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Seanad
‹ An tOrd Gnó - Order of Business

Bank account freezes

Summary

Senator Byrne raised alarm about Ulster Bank and KBC freezing accounts as they exit Ireland, warning that customers with standing orders and benefit payments could be left unable to access money.

I raise the issue of the withdrawal of Ulster Bank and KBC Bank from Ireland. I recently received a letter from them, not only as a customer but as a member of the Committee on Finance, Public Expenditure and Reform, and Taoiseach, that they are beginning to freeze accounts, starting this Friday. It is an alarming wake-up call to people who have not engaged with the bank to close their accounts because many people have standing orders, be it for their pensions or a social welfare payment. It is worrying if people have their accounts frozen this coming Friday and then discover they cannot get access to them. There needs to be an intervention and banks need to be a bit more lenient. Some people did not understand how worrying this revelation would be and what a detrimental effect it would have on people's lives. Any intervention the Leader's office can make would be appreciated.

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