Ulster Bank DAC and KBC Bank Ireland have announced they are exiting the Irish market. Customers of these two banks will need to move their bank accounts to another banking provider to ensure no disruption to their business banking service.
Ulster Bank and KBC Bank Ireland have confirmed they are writing to their customers on a phased basis (i.e. in batches) over the coming months. When you receive your communication, please read it carefully and take note of the timelines set you as you will need to take action by that date.
You have two options when switching your business account to another provider as follows:
Option 1. Open a new account with a new provider and manually arrange the transfer all payments.
Option 2. Open a new account with a new provider and use the ‘Switching Code’ process to transfer payments and account balance. The Switching Code is designed to make the process of switching quicker and easier, by enabling the switching of account balances (where the existing account is being closed), standing orders and Direct debits.
Using the Switching Code option is open to certain businesses but not all – see Section 3 below.
Whichever of the above options you choose, the first step is that you need to arrange to open your new business account with a new provider, complete the account opening forms and provide all the required documentation.