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KBC exiting Ireland

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    #1082
    Dempo1
    Registered Users Posts: 26,984 ✭✭✭✭Dempo1


    Apologies if I've missed it, but has anyone actually recieved a letter or notification from KBC regarding the closure of their Current accounts 🤔

    I've already set up new accounts elsewhere but for convenience, and all charges waived for remainder of account being operational, I'm continuing to use my KBC account albeit less and less, I've one DD remaining for monthly Car insurance, but last payment will be in November, will just pay off balance rather than setting up new DD and next year obviously use new bank for DD purposes.

    I'd have expected notification of account closure by now.

    Thanks

    Is maith an scáthán súil charad.




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    #1083
    cython
    Registered Users Posts: 4,769 ✭✭✭cython


    https://www.boards.ie/discussion/comment/119373810#Comment_119373810

    Similar experience for me, they called me back on the 12th, saying that it had just come back, then when it arrived on the 19th or 20th the issue date turned out to be the 8th, leaving me only a couple of days to sort it (expiration of the 22nd), when I'd have hoped it might be the far side of the weekend based on the phone call (i.e. today or tomorrow). Not overly impressed with that aspect, but hoping I got it in under the wire on Friday evening.

    https://www.boards.ie/discussion/comment/119383313#Comment_119383313
    https://www.boards.ie/discussion/comment/119383374#Comment_119383374

    You don't have to phone them, it's the customer services email address at the top of the headed paper that they send the break fee info out on, or at least that's what they told me when I rang.



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    #1084
    raxy
    Registered Users Posts: 850 ✭✭✭raxy


    https://www.boards.ie/discussion/comment/119383485#Comment_119383485

    I misread the post, thought he was requesting the break fee.



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    #1085
    DaveyDave
    Registered Users Posts: 6,261 ✭✭✭DaveyDave


    https://www.boards.ie/discussion/comment/119383485#Comment_119383485

    Ah thanks, I didn't notice the email at the top!



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    #1086
    Quin_Dub
    Moderators, Politics Moderators, Social & Fun Moderators Posts: 15,582 Mod ✭✭✭✭Quin_Dub


    https://www.boards.ie/discussion/comment/119383424#Comment_119383424

    I got a generic booklet with basic details around the account closure process about 2 weeks ago , but I haven't received anything about my specific accounts.



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    #1087
    DaveyDave
    Registered Users Posts: 6,261 ✭✭✭DaveyDave


    The break fee 10 day includes the date the letter was issued, so mine is out of date today, even though 10 working days would be tomorrow.

    FFS...



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    #1088
    cython
    Registered Users Posts: 4,769 ✭✭✭cython



    https://www.boards.ie/discussion/comment/119385008#Comment_119385008

    Hmm, by that logic my own was probably out on Thursday (issued the 8th, and I was counting to the 22nd, but 10 days inclusive of the date of issue would be the 23rd?), and the staff member with whom I was confirming all of this with agreed with me on the phone that based on the dates I had until close of business on the 22nd. I'll have to wait and see what comes of it at this point I suppose, as it will take time to get any confirmation either way with the backlog of similar requests.



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    #1089
    Wheety
    Registered Users Posts: 5,512 ✭✭✭Wheety


    I sent mine off and there wasn't much time either. I hope it got to them on time. Do they send a letter to confirm your rate change back to variable?



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    #1090
    Sarn
    Registered Users Posts: 3,083 ✭✭✭Sarn


    They’re supposed to send a letter confirming the rate change.

    I sent mine in on the 17th June and still haven’t received written confirmation yet. I spoke to them last week and was told it’s all done. Took a month for the break and new rate to be processed.



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    #1091
    macvin
    Registered Users Posts: 716 ✭✭✭macvin


    https://www.boards.ie/discussion/comment/119385008#Comment_119385008

    Break fee won't change as cost of funds rate is not going to be dropping anytime soon and that's key element of a a break fee.

    Its unusual - but you can thank Avant & Finance Ireland for bring in stiff competition and fixed rates becoming lower whilst cost of funds rates increased.



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    #1092
    youcancallmeal
    Registered Users Posts: 8,023 ✭✭✭youcancallmeal


    https://www.boards.ie/discussion/comment/119386664#Comment_119386664

    Probably only a matter of time until Avant are absorbed by AIB or BOI. I've fixed now for 5 years with KBC and fearful that the options in 5 years time will be poor



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    #1093
    L1011
    Registered Users Posts: 69,006 ✭✭✭✭L1011


    https://www.boards.ie/discussion/comment/119387802#Comment_119387802


    I don't think that would pass any competition rules. Avant is a trading name of a large Spanish bank and I wouldn't be surprised if they end up doing everything except current accounts here. Albeit foreign banks doing savings hasn't often worked out either (Rabo, Nationwide UK, another UK building society with a small presence left in recent years)



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    #1094
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,306 Mod ✭✭✭✭Jim2007


    https://www.boards.ie/discussion/comment/119387802#Comment_119387802

    Only time will tell, we are just at the start of a consolidation period in financial services in the EU, so we will just have to wait and see how that works out. The consciences seems to be that there will be about 8 major banking groups and less that twenty regional banking groups in the EU when the dust settles, how that filters down to the small markets like Ireland is anyone's guess.



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    #1095
    raxy
    Registered Users Posts: 850 ✭✭✭raxy


    Has anyone completed a switch from kbc yet? I moved to Avant & kbc confirmed the old mortgage was paid off on the 20th July to my solicitor but I haven't heard from kbc.

    When paying off the solicitor used an old figure so we are probably owed 2.5k back.

    I rang the the week before last & was told they take 10 days but then they said 10 days was up the week before. Its been another week & a half & still nothing.

    Anyone who's switched, how long did kbc take to contact you & issue any refunds?



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    #1096
    smokie72
    Registered Users Posts: 214 ✭✭smokie72


    https://www.boards.ie/discussion/comment/119480005#Comment_119480005

    I switched to Finance Ireland from KBC. Old Mortgage was paid off 5 weeks ago. Solicitor overpayed it slightly just to cover any extra interest accured since KBC were slow in telling him the amount left on the loan. I had to ring them and get a figure he could work with. I got the amount owed by KBC after the loan was paid off transferred into my account today. Hope this helps



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    #1097
    raxy
    Registered Users Posts: 850 ✭✭✭raxy


    https://www.boards.ie/discussion/comment/119482273#Comment_119482273

    Yes thanks, probably another couple of weeks then for us. I hope they're adding interest to the balance while they're holding onto it.



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    #1098
    walterking
    Registered Users Posts: 1,297 ✭✭✭walterking


    https://www.boards.ie/discussion/comment/119482916#Comment_119482916

    The ecb deposit rate is zero. (Was -0.5%)



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    #1099
    gar
    Registered Users Posts: 1,099 ✭✭✭gar


    Month since new LTV application sent and received and no word back other than to say it's in the queue



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    #1100
    techdiver
    Registered Users Posts: 3,217 ✭✭✭techdiver


    https://www.boards.ie/discussion/comment/119508015#Comment_119508015

    I sent one in too. I'm looking to fix long term. What happens if rates go up before they process these applications? The fixed rate on the application is what I have applied for. I would like to think they would honour the rates at the time of application as they are the bottleneck.



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    #1101
    youcancallmeal
    Registered Users Posts: 8,023 ✭✭✭youcancallmeal


    https://www.boards.ie/discussion/comment/119508015#Comment_119508015

    I applied for new LTV in early June and it only went through for our 1st Sept payment. I rang them after it didn't show up in our 1st Aug payment and they said they have a backlog so there is a delay but they will be honouring the rate you applied for on the date they received it



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    #1102
    techdiver
    Registered Users Posts: 3,217 ✭✭✭techdiver


    https://www.boards.ie/discussion/comment/119583836#Comment_119583836

    Was hoping that would be the case. No real skin off their nose anyway as they are dumping the book to BOI anyway.



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    #1103
    JoeSexton
    Registered Users Posts: 57 ✭✭JoeSexton


    Hi there,

    I have 2 years left on my 5 year fixed KBC mortgage. At this point I am thinking of trying to extend the fixed rate for another 5 years. Do I have to go through BOI for this or can I contact KBC? Would appreciate if somebody who has been through this has any advice...



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    #1104
    walterking
    Registered Users Posts: 1,297 ✭✭✭walterking


    https://www.boards.ie/discussion/comment/119595619#Comment_119595619

    Simply key in "kbc fixed rate instruction" into Google and the form will come up.

    Print out the relevant pages, fill them in and email the form to kbc.


    Attach a letter asking to break from current fixed rate (there will not be a break fee) and start with a new 5 year rate



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    #1105
    Daith
    Registered Users Posts: 4,981 ✭✭✭Daith


    So had been waiting for KBC to send me a letter saying I can move account, as I have a fixed rate with current account discount and didn't want to have any issues.


    According to KBC Twitter, I can move current account anytime without it impacting anything.

    Post edited by Daith on


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    #1106
    christy c
    Registered Users Posts: 2,196 ✭✭✭christy c


    Have the 6 month notices been sent to anyone yet? (For closure of current accounts)



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    #1107
    OfflerCrocGod
    Registered Users Posts: 6,317 ✭✭✭OfflerCrocGod


    Yep we received ours a few days ago.



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    #1108
    DaveyDave
    Registered Users Posts: 6,261 ✭✭✭DaveyDave


    Haven't received notice yet. Although just received acknowledgement text for my new fixed rate form that I sent about a month ago. They must be fairly flat out, yet can still answer the phone within 30 seconds!



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    #1109
    gar
    Registered Users Posts: 1,099 ✭✭✭gar


    Anyone moved current account from KBC to Life Credit Union or Permanent TSB?

    Whats either online banking and apps like? I will miss KBCs as thought it was excellent.



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    #1110
    L1011
    Registered Users Posts: 69,006 ✭✭✭✭L1011


    https://www.boards.ie/discussion/comment/119605431#Comment_119605431

    Gone to Life, the app is decent enough but a tad annoying in ways that are hard to describe. Then again, using the code generation for the KBC website using their app was hideously annoying so every app has its issues

    Transaction speed is worse than KBC but much better than BOI was when I used them pre-KBC. Branch hours have been cut to the bone which was a pain when I got a cheque from Laya.



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    #1111
    JoeSexton
    Registered Users Posts: 57 ✭✭JoeSexton


    https://www.boards.ie/discussion/comment/119596299#Comment_119596299

    Thanks for that, really appreciate it.



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