KPC and Ulster Bank have urged customers to set up new bank accounts ahead of their imminent closures.
Both banks have announced their phased withdrawal from Ireland and began limiting operations in 2022. Most of KPCs banking hubs will shut this March, while Ulster Bank expects to cease all transactions at the end of the same month.
A survey carried out by the Banking and Payments Federation Ireland showed that 68% of people had already made the switch to another bank, while an additional 17 % planned to close their account without replacing it. Activity levels for exiting banks have also drastically fallen in recent months.
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However, experts say that significant work remains in getting remaining customers "over the line" in closing their accounts. They appeal to people to act promptly before they are unable to access their funds.
Chief Executive of BFPI Brian Hayes said: "“And while we have now reached a point where just 13%, or one in ten customers, 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."
He added: "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."
The closures accelerated last week following after Ulster Bank shut 12 branches at the beginning of January, including ones in Rathmines, Swords and Lucan. An additional 13 were then shut on January 13.
The phased exits have come as a blow to many customers. Ulster Bank is considered one of Ireland's leading banks, with a 180 year history in Ireland and over a million customers prior to their announcement. Meanwhile, KPC held over 130,000 current accounts across the country as of June last year.
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