Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi all! We have been experiencing an issue on site where threads have been missing the latest postings. The platform host Vanilla are working on this issue. A workaround that has been used by some is to navigate back from 1 to 10+ pages to re-sync the thread and this will then show the latest posts. Thanks, Mike.
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

KBC exiting Ireland

12021232526

Comments

  • Registered Users, Registered Users 2 Posts: 3,279 ✭✭✭techdiver


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



  • Registered Users, Registered Users 2 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...



  • Registered Users, Registered Users 2 Posts: 1,297 ✭✭✭walterking


    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



  • Registered Users, Registered Users 2 Posts: 5,061 ✭✭✭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


  • Registered Users, Registered Users 2 Posts: 2,197 ✭✭✭christy c


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



  • Registered Users, Registered Users 2 Posts: 6,323 ✭✭✭OfflerCrocGod


    Yep we received ours a few days ago.



  • Registered Users Posts: 6,290 ✭✭✭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!



  • Registered Users, Registered Users 2 Posts: 1,100 ✭✭✭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.



  • Registered Users, Registered Users 2 Posts: 69,555 ✭✭✭✭L1011


    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.



  • Advertisement
  • Registered Users, Registered Users 2 Posts: 57 ✭✭JoeSexton




  • Registered Users, Registered Users 2 Posts: 3,279 ✭✭✭techdiver


    For anyone switching current accounts (to Bank of Ireland in my case), don't bother with the account switch form. It was a complete disaster for me. All my direct debit just failed as Bank of Ireland took a list of them from KBC and KBC just blocked them all long before the creditors were contacted.

    If I had knows what a terrible process it would have been I would have just updated them manually myself.



  • Registered Users, Registered Users 2 Posts: 666 ✭✭✭Fishy1


    We got a letter from KBC today, advising that all of their hubs, bar Grand Canal Hub would be closing on 10th March 2023. The letter also stated “You can continue to bank with KBC from 10th March 2023 as normal using our mobile app, online or over the phone”.

    Looks like there’s no major rush to close existing accounts going by that! We’ve transferred our current account to PTSB but had left some savings in a KBC account. I think we’ll just leave them there for now.



  • Registered Users, Registered Users 2 Posts: 14,514 ✭✭✭✭retalivity


    I have closed everything except my current account, and manually switched the DDs myself, with the exception of the mortgage, which I'm still paying to KBC. I was trying to switch mortgage to Avant, but their process was a disaster and I have given up on it after 5 months. So I am looking to now just let BOI 'take' the mortgage from KBC whenever. I could possibly overpay up to 20k at the moment, is it better for me to do it now to KBC before they switch oris there a cutoff point on mortgage value and the money will jsut eventually get refunded to me?



  • Moderators, Politics Moderators, Social & Fun Moderators Posts: 16,113 Mod ✭✭✭✭Quin_Dub


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



  • Registered Users, Registered Users 2 Posts: 69,555 ✭✭✭✭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.



  • Advertisement
  • Registered Users Posts: 637 ✭✭✭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.



  • Registered Users, Registered Users 2 Posts: 854 ✭✭✭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.



  • Registered Users, Registered Users 2 Posts: 5,512 ✭✭✭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.



  • Registered Users, Registered Users 2 Posts: 2,516 ✭✭✭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.

    4.3kWp South facing PV System. South Dublin



  • Moderators, Social & Fun Moderators, Regional East Moderators, Regional North West Moderators Posts: 12,328 Mod ✭✭✭✭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.



  • Advertisement
  • Registered Users, Registered Users 2 Posts: 5,512 ✭✭✭Wheety


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



  • Registered Users, Registered Users 2 Posts: 2,516 ✭✭✭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.

    4.3kWp South facing PV System. South Dublin



  • Registered Users, Registered Users 2 Posts: 5,061 ✭✭✭Daith


    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.



  • Registered Users, Registered Users 2 Posts: 16,069 ✭✭✭✭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



  • Registered Users, Registered Users 2 Posts: 3,279 ✭✭✭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.



  • Registered Users, Registered Users 2 Posts: 1,820 ✭✭✭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?



  • Registered Users Posts: 121 ✭✭MercuryBoy




  • Registered Users, Registered Users 2 Posts: 16,069 ✭✭✭✭Seve OB




  • Registered Users, Registered Users 2 Posts: 130 ✭✭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



  • Registered Users Posts: 908 ✭✭✭xboxdad


    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.



  • Advertisement
  • Registered Users Posts: 6,290 ✭✭✭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.



  • Registered Users, Registered Users 2 Posts: 3,279 ✭✭✭techdiver


    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.



  • Registered Users, Registered Users 2 Posts: 4,772 ✭✭✭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.



  • Registered Users Posts: 121 ✭✭MercuryBoy


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



  • Registered Users, Registered Users 2 Posts: 1,297 ✭✭✭walterking


    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#



  • Registered Users Posts: 725 ✭✭✭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



  • Registered Users, Registered Users 2 Posts: 2,516 ✭✭✭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.

    4.3kWp South facing PV System. South Dublin



  • Registered Users Posts: 725 ✭✭✭drogon.


    Post edited by Boards.ie: Mike on


  • Advertisement
  • Registered Users, Registered Users 2 Posts: 5,061 ✭✭✭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?



  • Registered Users, Registered Users 2 Posts: 3,091 ✭✭✭Sarn


    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.



  • Registered Users, Registered Users 2 Posts: 5,061 ✭✭✭Daith


    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.



  • Registered Users Posts: 6,290 ✭✭✭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.



  • Registered Users Posts: 82 ✭✭atahuapla


    Got my letter today about mortgage transfer and was surprised at the following line:

    ”If your fixed rate expires after the Service Transfer Date the notification will be sent by BoI outlining their rate options at that time.”

    Does that mean BoI will not be honouring existing fixed rates in the new year even if we’ve a couple of years left on the KBC agreed one?



  • Registered Users, Registered Users 2 Posts: 2,516 ✭✭✭NinjaTruncs


    My interpretation is that they will honour any fixed rates currently on your mortgage, but once that period is over, in you case in a couple of years, you'll be offered whatever BOI have to offer at that time.

    I suspect this line is to stop people who request a fixed rate, but don't complete the paperwork before the transfer to BOI happens, in that case you'd be offered whatever BOI rates there are.

    4.3kWp South facing PV System. South Dublin



  • Advertisement
  • Registered Users, Registered Users 2 Posts: 2,088 ✭✭✭fjon


    Started my process to move my mortgage and current account. PTSB have a 4-year rate of 2.05%, which is lower than 2.25% I'm currently on.

    Their Current Account has 6e fees, but if you get your salary into it and pay your mortgage from it you get 2% cash back, which more than covers the fees.

    Overall I should be better off after changing, but there's a load of annoying paperwork in-between.



  • Registered Users, Registered Users 2 Posts: 69,555 ✭✭✭✭L1011


    Hrm, PTSB will actually do a mortgage low enough for me to move (the other specific KBC/UB exit deals all had minimums that were more than my balance). Must do the sums on that based on assuming the BOI rates could be nearer 4 by the time my current 2.25% expires.



  • Registered Users, Registered Users 2 Posts: 854 ✭✭✭raxy


    If your balance is below minimum mortgage amounts I'd say legal fees would be too much to make switching worthwhile.

    You'd be better just fixing with kbc for longer before switching. At a guess even if you fix at a slightly higher rate with kbc for a longer term you'd end up better off.



  • Registered Users, Registered Users 2 Posts: 3,279 ✭✭✭techdiver


    Got my letter today finally outlining my new fixed mortgage rate. The letter was dated on the 14th of September, so took a full month to get sent out.

    2.85% for 10 Years. I had also looked for a reduction in term to match which I rang about a few times, but was told today that has been applied also (reducing from 22 years to 10). So my new rate and term is 2.85% fixed for 10 years. I wanted certainty and I think 2.85% fixed for the remainder of my mortgage is good.

    The net result is I won't be subject to any rate movement whims of BOI.



  • Registered Users, Registered Users 2 Posts: 5,602 ✭✭✭veryangryman


    So i've moved my wages and bills to Credit Union. Really cannot be arssd to close the KBC account. What happens with accounts of zero (or close to it) balance that are just left



  • Advertisement
Advertisement