Banking and Payments Federation Ireland is urging small and medium sized businesses that have their current accounts with Ulster Bank and KBC to take action, as the two banks prepare to leave the Irish market.
The latest figures from the Central Bank show that 23,000 business current accounts were still open with the exiting banks at the end of last month.
"There has been significant progress made by the industry in transferring hundreds of thousands of customer accounts over the course of the year, including more than 63,000 business current accounts," said Brian Hayes, the chief executive of BPFI. "While some businesses may just require a straightforward account with an online business banking capability and perhaps a deposit account, more businesses will require cash management facilities or payment facilities," he said.
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