Is your bank leaving you?

– It’s time to do something

Ulster Bank and KBC are leaving the Irish market. Are you a customer of one of these banks? Do you pay your insurance or pension policy by direct debit?

If the answer to both of these questions is yes, you will need to update your details to ensure that your policy continues uninterrupted. This is a two-step process:

  1. Firstly, you will need to open a new bank account. The Banking and Payments Federation of Ireland has a useful guide explaining how to do this here.

  2. Secondly, you will need to update your direct debit details with your insurer, pension provider or broker.

Update your details to ensure that your policy continues uninterrupted.

Insurance Ireland members are here to help.

They have been working hard to identify affected customers and getting in touch to talk them through the process.

Each member has put in place a set of measures to make the process as easy as possible for you. While measures vary from provider to provider, examples include phone calls, web portals, emails, direct mail, helplines and a focus on vulnerable consumers.

If you have not yet spoken to your provider, they are ready to hear from you. Please get in touch to ensure there is no disruption to your policy.

If you have a vulnerable friend, family member or neighbour, please urge them to do the same.

In the meantime, our members will continue to make every effort to contact affected customers including those who are more vulnerable.

When you are updating your details, be aware of the dates of any direct debit payments.

When your provider receives your new details, they will update your payment information.

It can take up to 14 days for these changes to be processed, however, so if the next payment is due within that period, it may still be taken from your Ulster Bank or KBC account.

It is important to flag any timing issue with your provider to make sure everything continues to run smoothly.

It can take up to 14 days for changes to be processed.

Insurance Ireland members are doing everything possible to ensure that policies continue uninterrupted.

Where a direct debit is returned unpaid, members will take a reasonable and proportionate approach. They want to work with you to ensure that your service continues as normal.

If you discover your policy has unintentionally lapsed, please contact your provider immediately. They are ready to engage.

Where a customer does not respond, while providers will make every effort to engage, there will come a point where a policy could lapse.

If a policy lapses, customers are at risk of losing cover, so it is important to act now so you don’t miss out.

There are many potential impacts of lapsed policies, for example:

  • Motor insurance is a legal requirement in order to be able to drive.

  • Lapsed home insurance could have financial implications in the event of a fire or storm.

  • If your health policy lapses, you could lose benefits built up over time, for example, cover for pre-existing conditions.

  • Life insurance policies are dependent on health at the time of underwriting. As you get older your risk increases, so if you need to take out a new policy as a result of unpaid premiums, it could be more expensive.

  • A missed payment to your pension provider could be very inconvenient for you.

Our members will continue to play their part in ensuring that policies are not interrupted.

Other Resources

Most providers have information on their respective websites.

As above, the Banking and Payments Federation of Ireland has published information here.

The Central Bank of Ireland has a comprehensive FAQ that provides advice for Ulster Bank and KBC customers who need to switch to a new banking provider.

You can also visit the website of the Competition and Consumer Protection Commission.

Further information is available from Ulster Bank and KBC Customer Support.