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ULSTER BANK HAVE launched a campaign to encourage its customers to close their accounts and find a new bank before March.
The bank announced its withdrawal from the Irish market in February and staff have begun outreach with customers to assist them as they move their accounts.
It has also confirmed that it will write to approximately 75,000 personal credit card holders next month, providing them with six months’ notice to choose an alternative provider, move their recurring transactions and close their credit card.
Ulster Bank credit cards will no longer work from March 2023 and the bank has recommended that customers leave €30 to cover the Government Stamp Duty which will be applied upon closure of the account.
The latest data from the Banking and Payments Federation of Ireland (BPFI) shows that 71,000 personal current accounts were opened in the four weeks ending 8 July.
This figure is up from 56,000 in the previous four weeks and more than double the total in the four weeks ending 15 April.
The figures indicated that current account customers of Ulster Bank and KBC, which will also withdraw from the market, are heeding advice to switch banks to avoid being left without banking services.
Research from mid July by the Competition and Consumer Protection Commission (CCPC) has indicated that less than half of these banks’ customers (44%) have already opened a new account.
Overall, 20% have decided on a new provider but are yet to open an account, 15% had started to compare providers but not chosen one yet and 20% had taken no action.
Ulster Bank Chief Executive Jane Howard said:
“While six months will be enough time for the majority of our customers to find a new provider, I recognise that some customers may have difficulty repaying their balance within six months and we will continue to work with these customers on an individual basis to assist them.
“If any customer needs additional support, I’d strongly encourage them to contact us as soon as they can either in branch, or on the phone. We want to ensure that customers who need additional help are supported at this time.
“Our colleagues are working hard to support customers through all channels and we have changed branch services to allow branch colleagues to focus on supporting customers who are moving their current and deposit accounts.”
As part of Ulster Bank’s closure around 400 to 450 of its 2,500 employees will transfer to Permanent TSB.
The deal will also see Permanent TSB receive 25 of Ulster Bank’s 146 branches and its performing non-tracker mortgage loans
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€30 stamp duty for the pleasure of closing your account,
Thanks
That’s 2.25 million to government.
Bad form
@Tom Kelly: This country sure knows how to take money from you for literally everything and for nothing.
@Tom Kelly: and will there be another 30eur charge for the new card when People switch?
@dublindamo: I believe you can provide the new bank with proof that it has already been charged and then they shouldn’t deduct you. I could be wrong but I am sure I did that a few years ago when I changed banks
@Louise Tracey: that is correct!
I have been banking with ulster Bank for over 50 years I dammed if I am going to pay to close my personal credit card account. Come on ulster bank just close these accounts and pay the €30 yourselves as a gesture of goodwill because your leaving the market. I won’t hold my breath to hear from you!
Worth having a credit card? Brought up to live below my means. Maybe I’m missing out on living in debt like the Americans
@Piggy: safest form of payment. If card/details get stolen you don’t have to worry about getting the money back – as is the case with a debit card. You also build credit history and can get benefits. I always pay mine off in full
@Piggy: It’s either one of the cheapest possible ways to pay for things, or one of the most expensive. It all depends on how you use it –
NEVER use a credit card to borrow for more than 60 days or to withdraw cash from an ATM (unless overseas and you have put funds on the card in advance).
ALWAYS pay your balance in full within the 60 day limit.
Follow these simple rules and you’ll be just fine. If you can’t follow these rules then use a different form of credit such as an overdraft or term loan.
@Piggy: Its a secure and protected way to pay for things, big purchases are insured and access to facilities and services is pretty much guaranteed anywhere in the World. There are many things you can’t do, like hotel check-ins and Car Rentals, without a credit card – debit cards often not accepted because they aren’t guaranteed.
@Eoin Roche: Frustrating being in a hotel in USA before and having to convince them to let us use our debit card or cash for the security deposit! Hammered into you when you’re young not to get a credit card so are people just not supposed to go to certain places, when younger I would have thought debit card is surely more secure as the funds are there at that time and no issue of you paying it back. I know once the hotel gets paid from the credit card company that’s them done but yeah it’s hard not to have one when you travel to US/Canada. Even recently in Canada recently for debit card I had to keep picking credit card to use it
have your say