KBC exiting Ireland

Slightly connected,

I've been with KBC since the very start, couldn't fault them in fairness.

This morning however, recieved a peculiar letter to do with what's called a periodic review, required under the criminal justice act obliging kbc to hold sufficient information on identification documents on its customers.

I've never had such a request for information, they are looking for occupation, am I self employed, source of funds. No mention of ID which is strange also.

I'm not sure if this is normal, I recall my credit union asking for updated photo ID but never KBC.

The only income lodged is salary, had a house insurance claim well over a year ago, sold a few bits of equipment less than 2k over a month ago.

Just wondered is this a common request, what would have triggered this, last time I checked I'm not a master criminal 🙄 I'm more surprised given KBC winding down.

Any thoughts appreciated.

LOL, thanks for response, I just found it odd, especially no ID requested, the only thing i can think of is a 2k lodgement about a month ago, sold some items etc, but 2k would hardily have Cab calling to my humble cottage 😁

I've actually nothing else with KBC, just one current account and it's balance hardily anything to excite anyone (Honestly 😉)

Thank you, I guess my surprise stems from the questions being asked, at a minimum I would have expected an updated photo ID, ppsn number if I'm making sense, I've had the account for years, certainly more than 8 years and never had a request like this.

The 3 questions

Occupation

Are you self emoyed, yes/no

Source of funds

That's it, nothing else. They do mention the legislation such as criminal justice act 2010 in the intro, I presume this relates to money laundering, but I can assure you my account almost boring in terms of activity.

Salary, PUP during pandemic a recent lodgement of 2k from sale of some items and a home insurance claim cheque lodgement t. Almost 2 years ago.

Thanks Jim2007 appreciate the feedback 😊, I've sent it off now, interesting, how it all works though.

The process of withdrawal gathering pace it seems 🤔

these are the non performing loans which is people in default. so The performing loan book will take alot longer to figure out especially as they are still doing business. so heres hoping it will take a longggggg time before the exit.

yeah and especially as they are now making a profit here it was announced recently!

A bump on this if that’s ok. Appreciate any advice or insights. Thank you

Kind of difficult to answer as your terms and conditions are unique to you in a sense.

At a guess whatever your exact terms are with KBC transfer across ,there will be absolutely no changes, however at the same time your fixed term will also transfer and end accordingly in January if you've moved by then, obviously if you have a separate fixed term to commence after January or an agreed variable rate, these agreements also transfer, if not, presumably you will move to variable rate and would then have to negotiate with new bank on their terms.

I'm only guessing but I would think KBC may at some stage stop any new arrangements if they've not done so already.

I'd call them and find out what the early redemption penalty is. With only 4 months remaining, it may well be €0 or negligible, in which case it may well be worth fixing now at KBC's more competitive rates.

KBCs redemption penalty requests could take a week or two to process and are mailed out and won't be given out over the phone, so the sooner you are armed with that information, the more time you have to look around.

I think Ulster are stopping any new business from October, so given KBC made their announcement about leaving a couple of months after Ulster, you may find you only have until the end of the year to make any changes you want to.

If you call them and they say that there is no need to make any changes to your mortgage and you will be offered a new fixed rate in January, it may be worth getting that in writing so they'd have to honour it if they later changed their minds.

They don't even seem to even be able to answer what will happen to the 0.2% mortgage discount they offer for having a current account with KBC when your mortgage is moved to BOI which is a bit worrying!

I have a KBC bank account.

Anyone know what date D-day is?

Need to find a new bank.

I was with Danske and my god their retail section closed pretty rapidly. They are technically still around chasing debt .