Is the Central Bank’s switching code working? - Morning Ireland

Image audioIs the Central Bank’s switching code working? - Morning Ireland

KBC and Ulster Bank are sending out closure letters to current account customers ahead of their exit from the Irish market. Customers will have six months to switch to a new bank.

Daragh Cassidy, Head of Communications at bonkers.ie, appeared on Morning Ireland to discuss the Central Bank’s switching code and issues customers are experiencing.

The Central Bank’s switching code

The switching code is not really fit for purpose and many people will be met with significant delays if they’re changing their current account this way. 

We’d recommend that KBC and Ulster Bank customers manually set up their own new account, as soon as possible.

Most providers will allow you to open an account online by yourself. To do this, you’ll need to:

  • Take a selfie
  • Upload a copy of your passport to confirm your identity
  • Upload a utility bill as proof of address

Daragh discussed this topic in more detail in a recent Today FM interview, which you can listen back to here.

Find the best current account for you

If you’re seeking the right current accounts to suit your needs, look no further.

On bonkers.ie, our free comparison service lets you compare account features and charges from Ireland’s main providers.

Once you’ve found the best account for your needs, take a look at our guide on how to switch current accounts

Don’t forget to check out our comparison tools for energy, broadband, insurance, and other banking products, which will help you save money and find the best deals.

Helpful banking articles

For more information to help with your switch, check out the following:

Head over to our blog and guide pages to stay up to date on the latest banking news and top tips.

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