Ulster Bank confirms it will freeze thousands of accounts from this Friday

ULSTER Bank has warned customers it will freeze thousands of checking and deposit accounts starting this Friday.

The exiting bank has also outlined dates for the closure of 25 of its branches, which will be carried over to Permanent TSB.

The branches will be closed in early January and then taken over by Permanent TSB.

In a statement, Ulster Bank said customers who were given six months’ notice of the closure of their checking and deposit accounts in April will have those accounts frozen from this Friday.

Accounts will be closed 30 days later.

It said the mass account closures will begin with customers it believes have little reliance on those accounts or may have accounts elsewhere.

Ulster Bank urged customers who have not yet taken action to begin the process of choosing a new provider, postponing their transactions and closing their checking and deposit accounts within their notice period.

It claimed it conducted the withdrawal process “with care and control, beginning with those who Ulster Bank believes no longer depend on their accounts”.

More than seven in 10 Ulster Bank personal checking account customers who received their first formal notification in April and May have either closed their checking account, significantly reduced activity levels or left it dormant.

This trend is increasing every day, the bank said.

Some accounts will not be frozen.

This includes personal or commercial checking account customers with six or more transactions in the last 30 days.

This also includes private giro or deposit customers who have received a social security payment in the last 30 days.

Also exempt from account suspension are personal checking or deposit account customers who have received an incoming payment of €125 or more in the last 30 days, as this may be their salary.

There is currently no talk of a blocking of commercial current accounts based on a current account credit and an account turnover of more than €1,000 in the last 30 days.

For those whose accounts have been suspended, the account will no longer be operational on the date they were notified, Ulster Bank said.

But if a customer needs to access those funds urgently, the bank said it can make that easier and also allow additional time for the account to be moved if the customer needs it.

Approximately 30 days after the account is blocked, the account will be closed and a check issued for the balance less any fees due. There are no fees for closing the account.

Ulster Bank will also suspend the freezing of accounts from December 9th this year and start again on or after January 6th next year to ensure no new accounts are frozen over the Christmas period.

“This period will be closed to people who were already frozen before December 9 and didn’t contact us to request an extension,” the bank said.

Ulster Bank has also confirmed the closure dates for the 25 branches, which will close as Ulster Bank branches and reopen as permanent TSB branches in January.

Customers at these branches were encouraged to take the necessary precautions to choose a new provider for their current and deposit accounts, move their payments to their new account and then close their Ulster Bank accounts within their notice period. Not all customers of these branches will have reached the end of their six-month notice period at this time.

Jane Howard, Chief Executive of Ulster Bank, said: “The first customers of Ulster Bank current and deposit accounts will be available on or after May 11.

“Our focus remains on helping clients switch to another financial institution. We begin our suspension and closure process very cautiously with customers who we believe may be lightly reliant on these accounts or may have accounts elsewhere.”

Customers can contact Ulster Bank on 0818 210 260 or 00353 1804 7475 if calling from abroad, or 1800 656 001 if they have vulnerabilities.

Business customers can call us on 1800 818 375 or call their dedicated account manager for assistance transferring their accounts.

https://www.independent.ie/business/personal-finance/banking/ulster-bank-confirms-it-will-freeze-thousands-of-accounts-from-this-friday-42127645.html Ulster Bank confirms it will freeze thousands of accounts from this Friday

Fry Electronics Team

Fry Electronics.com is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – admin@fry-electronics.com. The content will be deleted within 24 hours.

Related Articles

Back to top button