KBC Deposit Account closure

Ryan

Registered User
Messages
162
Have any KBC customers started closing Savings Accounts yet?
I have €38k in a regular Saver Account and €18k in an investment Fund which I need to close as a more immediate priority but I don’t know where to go, interested to see what KBC savers are doing
 

Up Rovers

Registered User
Messages
208
Phoned them recently and they confirmed that to close the account you will need to write a letter confirming your intentions. One letter will suffice for both accounts. Might be best to give them a call at 1800 939 244 maybe early in the morning as they, like a lot of other companies may be working from home and this can slow things down.

Don't think it will be quite as easy as Bank of Ireland taking over the accounts automatically as I.D. and proof of residency will be required.

With Bank of Ireland and AIB talking about negative interest rates An Post might be a better option with savings certificates or bonds. At least that way you would get something back as compared to possibly paying for them to mind your money some time in the future.
 

Up Rovers

Registered User
Messages
208
Do you have millions on deposit?

Definitely not but AIB kept their options open when they wrote to their customers recently

'We continue to safeguard the vast majority of our customers from the impact of negative interest rates. While we do not intend to apply negative interest on all of our personal customers' accounts, we may apply negative interest to personal customers' accounts with total balances over €1 million. If you are a personal customer and we do decide to do this or should that €1 million amount change, then we will write to you in advance and let you know what options are available to you'
 

Brendan Burgess

Founder
Messages
45,209
€18k in an investment Fund
The fund is closing to new subscriptions in the next few months and I think it will crash when that happens so I want out

Which fund is it?

I don't see why it would crash when it's closed.

There are many closed funds out there.

But if you are worried, then you are right to cash out.

Check if there are early exit fees which might be waived when the fund is closed.

Brendan
 
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