KBC Bank Ireland has extended the notice period that customers receive to close their current accounts to six months as the bank seeks to exit the Irish market.
Previously, it had said it would give customers 90 days to switch. The bank will begin writing to customers in June, with letters issued to customers on a rolling basis over the rest of the year and into 2023.
“We understand that changing banks involves significant time and effort on behalf of customers and it is our intention to support them throughout that process,” KBC said in a statement.
“We are also fully aware of the apprehension around the volume of customers that will be seeking to open new current accounts and the challenge to the market that presents. It is our determination to meet our responsibilities and to minimise to the greatest extent possible, the inconvenience caused to our customers.”
KBC Bank has about 130,000 current accounts in Ireland that are either active or have a balance, with the bank estimating 52,000 of those customers are expected to need to open a new account or move to a new provider.
KBC is selling its loan book to Bank of Ireland, but its current accounts are not included as part of the deal.
Earlier this week banks were told they must do more to facilitate customers who are being forced to move their accounts. The Central Bank has summoned leaders of the remaining retail banks in the Irish market to a round table meeting, which will take place on May 17th.