Ahead of its withdrawal from the Irish market, Ulster Bank is reminding customers, particularly those whose six-month notice period is coming to an end in October, to act now in choosing and moving balances and transactions to a new provider.
Ulster Bank said that customers should ensure that they have opened new accounts and updated their employer and/or the Department of Social Protection, if they receive regular payments from the Department.
They also need to ensure direct debits or any other regular payments leaving their account, such as standing orders and subscriptions, are updated with their new account details, to ensure they do not miss any payments.
For business customers moving accounts, Ulster Bank warned that this process can take longer as business requirements are typically more complex.
Ulster Bank said it is making additional contact with customers who are approaching the end of their six-month notice period and have not yet taken action, to remind them that their six-month notice period is almost up and of what they need to do.
These calls are underway for those first customers whose six-month notice period ends in October.
After Ulster Bank customers receive their first communication by letter or emai), they are reminded at multiple times over their six-month notice period, through text messages, phone calls, prompts on the mobile app and internet banking as well as follow-up letters/ emails, that they need to take action.
The bank said that if at the end of this six-month period a customer has not moved their account, the account will become non-operational and after a month will be closed with a cheque issued for the account balance, less any outstanding fees, stamp duty etc payable.
While outstanding transaction fees will apply to customers closing accounts, there is no charge to close an account.
Rolling closures are planned over the coming weeks and months ahead for all current and deposit account customers who have received notice.
Ulster Bank strongly encourages any customers who have difficulty with opening a new account within their notice period and have not been in contact with the bank, to contact it as soon as possible on 0818 210 260 or 00353 1804 7475 if calling from abroad or 1800 656 001 if they have vulnerabilities.
Ulster Bank also reminded customers that it will never ask you for passcodes or online banking details in a phone call, email or text and cautioned customers to be alert, as scammers and fraudsters may try to take advantage of the situation.
Business customers can call us on 1800 818 375 or can call their dedicated relationship manager for assistance with moving their accounts.
Jane Howard, chief executive of Ulster Bank, said that a huge amount of work has happened across the industry to welcome and onboard former Ulster Bank customers and increase account opening capacity.
"We strongly encourage customers who have received their notice letter or email, to start the process now to give as much time as possible for any unforeseen complexity and to allow for ample time to move direct debits, wages, subscriptions," she said.
"We are very conscious of customers in receipt of Department of Social Protection payments, that they allow time to open a new account and transfer these transactions to continue to receive those important payments," the CEO said.
Jane Howard said that Ulster Bank staff continue to work hard to support customers through all channels and changes implemented in July have allowed branch staff to focus on supporting customers who are moving their current and deposit accounts.
"Additional focus has been given to additional contacts to customers approaching the end of their six-month notice period to ensure that they are taking steps before their account is frozen. I'd like to reiterate my thanks to our colleagues for their continued customer focus throughout this process," the CEO added.
About 900,000 retail accounts are expected to move over the next year by customers of both Ulster Bank and KBC Bank Ireland as the two banks leave the Irish market.
According to Banking and Payments Federation Ireland, some 297,000 personal current accounts have been opened this year up to July 8.
The Central Bank is monitoring the process of customers transitions from both departing banks to new providers, to ensure customer rights are protected.
