NEW DEDICATED PHONELINES have been set up to help vulnerable customers switch bank accounts following Ulster Bank and KBC’s exit from the Irish market.
Banking & Payments Federation Ireland (BPFI) today announced that all five retail banks have put dedicated phonelines in place for affected customers.
The Competition and Consumer Protection Commission (CCPC) recently found that under half of customers have moved from Ulster Bank and KBC ahead of their closures.
BPFI has also launched a new guide aimed a vulnerable customers, and those caring for them in a personal or private capacity, who are in the process of moving to a new financial services provider.
Louise O’Mahony, Head of Sustainable Banking at BPFI, said: “BPFI and its member banks are “acutely aware that moving bank can be a daunting experience, particularly for customers who may be in vulnerable circumstances.”
She noted that there are many reasons why a customer may need additional support during this process, including those with mobility issues, customers with accessibility needs due to hearing loss, or customers who need additional support due to diminished cognitive ability.
O’Mahony added: “Indeed, in many cases it may be a trusted family member, a carer, or a legal representative acting on behalf of the customer who needs help during the account moving process.”
“Frontline staff – online, on the phone, or in the branch – are trained to help and we are encouraging all those customers who feel they need additional support to contact their new provider on their dedicated phoneline,” said O’Mahony.
The announcement comes as new BPFI figures show account openings increased in August, with 70,000 personal current accounts (PCAs) opened in the four weeks ending 2 September.
It brings to 434,000 the number of PCAs opened in the year to date, which averages 12,400 a week.
A copy of the new guide can be found here.
The dedicated vulnerable customer phonelines for those who need additional support moving accounts can also be found below:
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