Customer of a UK bank? Time to get ready for no-deal
If UK crashes out of EU some banking services could be withdrawn from Irish-based customers
As the UK faces some crunch decisions on the future of its relationship with the EU, Irish customers of UK banks are being urged to prepare for a no-deal outcome. Photograph: Neil Hall/EPA
Irish based customers of UK banks are being warned to make sure that they are well informed about the potential fall-out from a no-deal Brexit on their personal banking services. Some services could be withdrawn from Irish based customers should the UK crash out of the European Union.
The Banking & Payments Federation Ireland (BPFI) want such customers of UK-based banks to contact their bank directly, as soon as possible, if they have have not already heard from them.
“Much uncertainty remains around Brexit as to what exactly will happen next. Customers here of UK-based banks should be able to remove some of the uncertainty around their future banking services by contacting their bank. Our strong advice to those customers is: if you have not already heard from your UK bank, make contact as soon as possible and get clear answers to any questions you have about the banking services you currently use,” said Brian Hayes, chief executive of the BPFI.
With the shape of the UK’s departure from the EU on October 31st still so uncertain, the BPFI is warning that some Irish based customers of UK banks “could experience disruption to their banking service; or potentially could see that service withdrawn”.
This could arise as a result of differing legislative and/or regulatory provisions applying in the UK and elsewhere in the EU. The BPFI says the following types of customers could be most impacted:
- An Irish resident with a mortgage on a UK property from a UK Bank; for example someone who has moved back to Ireland after living in the UK
- An Irish resident with a mortgage from a UK Bank on an investment property in the UK; for example someone who invested in UK property and got a loan from a UK Bank to finance this investment.
- Irish resident with a credit card from a UK bank
- Irish resident with a current account with a UK bank