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ULSTER BANK SAYS customers do not need to do anything for now, but has urged them not to leave switching providers “to the last minute” during its exit next year.
The withdrawal from Ireland, which has been rumoured since last September, but was confirmed earlier this year, has caused headaches for customers who will have to find a new provider at some point in 2022.
Ulster has committed to giving the public “up to six months notice” of its departure.
However it’s strongly urged people to take a look at other options sooner rather than later, to avoid a “bottleneck” of account openings for other companies in the second half of next year.
The bank has also advised companies that hold direct debits with Ulster Bank customers to make it clear the changes are happening next year, “to help them to be ready.”
AIB has already agreed to take on €4.2 billion worth of Ulster Bank’s corporate and commercial loans.
These comments from Ulster came as the bank held a meeting with other financial providers based here, not just banks, to “give them as much information as possible” ahead of the exit.
With both KBC and Ulster Bank in the process of withdrawing, it means traditional options for hundreds of thousands of customers are dwindling.
AIB, Bank of Ireland and Permanent TSB are among those who will accept new customers, along with local Credit Unions, An Post Money, EBS or online providers like Revolut or N26.
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‘Customers urge Ulster Bank to go f themselves and will do what they like with their money’. The audacity of it, I understand like why they wouldn’t obviously want people to, but really they can’t dictate about how or when people solve a problem they created.
Can we just remember a few months back Ulster Bank said “don’t worry, we’ll sort it for you”.
Some of the comments here, and general Irish opinions, reminds me of the frog in a pot as the water boils. Right now, there is absolutely no competition in banking in Ireland, the major banks that remain are very high cost and offer no customer service. They will slowly close more branches, cut costs and increase fees and the Irish will have no option but to pay high costs while also saying “good riddance” to their only competition. Or, even more confusingly, the Irish will say “we will use credit unions” or “the post office”, showing a total and utter lack of understanding of banking and financial acumen. This is fast going the way of a Main Street banking crisis in Ireland and it’s being supported by the people who will be most effected by it, crazy stuff.
@Local Ore: This bank has been a complete disaster for years, as others have said good riddance.
@Ballybough Marcus: What are you talking about? The bank has had no more issues that the big 2, they are pulling out because NatWest thinks there’s no money to be made in the Irish market. Ulster Bank is a subsidy of NatWest who have over €1BN in Assets. As I said, frogs in boiling water, you are bidding good riddance but don’t know the consequence – Irelands banking is now consolidated to 2 banks (PTSB is no where near the other 2) who can apply massive upward pressure, they can increase fees and lower services, exactly like the insurance companies have. Irish people should be outraged and looking for reform in the sector but instead every ordinary joe on the street is celebrating their own misfortune.
@Local Ore: you’re right it is not competitive a d there is very little option. However, much of that is down to the fact that larger multi national banks would rather focus their attention on bigger markets or bigger potential, that isn’t here right now and it’s been well publicised that it’s an issue, can’t force banks to open here and until one sees it as an opportunity more than a risk or their other options then it’s likely to continue. As for saying good riddance to Ulster Bank, they’ve closed a long time before they announced it, was impossible to do any sort of business with them. The others are bad but they’d shit up shop long before they announced it.
@This time its personable!: My town of 10,000 hasn’t had a physical bank branch of any kind in donkeys years. But the Ulster Bank App has been excellent and the times I’ve had to travel to the nearest Ulster Bank branch have always resulted in excellent customer service so I’m sorry to see it go.
@Local Ore: i know what you mean. But there is Revolut for free accessible day-to-day banking. Just can’t do loans or mortgages with them.
More bank arrogance… Good riddance to them.
Would help if you could do it online instead of visiting branches or writing letters.
What happens if you close your account and still owe personal loan and overdraft?
@paul christopher cox: The bad loans will be sold to a recovery agency. What little peace a person has from a bad loan with a bank is nothing when compared to the recovery agencies. If you’re thinking this, I would reconsider.
I wonder if the other banks will start competing for the accounts.
@Sandra Duffy: since there’s only a handful left now Sandra I wouldn’t be at all surprised if their offer was a special one off – you to pay them to join as well as the other normal charges!
@Sandra Duffy: It would be nice but it won’t happen—–They’re a cartel —just like the meat factories and the Legal system!
I could have sworn i heard people having to get accounts quickly ….could just be rumors though
All them running out of the market as there won’t be any bail outs next time things go bust..
now we are stuck with three banks that the government will support. But will leave us, the customer frustrated from lack of customer service and branches and p*ssed off with the charges and interests they will charge.
Hmmmm maybe money in the mattress is the only option here…
have your say