KBC Enter Current Account Market (Details Revealed)

KBC have set up a teaser page on their new current account product h[broken link removed].
 
Yeah, I would guess we will see launch in coming weeks.

Judging by other comments, it looks like the KBC current account product will not be a market-leading package, it will not price match or beat PTSB. If that is the case, there will be no much to look forward to, for the switchers out there, with this pending launch.
 
I contacted them this morning. They couldn't give me any details in relation to fees. All they could say was that they were launching it at the start of September and that near the end of August they would contact any people who had registered an interest.
 
How do they expect to get any customers if they aren't going to at least get close to PTSB. People aren't moving as it is.
 
Connard said:
How do they expect to get any customers if they aren't going to at least get close to PTSB. People aren't moving as it is.
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Dont bank on PTSB being free for ever. The cost of running a full banking service for retail customers is enormous, not charging a fee for the service, whilst popular is not sustainable. Don't forget, the only bank offering "free banking" is the one bank that is on life support awaiting its fate from the ECB is it is to remain in its current format. What better way to bump up your customer numbers then offer free banking and try to connivence the powers at be your are relevant in your market.

Its not a case of "how can they charge me for getting my money"....but running an ATM network, account opening process, anti-money laundering, fraud, monitoring, central bank requirements are just a few that are massive burdens in terms of cost.

Honestly I think they are better off not offering free banking because if they are middle of the road they will attract some customers, granted not loads. Not connected to them and i wont be switching as Im very happy with my current bank
 
Connard said:
How do they expect to get any customers if they aren't going to at least get close to PTSB. People aren't moving as it is.
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Depends. We don't know the full options yet: they could be planning a low annual, all inclusive fee vs free over a certain criteria type of product..until we know full details, it's a bit soon to make assumptions.
 
Hmmm, the bank can make money in other ways of course. They have the use of your money for a start, but added to that banks can make money from such things as order statements, overdrafts etc. while maintaining a free basic service (free transactions and direct debits).

I think the days or retail banking are generally numbered any way to be honest. In the future you just won't need a physical presence to be able to bank as we move (inevitably IMO) to a cashless society.

Your money is already just some bytes in some computer, so the next logical step is to eliminate the middleman (cash) and allow those bytes to be transferred to others as easily as cash. This is happening right now. There's already paypal & co. and nowadays you even have low cost payment terminals that interface to your smart phone.

As soon as cash itself disappears, the need for a physical bank goes with it as you can do all your banking from the comfort of your home/business.

Online only banks are the future IMO. Even now MOST private customers and indeed business customers who don't handle cash could switch to an online only bank (I do all my day to day banking with such a bank) and feel no loss of service, indeed I get emails answered within 5 mins most times and not with some "fob you off" answer.
 
i can't wait for their current account to launch. i am guessing it will be online only just like danske. i have registered my interest so as soon as i hear from them i will post all the details.
 
i can't wait to get my kbc current account. i haven't had a call yet. have you? has anyone?
 
My understanding is it's due to launch in 2nd September. It will take on BOI etc. cheaper fees, but will need 2000 in account to avoid atm charges etc. Sounds like a good deal though. I'll be looking to move from BOI if it is anyway reasonable.
 
Alex said:
i can't wait to get my kbc current account. i haven't had a call yet. have you? has anyone?
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Launch date is early September 2013. Therefore, I doubt anyone has heard from KBC yet.

Why are you eager to get a KBC account? Would the PTSB offering not suit you?
 
rf1980 said:
cheaper fees, but will need 2000 in account to avoid atm charges etc.
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Cheaper than who exactly?

If true, it sounds like a worse deal than PTSB currently offer.

Can't see many people flocking to an offering that does not at least price match PTSB.
 
Im actually using the PTSB service at the moment, having switched from UB for my current account. Have to say Im less than happy with PTSB. The switch was a complete disaster - basically they didnt switch all my DD's and ended up doing the whole lot myself.
Salary wise - when my employer booked and approved the payroll payments (Citibank is employers bank) at least 3 days in advance, the money used to appear in Ulster bank within 24 hours of payment processing date.
PTSB is far slower and actually takes at least 3 days to get there. (which to be fair they do advise) Ill be really interested to see how KBC offer comes in. At the moment debating going back to UB, but holding off till I try KBC assuming they launch in the next few weeks.
 
I have the details.

Quarterly fee: 6.00 EUR
ATM fee: 30 cent per transaction.
Debit card fee: Free.
Cheque fee: 30 cent per transaction.

ATM and Cheque Processing Fees are waived if customers maintain a minimum daily credit balance of €2,000 in their account.

Some exclusives, for current account customers, like preferential term deposit rates. More to follow on that.

Overall, PTSB have a far better offering than the KBC offering.
 
Yeah, big let down, very surprising that they are not price matching PTSB. The Belgians clearly did not want their Irish wing giving away free banking.

The preferential rates are with a product called the 'KBC Instant Interest Fixed Term Account'. Is this a replacement for the 'KBC Interest UpFront' product? or a brand new product? No word on the rates for the 'KBC Instant Interest Fixed Term Account'. There should be more details tomorrow.
 
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