MORE THAN AN eighth of Ulster Bank and KBC customers are yet to open a new account elsewhere.

According to a survey by the Banking & Payments Federation Ireland (BPFI), a further 68% of remaining customers have either opened a new account or plan to use an existing account in another institution. 

An additional 17% planning to close their account without replacing it.  

The survey shows a significant fall in the proportion of customers who were using their current account for certain regular payments between November and December. 

While 12% of people who had a current account still using that account to receive social welfare income payments in December, this was down from 24% a month earlier.

Similarly, the proportion making mobile phone or home phone/broadband direct debit payments from an exiting bank account fell from about 30% in November to 20% in December.

Brian Hayes, chief executive of BPFI said the findings demonstrate the work done by the industry to migrate hundreds of thousands of customer accounts.

“And while we have now reached a point where just 13% report they still need to open an account, it is important to recognise that there is still a job of work to be done in getting this group of customers across the line.

“Significant customer outreach to these customers has been underway for some time by the exiting banks and today we are strongly urging all customers who need to open a new account to do so as soon as possible by engaging with a new provider to establish new banking arrangements.”

Hayes said further support and information are available, with dedicated phonelines set up to help vulnerable customers, and financial institutions in addition to BPFI’s site movingaccount.ie and through the Competition and Consumer Protection Commission at cpcc.ie.