SIXTY PER CENT of Ulster Bank and KBC customers have reported “challenges” when switching providers.
Both banks are withdrawing from the Irish market and new CCPC research has found that just over half (52%) of consumers who have their main account with Ulster Bank or KBC have opened a new account.
But the majority of those who have already switched banks, or have started looking at other banks, have reported issues with the process.
60% of consumers have reported challenges when switching.
Transferring direct debits and payments continues to be the most significant issue, with 29% reporting difficulties.
A further 10% reported difficulties in accessing in-person support, while 11% said the switching process “take a lot of time/hassle” and 6% find the “process is too difficult”.
Last month, Banking & Payments Federation Ireland (BPFI) announced that all five retail banks have put dedicated phonelines in place for affected customers.
Meanwhile, the new research from the Competition and Consumer Protection Commission has found that only 24% would consider switching to an online-only provider.
Of those who have already made the switch, the availability of a local branch was the main motivating factor for choosing their new provider, at 28%.
Having a previous, or existing, relationship with the bank was also an important factor, with 26% noting this as an important factor.
CCPC Commission Member Kevin O’Brien has “strongly encouraged” consumers to complete the process “as soon as possible so they don’t experience any banking issues over the Christmas period”.
He added: “Ulster Bank has indicated they will start freezing certain accounts in the coming weeks so consumers could lose access to their money if they haven’t completed their switch.”
O’Brien noted that information on how to transfer payments and compare current account options can be found on the CCPC website.
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