https://www.irishtimes.com/business/financial-services/kbc-seeks-to-quit-republic-with-planned-loan-sales-to-bank-of-ireland-1.4539135 KBC Group has signalled it is seeking to quit the Republic after more than four decades. It is planning to sell its performing loans and deposits to Bank of Ireland, reducing the number of retail banks in the country to three.
I have a KBC Tracker Mortgage with only a few years left on it.
I know that BOI will have to honour the terms and the tracker will continue as is if I want it to , but wondering if they might try to "make me an offer" to get the tracker off their books as I understand that the Central bank rules make them particular unprofitable for banks.
In all honesty , beyond them pretty much offering to write off the entire outstanding balance I really don't think that there's anything they could offer that would entice me , but just interested to see if it's something they might try.
If you can join a credit union that is part of the currentaccount.ie scheme, you can get it for €4 a month.
Having until recently used all three I'd say AIB is the best of a bad bunch.
new year so going to look into this more before been pushed from kbc Also need to move credit card also kbc. looking at the options the lack of choice is pretty bleak. also the thoughts of having to pay fees 🤢
its either BOI or PTSB at €6 per month or AIB at €4.50 a quarter and associated fees.
out of the banks left AIB seem to have the best app out of the three, just trying to work out how much fees you could potentially pay or save compared to the flat rate isn't the most straightforward.
what have people picked here? not interested in the online banks and having a ebs account wouldnt even consider that for my main bank.
Has anyone seen a reduction in mortgage breakage fee for KBC? I am in fixed and would like to move.....not because of KBC but I absolutely want nothing to do with Bank of Ireland.
It depends on what way it's worded, if it's a straightforward fixed rate of X% then BOI have to honour it if your mortgage gets bought by them
They can't up your rate, they have to keep the terms of your mortgage, assuming you're going for a fixed rate. After the fixed rate is up though you'll probably be stuck with boi rates.
I think the current account discount will probably be gone though when it switches. Just my thoughts so don't quote me, haven't seen anything to suggest they'll keep it.
I'm currently looking to move house so will be. Hopefully switching before anything happens.
I'm going to be drawing down my mortgage with KBC in January. Opened the current account with them to get the best rate but what happens when that isn't available anymore? BOI could honour the reduced rate or the may up it as soon as KBC exit. Any insight from anyone with them a while?
Indo - KBC accounts to move to BoI by end-2022
Mortgage borrowers will be given at least 60 days’ notice before the transfer takes place. KBC current accounts holders will have to make the switch themselves, if they wish. All account holders will have to download and register with the Bank of Ireland app themselves.
Not quite but I'll likely be using it a lot more than I am at the minute (mainly for online purchases).
Depending on how the charges are structured in whatever bank I move to, I'll probably set up the DDs, Standing Orders etc from that then transfer a chunk over to Revolut for shopping and stuff.
Haven't really thought about it a whole lot to be honest, such a pain in the hoop
Not Revolut but I'm using N26 as mine.
Will be looking to set up a new joint account with my wife for bills, mortgage etc.
Anybody ballsy enough to use Revolut as their current account?
It definitely is awash with money deposited in other people's names.
Bank of Ireland let you set up a joint account remotely - each person does their own part separately, so you don't even need to be in the same location to do it. (I did this recently, set up a joint BofI account with my brother and it was fairly straightforward.)
There is no risk for you, but there is for the financial institution and even for individual bank staff members in certain circumstances. And as someone who was involved in banking for over 30 years, I can say that there was substantial abuse of joint accounts in the past.
It is also worth remembering that banks are subject to capital ratios when it comes to lending and they can't exceed those ratios. Likewise underwriters have limits to the amount of risk they are willing to take. So it is better to get this done sooner rather than later to avoid being under pressure at the end .
I'll be moving a current account and mortgage from KBC. I suspect the banks will be interested. We didn't have to meet KBC to get either of those set up, so I'm failing to see the risk in not meeting face to face. Plenty of financial relationships are established on a non face to face basis, and the financial system isn't awash with money deposited in accounts opened in other people's names
Would you be happy for them to allow other people to open an account in your name, deposit illegal money in it, run up an overdraft in your name…. Banks are already loosing money on free banking, the last thing they want to is waste time on seeing you face 2 face, but they have no choice - it’s a requirement with serious consequences if they screw up.
My advice is to get it done ASAP. The banks are not obligated to do business with you and I would not be surprised if some people struggle to find banks willing to take them on towards the end.
Thanks. We need to move our joint account eventually. I did see that you can only open a personal account through the app but thought that was just for first time customers and you might have more options once set up.
Nope - AIB Joint accounts need to be signed in person in a bank branch with ID etc even if your are an existing acc holder through the app. (Went through this with AIB recently)
Does anyone have a list of banks with do and don't require appointments to set up a joint current account? I can't be dealing with banks that look for a visit to try and sell you insurance
You can sign up for AIB through their app.
Only need an appointment for a joint account.
Although I don't know if 2 people set up separate accounts through the app, could they then apply for a joint account remotely.
N26 now have a waiting list to sign up.
No appointments to deal with if you go with a bank that offers a digital online sign up such as N26, Revolut, Bunq and BoI.
I was originally thinking the same but was thinking there could be delays getting an appointment with another bank come the new year when everyone is trying to move.
I was reading on another forum someone had to wait a few weeks to get an appointment with AIB to get set up.
In our case, the only direct debit/standing order that comes out of our KBC account is the mortgage. I never bothered closing or switching everything across from my fee free PTSB account. However, I’ll keep the KBC current account until they close it, as the discount on our mortgage depends on it.
It is also worth point out the the reason that KBC and UB are exiting the market is because it has not proved to be profitable for them. Some people may discover that the other banks are not welcoming and they may only be offered the minimum services required under the EU directive. So my advice is better sooner than later, so that all the hiccups can be sorted out early.
The only advantage of switching now is to get ahead of the crowd. There is going to be hoards of switching early next year by UB and KBC customers. The sheer volume of switching next year and the transfer of payment data might lead to delays and maybe issues.
why would you move now? this doesnt appear that it will be a quick process. no point paying fees when you currently dont have to pay them. thats my thinking on it, ill hold out as long as possible.
Has anyone started the process or moved banks yet?
I don’t know if I’m getting ahead of myself but was thinking it might be better to get the ball rolling now rather than wait and have to try open new accounts when there could be Ulster Bank and KBC customers looking to sign up with a new bank.
I was going to use my N26 account but they don’t offer a joint account and need a savings account so was considering AIB. Fees shouldn’t be too bad as it’ll be mostly used for our wages coming in and direct debits going out. Day to day spending is done with Revolut.
Nothing to stop you getting AIP from another lender. The purchase process will take some time. When I bought I used AIP from one bank but eventually went with another lender.
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