Small and medium-sized firms that are customers of Ulster Bank and KBC Bank Ireland are being urged to take action on moving bank accounts, after Central Bank figures last week showed that 80 per cent of business current accounts in both banks at the start of the year remained open at the end of October.
The number of SME and other non-household current accounts fell just 20 per cent to 51,542 across the two exiting banks. Meanwhile, within the total, the number of main business accounts declined by only 20 per cent to 23,011 between July and October. “Today we are urging businesses who have yet to take action to do so as soon as possible and engage with their new banking provider, particularly given the account transfer process can be a longer and more complex process for business customers than it is for personal customers,” said Banking & Payments Federation Ireland chief executive Brian Hayes.