KBC exiting Ireland

Muahahaha · 08-03-2023 9:03pm

https://www.boards.ie/discussion/comment/120331613#Comment_120331613

nice one thanks for the info

raxy · 16-03-2023 3:14pm

I see the option to close account us back in the app.

DaveyDave · 16-03-2023 6:42pm

Bank of Ireland want you to go to a branch in person to close a savings account. Honestly it's a bloody savings account with nothing in it. You can verify your identity over the phone with security questions. Why do I need to show ID in person? PTSB sent me a letter to sign and return to close my account in the past.

10-4, Monday to Friday. How are people supposed to do that?

Bobeagleburger · 16-03-2023 7:13pm

What happens if you just leave it open with nothing in it?

raxy · 16-03-2023 7:56pm

https://www.boards.ie/discussion/comment/120367187#Comment_120367187

Nothing, if you don't close it KBC will after the closure date they sent you. I'll be leaving it open just in case.

The last direct debit from my account finished last month but I'll leave the account open just incase there's something I forgot. Just got a refund from revenue & my refund went to revolut but my wife's went to the KBC account.

G_R · 20-03-2023 9:31pm

Not nesescarily. It may be returned, but it may also get rerouted to an internal bank suspense account, at which point they should call you to see where you want them to sent it.

feargantae · 23-05-2023 8:51pm

Sorry for dragging up an old thread but hoping someone can help. I'm after getting a refund for a purchase made on Amazon/Klarna to my KBC credit card. Obviously this card is now closed but Klarna say they cannot refund to anywhere other than the original card and tbh didn't seem to understand what I meant. Waiting on a response from KBC but in the meantime does anyone know what might happen? Cheers

Citrus_8 · 23-05-2023 11:39pm

https://www.boards.ie/discussion/comment/120632976#Comment_120632976

Happened to me some time ago with two other banks. In both cases the bank contacted me by email asking for an alternative IBAN and transfered funds to my new bank. However, I'm not sure what's the KBC's process.

G_R · 24-05-2023 12:39am

It should just bounce to a holding account in KBC and they should contact you looking for somewhere to forward it on to.

Contacting them in advance of this will prob speed up the process.

feargantae · 25-05-2023 2:50pm

https://www.boards.ie/discussion/comment/120633600#Comment_120633600

KBC got in touch and said it's nothing to do with them and to contact Bank of Ireland! I responded that the refund was sent to my KBC card and not the replacement BOI card. In the meantime however the refund has appeared in my Revolut account and according to Klarna staff in the event something like this happens they'll try whatever the primary card is on the account and then the next card down the line until one goes through.

So it seems the original Klarna staff was just wrong!

Citrus_8 · 25-05-2023 4:22pm

https://www.boards.ie/discussion/comment/120639395#Comment_120639395

Interesting to know, thanks.

zell12 · 24-07-2023 8:45am

Cleared account and let KBC close it, then got letters saying I earned 2c interest and to fill out a form to get it back, now BoI are sending me the letters. Just my two cents

setanta1984 · 24-07-2023 10:13am

https://www.boards.ie/discussion/comment/120889224#Comment_120889224

Getting the same same well, letters telling me my balance is 1c even though I emptied it and was 0.00 on the closing date in the kbc app.

Can't be bothered filling out paper forms and physically posting them, for essentially nothing... but seems like they'll keep pestering about it?

Bobeagleburger · 24-07-2023 10:18am

Can you not go into the app and transfer the 1c to a non KBC account?

That's what I did

DaveyDave · 24-07-2023 10:58am

When you close the account it asks you to nominate a payee for future payments? At least that's what I got in the app.

Rock Steady Edy · 24-07-2023 5:09pm

They should have capitalised the interest on current account closures, but haven't done this and so tiny amounts get added at the end the quarter after closure. I also notice they didn't capitalise the interest on my deposit account when they sent it to the Bank of Ireland, which seems odd. You'd think KBC should pay the interest up to the point of transfer and Bank of Ireland thereafter.

I called KBC about my 1c last week and they said the only way to stop getting letters is to withdraw the amount.

I was told you can add "Freepost" to the envelope so it doesn't cost more to send than you get back.

So I completed the form, sent it off and got my 1c a day later...

At least An Post will get credit from KBC if we all send these forms back.

All very silly, they should just give it to a nominated charity or something.

G_R · 25-07-2023 2:02pm

https://www.boards.ie/discussion/comment/120890807#Comment_120890807

The interest does capitalise on closure, but what happens is;

- people withdraw and bring balance to zero,

- send the closing instruction,

- then when its processed, the accrued interest up to that point is capitalised leading to the CR balance, and the account isn't closed.

There's no interest being applied to closed accounts.

Also, you can nominate to send any credit balance to charity, but you need to tell them that. They can't suggest it, and certainly can't do it without customers permission. 99% of reasonable people wouldn't care, but you would absolutely have some wagon who would complain that their money was given away without their permission.

Re the deposit accounts, they would have worked out how much it was up to point of transfer and sent that money to BOI to apply to accounts whenever it's due. Assume this was done so that there was no change to the Ts and Cs of the account which probably state something like interest is capitalised annually etc etc.

Rock Steady Edy · 30-07-2023 2:25pm

https://www.boards.ie/discussion/comment/120894466#Comment_120894466

My memory might be a bit hazy on this, but I think the literature from KBC suggested that if you'd transferred your salary / DDs / payees on your current account and brought your balance down to zero that effectively your account would close, so this might be the reason that they're ending up with accounts that have 1c in them.

The interest rate on the former KBC regular saver account hasn't increased from 1% since it was transferred in February, despite several rate increases since. Time to start drip-feeding it into a Supersaver regular saver account (2%) and re-claiming the large margin the Irish banks are making from their deposits with the ECB.

Rock Steady Edy · 25-10-2023 12:46pm

Just received a cheque this morning from KBC for €50 as compensation for not keeping me informed enough on their rate changes, presumably relates to the savings account I had with them. Nice parting gift, but would rather they were still here providing market competition.

Seve OB · 25-10-2023 12:47pm

Got a €50 cheque also yesterday

Quin_Dub · 25-10-2023 12:51pm

https://www.boards.ie/discussion/comment/121282118#Comment_121282118

I got two separate cheques for €20 each today for small savings accounts I had with them.

They must be giving varying amounts based on the sums on deposit.

Boardnashea · 25-10-2023 2:38pm

€20 here too. I should have opened more savings accounts with them!

Charles Babbage · 25-10-2023 2:41pm

https://www.boards.ie/discussion/comment/121282118#Comment_121282118

I got €75. They must have ripped me off even more than you. A cheque is a nuisance though.

retalivity · 25-10-2023 3:15pm

Gah, ive got nothing! Had a mortgage, 2 savings and a current account with them!

MercuryBoy · 25-10-2023 3:53pm

https://www.boards.ie/discussion/comment/121282859#Comment_121282859

I just called them, the cheques are going out in batches. I asked what to do if my bank doesn't take cheques and the lady suggested complaining to customer services, she was kinda hinting they might do an EFT