Hello KBC Customers
Welcome to Bank of Ireland
Hello to all our new loan customers
Welcome to Bank of Ireland, the transfer of the day-to-day management and servicing of KBC loan account(s) to Bank of Ireland completed on 13 February 2023.
At Bank of Ireland, your financial wellbeing is important to us. We’ve got years of experience in serving personal and commercial loan customers and we look forward to supporting you with all of your financial decisions.
Important Information for all Personal Loan Customers
Before the transfer we sent you a communication (Communication 3) with an action to set up a new standing order so you can make repayments to your BOI personal loans account(s). If you used to make your KBC loan repayments by direct debit or standing order and you haven’t already set up a new standing order to replace it, you may have missed a repayment. Failure to make a payment could lead to your account going into arrears and may affect your credit rating.
You can set this up one of two ways, online through your bank’s online banking platform or through a paper form which you can download below.
Standing order request form for personal loan customers
Copies of all Loans communications here:
Personal Loans Frequently Asked Questions:
- When did my personal loan transfer to Bank of Ireland?
Legal ownership of your personal loan account(s) transferred from KBC Bank Ireland plc (KBC) to Bank of Ireland (BOI) on Friday 03 February 2023 (the legal transfer date). The transfer of the day-to-day management and servicing of your personal loan account(s) and balance to BOI completed on 13 February 2023 (the service transfer date).
BOI now manage and service your personal loan account(s).
- Do I need to take any action right now?
If you have not done so already, you will need to complete one or both of the following actions.
- If you repaid your KBC loan(s) by direct debit – When your personal loan transferred to BOI, KBC automatically cancelled your existing direct debit. To replace it, you must set up a standing order to continue repaying your loan(s).
- If you repaid your KBC loan(s) by standing order – You must set up a new standing order using your new BOI loan account details and then cancel your existing standing order with your current account provider.
Please see our FAQ “How do I set up a standing order?” for further details.
Please note: If you have a joint account, only one account holder needs to set up a new standing order.
Warning: IF YOU DON’T SET UP A STANDING ORDER TO REPLACE YOUR EXISTING PAYMENT METHOD, YOU MAY MISS A REPAYMENT. FAILURE TO MAKE A PAYMENT COULD LEAD TO YOUR ACCOUNT GOING INTO ARREARS AND MAY AFFECT YOUR CREDIT RATING.See a copy of our latest communication (communication 3) on these actions below:
- What has stayed the same now that my personal loan account(s) has transferred to BOI?
For all personal loan accounts there are no changes to:
- Your interest rate
- Repayment amount
- Number of repayments
- Loan term
- Your 1% discounted rate
- What are the changes to my loans account(s) after the transfer?
There are several important changes to how we manage and service your personal loan(s) compared to KBC. These changes include:
- How you repay your personal loan(s) to BOI
- How interest is calculated (note that your interest rate has not increase as result of moving to BOI)
- Interest on overdue repayment(s)
- Your personal loan account number(s)
- Accessing your personal loan account(s) online
- How you access your personal loan T&Cs
To see these changes in more detail please check the relevant FAQs below. - Where can I get a copy of the letter and brochure with the changes of my personal loan account(s)?
- Has my personal loan interest rate changed?
No, there is no change to your personal loan interest.
Please note: doing one or more of the following actions could increase the amount of interest you have to pay:
- Missing one or more monthly repayments (see our FAQ “Will BOI’s practice on charging interest on overdue payments be different to KBC’s ? What will happen if I miss a repayment?” for important information on how BOI’s practice for charging interest on arrears will be different to KBC’s)
- Paying your monthly repayment later than the due date (see our FAQ “Will BOI’s practice on charging interest on overdue payments be different to KBC’s ? What will happen if I miss a repayment?” for important information on how BOI’s practice for charging interest on arrears will be different to KBC’s)
- Changing the term (duration) of the personal loan
- Changing your repayment date may sometimes increase the interest you pay
- Are there any changes to the amount of my loan repayments?
No, there are no changes to your repayment amount(s), number of repayments or your monthly repayment date(s). This also means your personal loan term(s) is the same too.
Please see our FAQ “Are there any changes to how I make my loan repayments?” for a) more detail on the actions you need to take, b) for more detail on the changes around how to pay your personal loan(s) in the future.
- Are there any changes to how I make my loan repayments?
If you repaid your KBC loan by direct debit
KBC have automatically cancelled your existing direct debit. To replace it, you must set up a standing order to continue repaying your loan.If you repaid your KBC loan by standing order
You’ll need to cancel your existing standing order. To replace it, you must set up a new standing order to continue repaying your loan.If you repaid your KBC loan by cheque or online
Your loan repayments must be paid into your new BOI personal loan account(s). This means you’ll need to quote your new BIC and IBAN to facilitate any repayments made by cheque or online. If making payments by cheque, write your new BIC and IBAN on the back of the cheque. - How do I set up a standing order?
Please see the table below for methods on how to set up a standing order.
Method Instructions Online 1. Log in to your bank’s online banking platform (where you have your current account)
2. Choose to set up a standing order online
3. Select the current account you want to pay from
4. Use your new BIC and IBAN to fill in the payee details
5. Enter the repayment frequency, next repayment date (repayment start date), and the repayment amount
It may take a minimum of 1 working day to set up your standing order online.
If you have a current account with BOI please see our How to set up a standing order how-to video
Paper form 1. Complete the standing order request form
2. Follow the instructions on the form to return it to your current account provider
Please note: Your current account provider may charge a fee for setting up a paper standing order.
Warning: It may take several working days to set up a paper request with your current account provider. Please allow plenty of time before your next repayment day if submitting a paper standing order request to your respective bank. If you don’t set up a standing order in time, you may miss a repayment. Failure to make a payment could lead to your account going into arrears and may affect your credit rating. - Is there a difference in how my interest is calculated?
Yes, KBC systems applied a 30-day month and a 360-day year method to calculate interest on your personal loan. BOI systems accrue interest daily on the basis of a 365 calendar day count.
This change should not result in an increased cost of credit on your loan, as long as you continue to make loan repayments as they fall due.
See also our FAQ “Is BOI’s practice on charging interest on overdue payments different to KBC’s? What will happen if I miss a repayment?” which is about interest on overdue payments.
- What is BOI’s practice on charging interest on overdue payments? What will happen if I miss a repayment?
If you do not pay any sum of money you are due to pay under your personal loan on the correct repayment date (or do not pay it in full on the repayment date), BOI will charge interest on the sum or any part of it that remains unpaid from the date it was due until it is paid in full.
If there was any overdue (or unpaid) repayment on your personal loan on the service transfer date, BOI will charge interest on it from the transfer date until it is paid in full.
Please note: When you miss a payment your credit rating may be affected. This may affect your ability to borrow in the future from Bank of Ireland or other financial institutions.
- I am currently in financial difficulty and unable to make repayments on my personal loan(s), what can I do?
If your account is in arrears when it transferred to BOI, a member of our team will contact you shortly after your account transfers to BOI to discuss your outstanding arrears. We will work with you to find a solution where possible, which may restructure your loan and formalise your loan repayments.
- Can I access my personal loan account(s) online?
You can view your loan account(s) details any time online or on the BOI Mobile App with a 365 online profile. However, to have a 365 online profile, you must have a Bank of Ireland current account. As your KBC current account did not transfer to Bank of Ireland, you would need to open a Bank of Ireland current account to get set up on 365 online.
Learn more about our current account options.
Alternatively, if you don’t have a BOI current account you can check your personal loan(s) details by contacting us, or by dropping into any BOI branch.
Commercial Loans Frequently Asked Questions:
- When did my commercial account(s) transfer to Bank of Ireland?
Yes, legal ownership of your commercial loan account(s) transferred from KBC Bank Ireland plc (KBC) to Bank of Ireland (BOI) on Friday 03 February 2023 (the legal transfer date). The transfer of the day-to-day management and servicing of your commercial loan account(s) and balance to BOI completed on 13 February 2023 (the service transfer date).
BOI now manage and service your commercial loan account(s).
- Do I need to take any action right now?
Right now, you do not need to take any action regarding your loan account(s). We’ll write to you again at a later date with any action you may need to take.
- What has stayed the same now that my commercial loan account(s) has transferred to BOI?
For all commercial loan accounts there are no changes to:
- The terms and conditions (T&Cs) of your commercial loan
- For fixed rate customers: The interest rate on the legal transfer date will apply until the end of the term of the commercial loan.
- For variable rate customers: Your interest rate remains the same as it was on the legal transfer date to BOI. Please note: Your variable interest rate will stay the same for at least 90 days after the legal transfer date. However, it will then be subject to change in line with your KBC T&Cs and BOI Business Banking pricing. We’ll write to you before any change to notify you of the new rate and from when a new rate is to be applied.
- Your direct debit(s)
- How you access your commercial loan T&Cs
- What are the changes to my commercial loan account(s) after the transfer?
There are several important operational changes to how we manage and service your commercial loan compared to KBC. These changes include:
- How interest is calculated
- Your commercial loan account number(s)
- Making payments to your commercial loan(s)
- Accessing your commercial loan account(s) online
- Who you contact about your commercial loan(s) when it transfers to BOI
To see these changes in more detail please check the relevant FAQs below.
- Where can I get a copy of the letter and brochure with the operational changes to my commercial loan account(s)?
- Are there changes to the terms and conditions (T&Cs) of my commercial loan?
No, there are no changes to the T&Cs of your commercial loan(s).
- Has my commercial loan interest rate changed now my account(s) has transferred to BOI?
Your interest rate has not changed as a result of the legal transfer to BOI.
- For fixed rate customers: The interest rate on the legal transfer date will apply until the end of the term of the commercial loan.
- For variable rate customers: Your interest rate remains the same as it was on the legal transfer date.
Please note: Your variable interest rate will stay the same for at least 90 days after the legal transfer date. However, it will then be subject to change in line with your KBC T&Cs and BOI Business Banking pricing. We’ll write to you before any change to notify you when a new rate is to be applied.
Please see our FAQ “How will my variable interest rate be determined?” for further details on your variable interest rate(s).
- Is there a difference to how my interest is calculated?
KBC systems applied a 30-day month and 360-day year method to calculate interest on commercial loans with terms greater than one year. However, KBC calculated interest on short term (less than 12 months) professional fees/tax and pension loans on the number of months.
BOI use a 365-day year and calendar month to calculate interest on commercial loans. This means, BOI will add interest daily based on a 365-day year to the amount you owe on your commercial loan.
This change should not result in an increased cost of credit on your loan, as long as you continue to make loan repayments as they fall due.
Please note: a change in cost of credit may occur in the future if:
- There are interest rate changes
- You go into arrears
You make an overpayment
- How will my variable interest rate be determined?
Following a review of your KBC T&Cs, we determined that the most appropriate replacement interest rate for KBC’s Business Banking Cost of Funds, is the ‘Bank of Ireland Business Prime” rate less a differential to be determined on 3rd Feb based on difference between KBC and BOI rate. This rate is to be applied by BOI only to former KBC commercial loan customers whose KBC Nexus T&Cs refer to a KBC Business Banking rate.
The differential was determined on the legal transfer date between KBC and BOI rates. We will continue to apply this differential as BOI rates increase or decrease until this loan matures.
For example, on the legal transfer date if KBC’s variable interest rate was 2% and if BOI’s variable rate was 3%, the differential between the two rates would be 1%. If the BOI variable rate moves to 4%, your rate will move to 3%, not 4% as the differential of 1% is applied to the increase.
If your loan is refinanced or restructured, new BOI lending rates will apply. Any new lending rates will not include the differential.
BOI will notify you of the actual differential that will be applied and the interest rate increase/decrease prior to the first interest rate change being applied to your commercial loan.
- Are there any changes to the amount of my commercial loan repayments?
No, there are no changes to your repayment amount(s) or number of repayments as a result of the transfer of your account(s) to BOI.
You should continue to make the same monthly loan repayments to BOI that you had made to KBC. Your final repayment due to BOI may be slightly less if you have made all loan repayments when they fall due. If you are making repayments by direct debit, the amount of the direct debit due in the final month will be adjusted automatically to the revised amount. If you do not repay by direct debit or standing order, you will be advised of the revised final repayment amount due.
- Are there any changes to how I make my commercial loan repayments?
If you repaid your KBC commercial loan by direct debit, this automatically transferred to BOI along with your commercial loan. However, the Unique Mandate Reference (UMR), Creditor ID and Creditor Name for your direct debit mandate has changed.
Your UMR is a unique reference number which must be assigned to a direct debit mandate under European legislation and rules. Going forward your direct debit will be processed by BOI under the Creditor ID and Creditor Name, as provided to you in our Communication 3 letter. There are no other changes to your direct debit mandate and there is no action for you to take as a result of these details changing.
If you don’t pay by direct debit, a member of our team will contact you by phone to discuss your account and to help you choose a new repayment method with BOI. Our repayment methods are as follows:
- Direct Debit
- Electronic funds transfer
- Standing order
- Cash lodgement
- Cheque
- What will happen if I'm unable to make repayments on my commercial loan?
If you do not meet the repayments on your commercial loan(s), your account(s) will go into arrears, this may affect your credit rating which may limit your ability to access credit in the future.
If you are currently having financial difficulty and would like to speak to us please contact Bank of Ireland’s Business Team on 01 2500302 9am – 5pm Monday – Friday (excluding bank holidays) or 00353 1 2 500302.
- Can I access my commercial loan account(s) online?
Bank of Ireland commercial loan customers do not have access to their accounts online. Instead, you’ll be given contact details of a BOI team to help you with any information you may need.
- Who can I contact in BOI to discuss my commercial loan account(s)?
If you have any questions regarding your commercial loan account, please contact Bank of Ireland’s Business Team on 01 2500302 9am – 5pm Monday – Friday (excluding bank holidays) or 00353 1 2 500302.
Get Support
Who can I contact if I have a question?
If you have any queries regarding your Personal Loan please call 0818 200 334 / 0818 210 301 open Monday to Friday 09:00 – 17:00.
A ‘how to’ guide for day to day use
How to add a payee
How to transfer between accounts
How to send money
How to set up a Standing Order
How to cancel a Standing Order
How to cancel a direct debit