Ulster Bank and KBC Exit – new support portal for small businesses
The Banking & Payments Federation Ireland (BPFI) have recently launched a public information and awareness campaign aimed at providing comprehensive step-by-step advice and practical tools to personal and business bank customers who need to move their bank accounts as KBC and Ulster Bank exit from the Irish market. At the centre of the campaign launch is the website movingaccount.ie on which consumers and businesses can find in-depth information and advice including a step-by-step guide on how to move or switch an account and how to manage other services such as direct debits, standing orders, overdrafts and card payments. The site also contains a section for those who may be providing assistance to customers in vulnerable circumstances, a section on basic bank accounts, information on fraud awareness and prevention as well as links to external resources where customers can access further assistance.
Businesses have two options when switching business accounts to another provider:
Option 1: Open a new account with a new provider and manually arrange the transfer all payments.
Option 2: Open a new account with a new provider and use the ‘Switching Code’ process to transfer payments and account balance. The Switching Code is designed to make the process of switching quicker and easier, by enabling the switching of account balances (where the existing account is being closed), standing orders and Direct debits. Using the Switching Code option is open to certain businesses but not all - Access the Switching Guide below.
Whichever of the above businesses choose, the first step is to arrange to open a new business account with a new provider, complete the account opening forms and provide all the required documentation.
It is very important for businesses to firstly review the type of banking facilities their businesses currently holds and what they may require from a new provider. For some businesses, the needs may be a straightforward account with an online business banking capability and perhaps a deposit account. Many more businesses will require cash management facilities or payment facilities such as payroll. For others who are importing/exporting you may need trade finance products, Foreign Exchange Risk Management products or Interest Rate Risk Management products.
If businesses have credit facilities such as an Overdraft, Loan, Leasing, Invoice Discounting etc. they will need to engage with you’re their chosen provider to discuss arranging new credit facilities. CREDIT FACILITIES WILL NOT AUTOMATICALLY TRANSFER TO A NEW PROVIDER. Businesses will need to discuss what credit facilities they need with their new provider. This will involve making a credit application for the credit facilities needed.
The Switching Guide for businesses can be accessed here.