Fewer than half of Ulster and KBC customers have switched accounts

Ulster Bank has been contacting customers and plans to finish the process of closing all customer accounts in the first quarter of 2023. 

Fewer than half of Ulster Bank and KBC customers have opened accounts with different banks, while one in five has not taken any action at all to switch, despite the impending departure of both from the Irish market.

Consumers have been warned that switching over all their direct debits will be among the biggest challenges they face when trying to open a new account, with a significant risk of missing essential payments such as a mortgage, rent, or utilities if this work isn’t done on time.