How to close a KBC Smart Access Demand Account

[weyland]

I decided to start the process of closing my KBC Smart Access Demand Account by transferring the balance out to a different bank account but when I try I get the error "Payments to beneficiaries cannot be made from deposit accounts". I don't have a KBC current account (apparently I didn't need one back in the day to open this account and transfer funds in). Is that atypical? And do I need to now open a current account with KBC in order to transfer my funds out. I'll contact KBC of course but wondering if anyone here is in the same situation and has found an easy solution.

I'm assuming the Smart Access Demand Account isn't going to be transferred anywhere else as part of the KBC withdrawal, corrections on that welcome if I'm mistaken.

Thanks

 

[Paul F]

@weyland A long time ago I had a savings account with KBC but no current account with them.

I had to post them a signed letter requesting the balance (plus any accrued interest less DIRT) be transferred to my current account in another Irish bank and the account closed. I quoted the IBANs of both the KBC savings account and the current account.

I also requested a final statement be posted to me.

I got a phonecall from them when they received the letter asking me to confirm the actions.

 

[weyland]

@weyland
I had to post them a signed letter requesting the balance (plus any accrued interest less DIRT) be transferred to my current account in another Irish bank and the account closed. I quoted the IBANs of both the KBC savings account and the current account.

Thanks @Paul F - I guess that's my Plan B if they don't enable online transfers (you'd imagine that would be easier for them but maybe there are security concerns).

 

[Adelie]

I did exactly what @Paul F did (except forgot to sign it and had to send in another letter )

They have a free post address.

 

[Up Rovers]

Rang KBC recently and was told to close account by sending letter with IBAN account details and savings account details.

In this day and age with so many scams taking place I find it a very old fashioned approach. I know its a bit far fetched but if those details get into the wrong hands heavens knows where the funds could be redirected to. Going to ring them again and discuss. It ranges between €8.00 to €12.00 for registered post.

 

[Paul F]

I know its a bit far fetched but if those details get into the wrong hands heavens knows where the funds could be redirected to.

That's a good point. Even when KBC called me up to confirm that I wanted to transfer the balance, I don't think they confirmed the IBAN of the destination account, so there was a (theoretical) opportunity for a scammer to intercept the letter and modify the IBAN.

You could put a line in the lender that tells them not to transfer the money until they have phoned you to confirm it. And don't include your phone number in the letter – make them look it up in their system And when they call, get them to read back the destination IBAN to you.

Can a bank like KBC see the name associated with an IBAN of an account held in another Irish bank, I wonder?

 

[weyland]

Thanks all and yes, KBC confirmed that sending them a letter is the recommended process here

In order to process the transfer of a lump sum payment we require a signed written instruction quoting the account number, withdrawal request and beneficiary details. You can post it directly to our head office address is KBC Sandwith Street Upper, Dublin, D02 X489. It is free post to head office. Or of course you can drop it into your local KBC hub. The transfer will take approx 3-5 business days to be actioned once the form is received.

 

[FintanJ]

I have a very small amount in a savings account with kbc. It is crazy than I can’t transfer amount to my current account which is with another bank. What’s the difference between me transferring funds out versus someone with a kbc current account transferring funds out?

Same online banking platform.

Back in years of financial crises, kbc ireland plc really struggled to hold deposits and fund Irish business. They ended up opening a branch of kbc NV (parent company) in Dublin which had higher credit rating to get corporate deposits and fund Irish loan book.