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26 May 2022

KBC Extension of Notice Period must be followed up – Donegal TD

Necessary resources required to ensure successful outcome for customers

KBC Extension of Notice Period must be followed up  – Donegal TD

Ireland's Central Bank

Donegal TD, Pearse Doherty has welcomed the decision by KBC to extend its notice period for customers to close their current accounts from 90 days to six months.

The Sinn Féin spokesperson on Finance has called on the bank and all receiving banks to ensure there is adequate staffing, time and resources to ensure a good outcome for customers.

Deputy Doherty said:

“I welcome the decision by KBC to extend its notice period for customers to close their current accounts to six months.

“The 90-day timeframe first set by KBC was not practical but in fact a recipe for disaster.

“While the extension announced today is welcome, much more needs to be done to ensure customers have the time and access to services required to close their accounts and open new accounts with receiving banks.

“This impacts more than 130,000 KBC current accounts.

“The Central Bank has made clear that exiting and remaining banks are not prepared for the largest ever migration of customers.

“They have a duty to ensure that customers’ needs are met – that is not happening at present.

“As we enter the holiday season over the coming months, and with waiting times for appointments often taking months, there is a high risk that customers' needs will not be met in this tight timeframe.

“Exiting and remaining banks must ensure that the necessary time and resources are dedicated to this change.”

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