ULSTER Bank is delaying its first period of closure to ensure welfare recipients don’t have budget announced higher payments, such as tuition fees. B. a double child benefit payment.
The first group of account holders had a deadline next weekend to close their accounts and find a new provider.
But they now have until Friday 4 November to make new banking arrangements.
The bank had planned to freeze the accounts of thousands of customers starting this weekend.
These are people who were told in April and May they had six months to close their accounts and switch to a new bank, credit union or An Post.
It comes after the bank held another meeting with solicitors for private customers in vulnerable situations and solicitors for elderly customers.
The bank said that of those who received their first formal notice in April and May, nearly two-thirds have already either closed or liquidated their checking accounts or left them dormant.
This means that about a third of people who have been asked to close their accounts have not yet done so.
Ulster Bank said it is continually reaching out to the remaining third of those customers and most report they have opened a new account elsewhere and are in the process of moving their payments to their new account.
The bank said 75 per cent of Ulster Bank’s personal current account customers who receive Social Security payments have already taken action against their accounts.
“In this regard, following the state budget announcements of additional Social Protection payments, we have consulted with key stakeholders to ensure that our current and deposit account withdrawal plans do not cause our customers undue worry or difficulty in receiving these important one-off / back payments,” the shared bank with.
One of the key payments affecting the majority of customers is the double payment of child support, which is expected to be made by Tuesday 1st November.
The bank said it is ready to freeze accounts from this Saturday for those who have already been warned about it. Approximately 30 days later, these accounts should be closed.
But it has now decided to postpone that trial until November 4th.
Ulster Bank chief executive Jane Howard urged all customers who need more support to contact the bank on 0818 210 260 or 00353 1804 7475 from abroad or 1800 656 001 if they have vulnerabilities.
“As we approach this critical juncture, I reaffirm our commitment to phase out in a gradual and orderly manner, and today’s announcement is consistent with that commitment.
“We’ve worked very closely with the Department for Social Protection and others and thanks to our combined efforts, the number of Ulster Bank personal current accounts receiving a Social Security payment has fallen by over 75 per cent this year, and that’s before a customer reaches.” became the end of the notice period”.
She said this is good progress, but some customers who receive these payments are still banking with Ulster Bank.
https://www.independent.ie/business/personal-finance/ulster-bank-has-changed-its-first-account-closure-deadline-which-was-due-this-week-42038787.html Ulster Bank has changed its first account closure deadline which was due this week