KBC updated T&Cs

M

Mikefromcork

Registered User
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Hi All
I recently received an email from KBC to say they are updating their T&C for personal banking. Just wondering is there any big changes for an extra current account holder, credit card user and extra regular saver. One change I spotted is.

In addition if you fail to lodge the monthly amount of €2,000 to your Extra Current Account on more than one occasion you will lose the benefits
of any optional extras which you have availed of in conjunction with your Extra Current Account.
Should you recommence making the minimum lodgement of €2,000 every month you will be re-eligible for the benefits set out in clause 48.3.2 above from the beginning of the next quarter. You may however not
be entitled to the reinstatement of any optional extras which you have availed of in conjunction with your Extra Current Account.
best wishes
Michael
 
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Michael, I had a cursory glance through them. It's certainly not clear what exactly is changing without lining up each change against the existing terms. They're making changes to a document that very few people read in the first place!

From a quick review, it would appear that the changes seem to be mainly related to:
- Changing residency for all accounts eligibility from EU to Ireland only.
- Changes required for Strong Customer Authentication, and transaction validation, particularly for "card not present" transactions. Applies to both current account and Credit Card.
- Changes to allow for your card (both debit & credit) to be used as digital cards
- Tightening up of the language around losing optional benefits if you fail to make the required month lodgement to your Extra Current Account, and your extra saver account becoming a normal one for example. (You've spotted this one)
- A lot of wording changes for products which are no longer available to open.
- There are some changes to the procedures around new account opening and AML checks
 
Does KBC have a legal obligation to show more clearly the differences in the T&C's? e.g. by comparing them to the existing T&Cs ?
 
MidlifeCrisis said:
Does KBC have a legal obligation to show more clearly the differences in the T&C's? e.g. by comparing them to the existing T&Cs ?
Click to expand...
I can't think of anything off the top of my head that would require more than they've done. They've listed the specific paragraphs being changed / inserted, and the full new terms and conditions.
 
I just got their email with the new T&Cs attached. Nine pages of dense print stating the new conditions without comparing them to the old ones and without summary of the actual changes. Strange that the Central Bank tolerates this as it's manifestly useless.
 
I also found their summary of changes pretty unhelpful.

I was surprised there was no new wording to explicitly allow for negative interest rates in future, but perhaps that's not necessary, or is already covered elsewhere.
 
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