, on the need to have arrangements in place to deal with swathes of customer bank account changes.
The CCPC warns that direct debits can take up to 14 days to process. “Even after you’ve updated your details, some payments may still come from your old account. If a payment is returned unpaid, you may have to pay a late payment fee and it could impact your credit rating if this is a loan payment,” it said. “To ensure all payments go through, be sure to keep money in both your new and old accounts until you’ve verified all payments are going through into and out of your new current account.
When she recently went about buying a sofa through a hire purchase agreement, the retailer refused to facilitate her N26 account. Customers with overdrafts from the exiting banks will be expected to repay what they owe. While there is a chance that some Ulster Bank facilities could be turned into term loans, depending on a borrower’s circumstance, it’s not clear yet where such loans might end up as the bank exits the market.
People looking to set up new accounts also need to be aware of ongoing charges involved. Price comparison websites such as Bonkers.ie and Switcher.ie are a good place for consumers to start to check out their options., Bank of Ireland and credit unions charge, for example, monthly maintenance fees of between €4 and €6 and varying overdraft arrangement and ATM withdrawal charges. While N26 and Revolut don’t charge monthly on payment accounts, they have no physical branches.
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