KBC exiting Ireland

cython · 25-07-2022 02:24PM

https://www.boards.ie/discussion/comment/119385008#Comment_119385008

Hmm, by that logic my own was probably out on Thursday (issued the 8th, and I was counting to the 22nd, but 10 days inclusive of the date of issue would be the 23rd?), and the staff member with whom I was confirming all of this with agreed with me on the phone that based on the dates I had until close of business on the 22nd. I'll have to wait and see what comes of it at this point I suppose, as it will take time to get any confirmation either way with the backlog of similar requests.

Wheety · 25-07-2022 02:29PM

I sent mine off and there wasn't much time either. I hope it got to them on time. Do they send a letter to confirm your rate change back to variable?

Sarn · 25-07-2022 06:13PM

They’re supposed to send a letter confirming the rate change.

I sent mine in on the 17th June and still haven’t received written confirmation yet. I spoke to them last week and was told it’s all done. Took a month for the break and new rate to be processed.

macvin · 25-07-2022 08:11PM

https://www.boards.ie/discussion/comment/119385008#Comment_119385008

Break fee won't change as cost of funds rate is not going to be dropping anytime soon and that's key element of a a break fee.

Its unusual - but you can thank Avant & Finance Ireland for bring in stiff competition and fixed rates becoming lower whilst cost of funds rates increased.

youcancallmeal · 26-07-2022 07:57AM

https://www.boards.ie/discussion/comment/119386664#Comment_119386664

Probably only a matter of time until Avant are absorbed by AIB or BOI. I've fixed now for 5 years with KBC and fearful that the options in 5 years time will be poor

L1011 · 26-07-2022 07:59AM

https://www.boards.ie/discussion/comment/119387802#Comment_119387802

I don't think that would pass any competition rules. Avant is a trading name of a large Spanish bank and I wouldn't be surprised if they end up doing everything except current accounts here. Albeit foreign banks doing savings hasn't often worked out either (Rabo, Nationwide UK, another UK building society with a small presence left in recent years)

Jim2007 · 26-07-2022 01:14PM

https://www.boards.ie/discussion/comment/119387802#Comment_119387802

Only time will tell, we are just at the start of a consolidation period in financial services in the EU, so we will just have to wait and see how that works out. The consciences seems to be that there will be about 8 major banking groups and less that twenty regional banking groups in the EU when the dust settles, how that filters down to the small markets like Ireland is anyone's guess.

raxy · 16-08-2022 11:08AM

Has anyone completed a switch from kbc yet? I moved to Avant & kbc confirmed the old mortgage was paid off on the 20th July to my solicitor but I haven't heard from kbc.

When paying off the solicitor used an old figure so we are probably owed 2.5k back.

I rang the the week before last & was told they take 10 days but then they said 10 days was up the week before. Its been another week & a half & still nothing.

Anyone who's switched, how long did kbc take to contact you & issue any refunds?

smokie72 · 16-08-2022 07:05PM

https://www.boards.ie/discussion/comment/119480005#Comment_119480005

I switched to Finance Ireland from KBC. Old Mortgage was paid off 5 weeks ago. Solicitor overpayed it slightly just to cover any extra interest accured since KBC were slow in telling him the amount left on the loan. I had to ring them and get a figure he could work with. I got the amount owed by KBC after the loan was paid off transferred into my account today. Hope this helps

raxy · 16-08-2022 09:34PM

https://www.boards.ie/discussion/comment/119482273#Comment_119482273

Yes thanks, probably another couple of weeks then for us. I hope they're adding interest to the balance while they're holding onto it.

walterking · 19-08-2022 12:19AM

https://www.boards.ie/discussion/comment/119482916#Comment_119482916

The ecb deposit rate is zero. (Was -0.5%)

gar · 22-08-2022 10:04PM

Month since new LTV application sent and received and no word back other than to say it's in the queue

techdiver · 07-09-2022 11:12AM

https://www.boards.ie/discussion/comment/119508015#Comment_119508015

I sent one in too. I'm looking to fix long term. What happens if rates go up before they process these applications? The fixed rate on the application is what I have applied for. I would like to think they would honour the rates at the time of application as they are the bottleneck.

youcancallmeal · 07-09-2022 12:33PM

https://www.boards.ie/discussion/comment/119508015#Comment_119508015

I applied for new LTV in early June and it only went through for our 1st Sept payment. I rang them after it didn't show up in our 1st Aug payment and they said they have a backlog so there is a delay but they will be honouring the rate you applied for on the date they received it

techdiver · 07-09-2022 12:52PM

https://www.boards.ie/discussion/comment/119583836#Comment_119583836

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

JoeSexton · 09-09-2022 02:36PM

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...

walterking · 09-09-2022 05:00PM

https://www.boards.ie/discussion/comment/119595619#Comment_119595619

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

Daith · 09-09-2022 05:46PM

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.

christy c · 09-09-2022 06:21PM

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

OfflerCrocGod · 09-09-2022 08:27PM

Yep we received ours a few days ago.

DaveyDave · 10-09-2022 12:48AM

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!

gar · 11-09-2022 10:15PM

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.

L1011 · 11-09-2022 10:36PM

https://www.boards.ie/discussion/comment/119605431#Comment_119605431

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.

JoeSexton · 12-09-2022 10:14AM

https://www.boards.ie/discussion/comment/119596299#Comment_119596299

Thanks for that, really appreciate it.

techdiver · 13-09-2022 12:25PM

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.

Fishy1 · 13-09-2022 03:04PM

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.

retalivity · 13-09-2022 03:18PM

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?

Quin_Dub · 13-09-2022 03:21PM

https://www.boards.ie/discussion/comment/119612732#Comment_119612732

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

L1011 · 13-09-2022 04:53PM

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.

ngunners · 21-09-2022 06:27PM

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.

KBC exiting Ireland

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