Information for Deposit Customers receiving a Goodwill Payment

KBC Bank Ireland DAC (KBCI) wrote to customers who held a variable rate Deposit / Savings Account with KBCI from 2019 and are eligible to receive a Goodwill Payment. On the 1st December 2023, the responsibility for ensuring that all Goodwill Payments are processed transferred to KBC Bank NV Dublin Branch (“KBC Dublin Branch”).

In light of a decision by the Financial Services and Pension Ombudsman and the High Court, KBCI completed a review of the channels used to notify customers of variable rate changes. KBCI concluded that the channels used may not have been of the standard expected. A direct communication to KBCI customers in advance of rate changes would have been an appropriate addition in bringing this important information to customers attention. In recognition of this a Goodwill Payment has issued to customers. Please note that KBCI is under no obligation to provide this goodwill payment.

If you have received a letter advising of the Goodwill Payment you will find more information below.

What is a variable rate?
A variable rate is one that can be changed by a bank from time to time.

How did KBCI notify me of variable rate changes?
While your account was open with KBCI and where there were changes to your variable rate we notified you through advertisements in National Press, on our website kbc.ie, through the KBC digital App and on your annual statement in line with the terms and conditions of the account.

Why am I receiving a Goodwill Payment?
While your account was open with KBCI and where there were changes to your variable rate KBCI notified you through advertisements in National Press, on our website kbc.ie, through the KBCI digital App and on your annual statement in line with the terms and conditions of the account.

In light of a decision by the Financial Services and Pension Ombudsman and the High Court, KBCI completed a review of the channels we used to notify customers of variable rate changes. KBCI concluded that the channels used may not have been of the standard expected. A direct communication to customers in advance of rate changes would have been an appropriate addition in bringing this important information to your attention.

In recognition of the fact that while KBCI did publish these variable rate changes via the channels outlined above, we did not provide you with a direct communication in advance of rate changes KBCI are making a once off goodwill payment to eligible customers.

I closed my KBCI account in 2019. Am I eligible for a payment?
Prior to 2019 notification in National Press was considered an appropriate means of notifying customers of rate changes. In 2019 the Financial Services and Pension Ombudsman updated this position and KBCI recognise that from this date a direct communication would have been an appropriate addition in bringing this important information to your attention for this reason only KBCI accounts that were open after 1 January 2019 are eligible for the payment.

I held a variable rate Deposit/Savings account with KBCI after 2019 but have not received my payment?
This may be because KBCI did not have a valid postal address for you. Please contact us to discuss.

How long do I have to cash my cheque?
As you will be aware, KBCI have begun an orderly exit from the Irish Market so you are encouraged to lodge this cheque to your bank account at your earliest convenience.
Should you not cash this cheque within 6 months of the issue date stated on the cheque KBC Dublin Branch will instead donate this amount to one of KBCI’s designated charities. After this date if you have any questions, you can contact us in regards to your payment.

I did not cash my cheque and the date on the cheque has now passed. How can I organise for a payment to be made to me?
You can contact us in regards to your payment.

I would like to donate my payment to charity, what action do I need to take?
If you do not cash the cheque within 6 months of the issue date stated on the cheque KBC Dublin Branch will instead donate this amount on your behalf to one of KBCI’s designated charities. You do not need to take any action and KBC Dublin Branch will automatically make a donation on your behalf.

Since the closure/transfer of my Deposit Account my postal address has changed?
If your post has been returned to KBCI and and where there was a valid email address on file KBCI sent you an email asking you to get in touch to update your address. You should now contact us and KBC Dublin Branch we will update your address and issue your payment should you be eligible for same.