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More help for Ulster Bank and KBC customers going forward

Some 222,000 personal current accounts were opened in the country's main retail banks so far this year
Jack Quann
Jack Quann

06.57 5 Jul 2022


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More help for Ulster Bank and...

More help for Ulster Bank and KBC customers going forward

Jack Quann
Jack Quann

06.57 5 Jul 2022


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People moving from Ulster Bank and KBC are to get more help and advice going forward.

It comes as new figures show some 222,000 personal current accounts were opened in the country's main retail banks so far this year.

Over 55,000 personal current accounts were opened in the four weeks ending June 10th, according to the Banking & Payments Federation Ireland (BPFI).

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The BPFI - in conjunction with the five retail banks - have also launched a public information and awareness campaign, to provide advice and practical tools to customers who need to move their accounts.

The movingaccount.ie website also contains a section for those who may be helping customers in vulnerable circumstances, a section on basic bank accounts, and information on fraud awareness and prevention.

This is being supported by a radio and digital advertising campaign.

Chief executive of the BPFI, Brian Hayes, told Breakfast Briefing the numbers moving are unprecedented.

"The most important thing it's saying is that we're getting there, in terms of the remaining banks opening new personal accounts for Ulster Bank and KBC customers.

"This is a very long process, it will take some time before these two banks withdraw from the Irish market.

"But crucially important - we've got to find a new banking home for all of these customers.

"We've never had this migration of accounts before in the numbers involved, it's completely unprecedented".

On more help for switching customers, Mr Hayes says people still have plenty of time.

"We've also announced today... a new dedicated website - movingaccount.ie - which goes through in-depth, step-by-step, frequently asked questions knowledge to the entire sector, and especially to customers, about what they need to do to help them in that process.

"We think we have enough time, obviously people have to take action.

"What we're seeing at the moment is an unprecedented level of activity - I think on a bank-like-bank at least a 100% increase of what we would normally see when it comes to opening personal accounts.

"But... we've got to keep this going going over the next year or so, because this will take at least another year to complete for both of the banks concerned".


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BPFI Banking & Payments Federation Ireland Breakfast Briefing Brian Hayes Current Accounts KBC Movingaccount.ie Retail Banks Switching Bank Accounts Ulster Bank

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