Business

Ulster Bank advises customers to choose new bank ahead of closure

Ulster Bank customers will be given six months’ notice to close their accounts and find a new provider from early next year, the bank said on Friday.

The bank said it was “encouraging customers to get ready” for changes coming in 2022 as part of its withdrawal from the Irish market. In the meantime, it said it was continuing to serve existing customers, and that no action was required by customers yet.

“Ulster Bank will contact customers directly when they need to take action and this will commence in early 2022 when we plan to begin to serve formal account closure notice to current account and deposit account customers,” it said.

“In advance of this, Ulster Bank is encouraging customers to consider their options, avail of supports and get ready to choose a new banking provider, particularly for customers’ current and deposit accounts.

“Over the coming months, we will engage with customers, including those who might need more support, to help them to get ready to choose a new provider, with a view to move and close their accounts.

“However, if customers are ready now, we are encouraging them to review their Ulster Bank accounts or make an appointment to review their Ulster Bank accounts.”

If no action is taken, customer accounts will be closed with a cheque issued for any remaining balance.

In addition, the changes to new business announced in July came into effect at close of business on Friday.

The bank now no longer accepts applications from new and existing personal banking customers for new products, with the main exception of mortgages, which will remain available for existing customers only.

For existing business customers, products and services remain available. The exception to this is Lombard Asset Finance, which remains open for new and existing customers.

Ulster Bank mortgage customers do not need to take any action for now as the bank is in discussions with other banks in the Irish market to transfer mortgages with their existing terms and conditions.

Source:

www.breakingnews.ie

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