KBC exiting Ireland

Quin_Dub

https://www.boards.ie/discussion/comment/119612732#Comment_119612732

I got the same letter and was wondering if they meant "until" March 2023 ?

L1011

They give a latter date - August - for closing the last hub and, I would assume, the retail bank entirely then.

One DD left to change from the current account, can't get through to the feckers but its under a tenner and I've got six months worth left at that rate! Started hefting the saving account over today, well, it would fit in two transactions but I'm still slightly wary of one going missing.

ngunners

Anybody else not bothering changing anything for now? I understood from the most recent letter that it will be possible to continue banking with KBC for the time being, even after March 2023- I didn't use the hubs anyway so them being gone wouldn't change anything for me.

raxy

I'm using it for now at least & will use it until the end. Switched our mortgage recently but see no point in giving up free banking to move to another bank. My wife has another account so we've moved most DD's to that account, it has an overdraft set up so makes sense incase we're short when a bill goes out. When KBC move I'll send my pay to her account & transfer some from there to my revolut. I use a credit card for almost everything except DD's anyway so no real need for another bank account. I rarely take cash out.

Wheety

We've just about finished switching mortgage to AIB. I went into AIB branch on Baggot Street and asked about opening a joint current account. I was told I would have to come in with my wife and we'd need to have our ID documents with us. Then we could book a date for an appointment to open the account. I asked if we have to come in twice with our documents and she said yes. The first time is to prove who we are and book the appointment for opening the account.

I'm in no rush to move the current account now as I have Extra Current Account, Extra Regular Savings Account and Credit Crad with KBC. Get €10 a month back on CC so don't mind waiting.

I'll try book the appointment to open the account using their online form. Hopefully that would mean only 1 visit to a branch.

NinjaTruncs

@Wheety I think the €10 cash back stops this month. I can't recall if this is the last payment or if this is the last month to earn rewards, but it's coming to an end either this month or next.

miamee

On the radio last night (Last Word I think) they were saying that of the people who have moved their current accounts so far only 3 out of 10 people have also moved their direct debits. Apparently having to do it all yourself has not been communicated too well. Then again some people might be just getting ahead and opening the account without actually using it yet. I haven't made any move to change yet myself - current and savings accounts, no mortgage with them.

Wheety

@NinjaTruncs Are you sure? I can't find anything about that. I see they're not accepting new CC applications from 11th October.

NinjaTruncs

I'm 90% sure, I remember getting something either an email or a letter saying it was stopping, I've looked back through my emails and can't find it.

Let me look a bit harder.

Daith

https://www.boards.ie/discussion/comment/119649641#Comment_119649641

In my case, I'm waiting for my salary payment to the new bank, then will start moving direct debits once their contracts are up if I can. Then the rest.

Seve OB

I haven’t bothered closing current account yet. I have extra regular saver linked to it and am waiting for them to close my investment and lodge to my account. Once that’s done I’ll head off with my tail between my legs

techdiver

Anyone that applied to a new ltv rate switch recently have any movement on their application?

I only received a confirmation that they received it.

podge018

I refixed for a longer term on July 7th and have been told today that the new rate will apply from 1 October.

I opened a current account at the time to avail of the 0.2% discount and it looks like they never sent me a form I should have completed to have this applied. I wasn't aware of any such form, I opened the account for that sole reason and the guy I was dealing with was aware of that, he should have ensured I was sent the form. Person I was talking to today isn't sure if I can do it now, he's away to check.

Have I any recourse here or is it tough luck due to their incompetence?

MercuryBoy

https://www.boards.ie/discussion/comment/119651207#Comment_119651207

AFAIK the saver will just be moved to BOI

Seve OB

https://www.boards.ie/discussion/comment/119654038#Comment_119654038

Investment

nickys

We have our mrotgage with kbc

22 years left on it.

we have 2 years left of fixed rate at 2.8%

owe about €169000 house worth about €400k

I have done nothing

What should we do? whats the best option for us

xboxdad

https://www.boards.ie/discussion/comment/119651367#Comment_119651367

Same here. Applied mid-September and only received the generic response so far.

Update: I just noticed the latest DD was taken with the new/lower amount, exactly as they predicted on the phone. ...but I didn't get any sort of formal communication from them on the new fixed term/rate so far. Strange, but good news.

DaveyDave

Yeah my payment for this month is now €20 less but I've also lost my overpayment so need to call them. I'll confirm it's a new 3 year and also request them to send an overpayment form.

techdiver

https://www.boards.ie/discussion/comment/119708107#Comment_119708107

I called yesterday and was told my new rate was applied. I had also applied for a term reduction which hasn't gone through yet though. Hopefully they don't say I can't reduce the term now that I'm on a fixed rate term of 10 years. I applied for the term reduction whilst still on a variable rate so that should stand. Either way I'm only reducing the term to match the fixed rate term so not breaking the fixed rate as such.

cython

I got a letter today dated September 8th(!) confirming that the new rate and fixed term would apply from October 1st. My overpayment was retained (and should continue to be up to and including the November repayment) so I can't determine anything from the transaction details at present, and likely won't be able to even then as I intend to renew an overpayment instruction at that point), but suffice to say that between the delayed arrival of the letter, and the fact that I returned the paperwork on July 22nd, there are clearly significant processing delays with these, and confirmation letters may be quite late in being received.

MercuryBoy

Does anyone know when the current accounts will actually stop working and when savings accounts will be transferred to BOI?

walterking

https://www.boards.ie/discussion/comment/119726514#Comment_119726514

nobody knows as its waiting final ministerial approval.

They will give minimum of 60 days notice and more likely longer

https://www.kbc.ie/deposits/important-update#

drogon.

Sorry if this has already been asked, but what happens to a KBC Credit Card ? Does it get moved or is it closed ?

Nothing about it in the leaflet, only mentions Retail Credit cards which will move to BOI

NinjaTruncs

I asked about the credit card situation when I was talking to someone on the phone a few weeks ago and they didn't know what was happening. The sale to boi is only for loans and savings accounts.

https://www.boards.ie/discussion/comment/119727943#Comment_119727943

Yes, credit cards are moving to BOI

drogon.

https://www.boards.ie/discussion/comment/119728074#Comment_119728074

Ah thanks.

Daith

This is a stupid question, but when the mortgage does move, will we need to update life/house insurance and other companies about the new bank or does KBC/BOI inform them?

Sarn

https://www.boards.ie/discussion/comment/119733572#Comment_119733572

Not a stupid question. The same thing occurred to me. I’m sure we will be informed as to what we need to do, although I’d imagine we will need to update everything ourselves.

Daith

https://www.boards.ie/discussion/comment/119733682#Comment_119733682

Yeah, got the mortgage letter from them today but don't think it mentioned anything about it. Will have a look when I'm back.

DaveyDave

Also got the mortgage letter today, two weeks after the first payment on the new rate! We lost our overpayment so still need to contact them about that.