Customers of KBC and Ulster Bank are being urged to move their direct debits to their new providers as around 70% of switchers have forgotten to make the necessary changes.
Thousands of people have switched from the two providers in light of their impending exit from the Irish market, however, just 30% of those who have remembered transferred their direct debits.
Figures recently published by the Central Bank also showed that just a quarter of Ulster Bank and KBC accounts have been closed since the beginning of 2022 despite ongoing warnings from both.
READ MORE: Almost 300,000 new current accounts opened this year
Ulster Bank plans to cease all transactions with Irish customers by the end of March 2023 and has been writing to customers for months asking them to close and sort their affairs entirely.
Meanwhile, KBC will also shut most of its 'hubs' by March 2023 but will continue to operate out of its branch in Grand Canal Dock until next August to allow for a small number of customers to attend in-person to close their accounts.
According to new figures published by the Banking and Payments Federation of Ireland, thousands have left direct debits in place with KBC and Ulster Bank and are, therefore, reminding customers that opening a new account is just one step in the process and that they need to follow through by transferring all active monthly and annual payments.
Brian Hayes, Chief Executive of BPFI told RTE’s Morning Ireland: "There is still a journey to be travelled and further action is required by both customers and the wider industry in this regard," said Brian Hayes.
Mr. Hayes said he would advise all customers to make a list of their active direct debits if they have not already done so.
"Work through this list to update all your providers with your new account details - be it your utility company, phone or broadband provider, your insurance provider, or the Revenue Commissioners," he advised.
"Around €160 billion worth of direct debits go through Irish bank accounts on a yearly basis, so it is a very popular way for people to pay for their bills on a monthly basis," he said.
Mr. Hayes also reminded customers to also make sure their employers or social welfare offices - any form of income - have their new account details.
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