New research shows 60% of KBC and Ulster Bank current account customers have faced challenges switching banks.
The survey by Competition and Consumer Protection Commission also found 1 in 8 customers haven't yet decided on a new bank. This compares to 1 in 4 in who hadn't decided in July.
The most significant issue related to transferring payments, with 29% reporting difficulties moving their direct debits.
The Central Bank of Ireland says "853,521 current and deposit accounts remained open in KBC and Ulster Bank at the end of September."
If you have recently moved current account and receive social welfare payments please update your bank details to avoid any disruption to your payments. The easiest way for you to change your details is at https://t.co/To00WN9xss. pic.twitter.com/pdlAtiLCU5
— KBC Bank Ireland (@AskKBCIreland) August 18, 2022
The consumer watchdog also reports that 52% of current account accounts have opened a new account.
Almost two-thirds of Ulster Bank customers who plan on switching expect to have done so within the next month.
Switching banks can take time so it's important to get the timing right.
For advice and support please visit our Customer Support Hub.https://t.co/YsvJWgOXiG pic.twitter.com/fKQwyP06bG— Ulster Bank (@UlsterBank) October 25, 2022
