KBC and Ulster Bank Withdrawal from Ireland – What do you need to know?
In 2021 Ulster Bank and KBC Bank announced their intention to withdraw from the Irish market. This may leave you wondering what it means for you and your insurance and pensions policies if you are set up to pay by direct debit as an Ulster Bank or KBC customer. In order for your policy to continue, you will need to change your direct debit details with your insurer to your new bank account. If your premiums are not paid, your policy will lapse and you may lose cover.
Many insurance and pension providers have specific webpages and online forms for their affected customers to guide them through the transition of their direct debits, and some have also written to customers to remind them of the need to change direct debit details to avoid losing cover.
The Next Steps
If you are in receipt of a regular payment from a provider (e.g. a pension payment) and this is being paid to your Ulster Bank or KBC account, you will also need to contact that provider and give them your updated bank account information so that payments can continue to be paid.
Once your updated bank account information has been received, your provider will update your policy. It can take up to 14 days for your provider to process your updated bank account information, so if your next payment is due within 14 days of updating your information, payment may be taken from your Ulster Bank or KBC account. It is important to discuss this with your provider when you make contact. In that case, your provider will then use your new bank account information for future payments so there is no interruption to your cover.
If you have not switched your Ulster Bank or KBC account to a new provider yet, we encourage you to visit the Competition and Consumer Protection Commission’s website, where you will find detailed information on how you can complete this process. The Banking and Payments Federation Ireland have a handy checklist and a guide for customers in vulnerable circumstances that you can use to help you make the switch to a new bank.
For further updates and support you can visit Ulster Bank and KBC Customer Support using the below links:
The Central Bank of Ireland also has a comprehensive FAQ that provides further advice for Ulster Bank and KBC customers.
The most important thing is that your cover stays in place, so you should take a look at your provider’s website and make contact with them as soon as possible and follow their advice.
