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Ulster Bank customers will be given six months notice to close their accounts

The bank’s CEO said today that none of its 88 branches will close during the first half of next year.

ULSTER BANK CUSTOMERS will be given at least six months notice to close their accounts before the bank exits the Irish market next year.

Ulster Bank’s chief executive told an Oireachtas committee today that the retail bank will not close any of its 88 branches during the first half of 2022.

The withdrawal from Ireland has caused headaches for customers who will have to find a new provider at some point in the next 12 months.

Jane Howard said that the financial institution will begin sending formal letters of notice of six months to customers towards the end of the first quarter of 2022.

The letters will instruct customers to choose a new bank; move to that bank; and close their Ulster Bank accounts.

“This applies to both personal and business customers. Customers don’t need to take action until they receive their letter but we are talking to them now to give as much preparation time as possible,” Howard said today.

“This ‘Choose, Move, Close’ readiness campaign is an important step in our closure, not just for customers but for the industry too and we must work together on this to ensure the safe transition of customers to their new provider,” she added.

The CEO said that there would be no bank-wide voluntary redundancies before the end of June next year.

Howard told the committee that Ulster Bank and Permanent TSB are working towards a binding agreement on the sale of performing non-tracker mortgages, performing micro-SME business loans and Ulster’s Lombard Asset Finance business, as well as 25 Ulster Bank branches, for €7.6 billion.

AIB has already agreed to take on €4.2 billion worth of Ulster Bank’s corporate and commercial loans. Almost 300 Ulster Bank staff will transfer to AIB as part of the agreement.

Howard said the bank expects to find out in January whether the agreement will require a phase two investigation by the Competition and Consumer Protection Commission.

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    Mute
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    Dec 8th 2021, 9:52 PM

    Welcome back our banking cartel no competition in the market . Clear failure by government and regulators to ensure competition. Funny how EU turns a blind eye to this .

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    Mute Justin Gillespie
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    Dec 8th 2021, 10:48 PM

    Can’t force banks to operate if they don’t want to.

    35
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    Mute
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    Dec 8th 2021, 11:07 PM

    @Justin Gillespie: sure can’t however you can make the market more open to new competitors.

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    Mute lelookcoco
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    Dec 8th 2021, 8:22 PM

    I ended up with this Nordy shower because they bought my mortgage from First Active. Now they’re f ecking off and no one else wants to take on my measly day to day account.

    129
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    Mute Peadár Ó'Cearnacháin
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    Dec 8th 2021, 8:35 PM

    @lelookcoco: They might have bought your mortgage, but they didn’t force you to open a bank account

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    Mute John Vectravi
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    Dec 8th 2021, 8:43 PM

    @lelookcoco: I’ll miss them. Always found them ok to deal with. Had a mortgage and current account with them.

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    Mute Andrew Galloway
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    Dec 8th 2021, 8:46 PM

    @John Vectravi: I’d agree had a current account since Henry the Hippo, main thing was the app is great

    133
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    Mute Christy Craig
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    Dec 8th 2021, 9:06 PM

    @lelookcoco: Did you try EBS? I was hoping to go to them with my current account. BOI has my mortgage.

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    Mute Christy Craig
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    Dec 8th 2021, 9:33 PM

    @lelookcoco: Did you try EBS? I was hoping to move to them with my current account. BOI has my mortgage.

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    Mute Christy Craig
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    Dec 8th 2021, 9:38 PM

    @lelookcoco: Did you try EBS? I was going to move my current account to them. BOI have my mortgage.

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    Mute Burt Macklin
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    Dec 8th 2021, 10:02 PM

    @lelookcoco: why will no one take your current account, that makes no sense as you pay for it .

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    Mute Fiona Fitzgerald
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    Dec 8th 2021, 10:47 PM

    @Burt Macklin: A lot of banks want to get out of personal accounts and presumably focus on more profitable loans only.

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    Mute Fiona Fitzgerald
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    Dec 8th 2021, 10:49 PM

    @Christy Craig: To warn you, the EBS app is terrible. Their staff are lovely but you can do almost nothing online.

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    Mute Finn Bar Regany
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    Dec 8th 2021, 11:03 PM

    @Peadár Ó’Cearnacháin: 100%,, When I leave ulster bank don’t think I’m gonna open another one, with a bank….

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    Mute Lee King Buckett
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    Dec 9th 2021, 5:55 AM

    @Fiona Fitzgerald: That’s totally untrue actually.

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    Mute ed w
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    Dec 9th 2021, 12:26 PM

    @Lee King Buckett: it’s not actually. letters now going out to aib customers charging you to keep money in your current account, if that’s not trying to get rid if current account holders I dont know what is. been with Ulster for 20 years always found them great.

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    Mute The Firestarter
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    Dec 8th 2021, 10:01 PM

    It’s a sad state of affairs, first Ulster Bank and then KBC, something seriously wrong with the Irish Banking sector. Soon the day will come when it will be just AIB and BOI.

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    Mute Fiona Fitzgerald
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    Dec 8th 2021, 10:48 PM

    @The Firestarter: And credit unions, we still have those, thankfully.

    36
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    Mute Johnny Honest
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    Dec 8th 2021, 9:50 PM

    They haven’t mentioned credit card debts once. Maybe I’ll hold off clearing that one.

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    Mute Colm Ledwidge
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    Dec 8th 2021, 10:13 PM

    The Online Banks such as N26 and Revolut and others should put a lot of competitive pressure on BOI/AIB etc going forward.

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    Mute discount codez
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    Dec 8th 2021, 11:03 PM

    Revolut is by far the best bank out there at the moment

    23
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    Mute Modern Irish Dad
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    Dec 9th 2021, 8:33 AM

    I will miss the Ulster bank app. The AIB app is a joke compared to it.

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    Mute Rui Firmino
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    Dec 8th 2021, 11:56 PM

    I’m an Ulster bank customer but just opened an account with N26, can’t wait to switch everything to my new account and close my Ulster bank one. They overcharge customers so much, I must have paid well over a hundred euro a year in fees last year.

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    Mute Tigher Roulie
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    Dec 8th 2021, 11:09 PM

    is BOI/AIB not auto taking on their customers? I mean we need to transfer out the money as well as direct debits etc?

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    Mute ed w
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    Dec 9th 2021, 12:28 PM

    @Tigher Roulie: no. there is no auto transferring of current or savings accounts. only the mortgage loan book.

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    Mute Shane McGrath
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    Dec 9th 2021, 11:17 AM

    Forget this tripe. My disabled mother tried to close her account and they made it as difficult as possible. Get your money out of Ulster bank as soon as possible.

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    Mute The world outside the M50
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    Dec 9th 2021, 9:39 AM

    Never had a problem with PTSB in fairness

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