc-customers-switch-41417915.html The central bank has not set up a task force to help Ulster Bank and KBC customers switch

Fry Electronics Team

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