The big switch: As hundreds of thousands move their bank accounts, just what could go wrong?

With KBC and Ulster Bank leaving the Irish market, their customers are in the process of switching accounts to other banks which are advertising for their business. But plenty of pitfalls lie in wait for the unwary

Some 770,000 current and deposit accounts across KBC’s Irish operations and Ulster Bank are being dispersed across AIB, Bank of Ireland and PTSB, as well as to credit unions, An Post and digital challengers such as Revolut and N26. Picture: Fergal Phillips

Eamonn Crowley, the chief executive of Permanent TSB, wasn’t worried when he was asked last December if the coming year would bring chaos to his doorstep.

The potential upheaval he was being asked to consider related to the transfer of hundreds of thousands of KBC and Ulster Bank customer accounts from those lenders leaving the market, to the country’s remaining banks.

“Our message is that we’re open for business whenever it’s convenient for them to ...