The bank said Friday that Ulster Bank customers will get six months’ notice to close their accounts and find a new provider from early next year.
The bank said it was « encouraging customers to prepare » for the changes coming in 2022 as part of its withdrawal from the Irish market. Meanwhile, it said it continues to serve existing customers, and that no action has been requested by customers yet.
« Ulster Bank will contact customers directly when they need to take action and this will begin in early 2022 when we plan to begin providing formal account closure notice to checking and deposit account customers, » he said.
Ahead, Ulster Bank encourages clients to consider their options, take advantage of support, and be prepared to choose a new banking provider, especially for clients’ checking and deposit accounts.
“Over the coming months, we will be reaching out to customers, including those who may need further support, to help them prepare for the selection of a new provider, with a view to moving and closing their accounts.
« However, if customers are now ready, we encourage them to review their Ulster Bank accounts or schedule an audit of their Ulster Bank accounts. »
If no action is taken, the clients’ accounts will be closed with a check issued for any remaining balance.
What does Ulster Bank exit from existing accounts mean?
In addition, changes to new business announced in July took effect when business closed on Friday.
The bank will now no longer accept applications from new and existing Personal Banking customers for new products, with the main exception of mortgages, which will continue to be available only to existing customers.
For existing business customers, products and services remain available. The exception to this is Lombard Asset Finance, which remains open to new and existing clients.
Ulster Bank mortgage customers need not take any action at the moment as the bank is in discussions with other banks in the Irish market to convert mortgages on their current terms and conditions.
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