It appears that KBC and Ulster Bank are only giving their 500,000 current account customers a six-month notice period to close or transfer their accounts before the banks exit the Irish market.
This has caused problems for many customers who are finding it difficult to obtain replacement banking services.
As such, the Rural Independent Group has called on the Minister for Finance and the Central Bank to safeguard customers. Leader of the group, Deputy Mattie McGrath, has claimed that the treatment of the Irish customers was “despicable”.
“Many existing KBC and Ulster Bank customers are informing us about extreme difficulties in making in-person appointments with either bank, due to staff shortages or limited appointment availability. The issues are particularly difficult for under-pressure farmers, who have been banking mainly with Ulster Bank, or elderly customers, who are trying to transfer.”
“Even after transferring to a new bank, some customers are being forced to wait for very long time periods before they can avail of any credit or overdraft facilities. This is having a tremendous impact on farmers and small businesses,” McGrath stated.
“Immediate action must be taken to end this chaotic situation, which will only worsen in the coming months. Both banks should be barred from leaving the Irish marketplace until every single customer has been facilitated with a smooth transfer of their banking requirements.”
“For this to occur, we believe a dedicated and streamlined banking transfer unit must be established and paid for by all the banks,” the Tipperary TD said.