Business account switch from UB

F

fistophobia

Registered User
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I went to my UB branch to arrange switching my business current account.
I was thinking this would be a simple process..its not.
i was greeted with aggression, then the wrong advice.. oh, you phone this UB number, they will arrange everything.
No... I was told the receiving bank need to do this.
Anyone have a similar experience?
 
We went to AIB to open a business account and I have started the process of switching direct debits, contacting customers with new details etc. It didn't occur to us to go to UB to ask about switching. We will keep both accounts open until all customers have been advised and I can see that all direct debits are coming out of the new account. This could be another month or 2. Having worked in a bank for some years I decided it best to take charge of the switch myself.
 
I'm currently looking into switching from UB business current account to AIB Business current account, I've downloaded two forms in the AIB website:

Forms

aib.ie

there are 2 downloads in there that i see are relevant to my current situation:

1. business account opening form , i downloaded this and its about 28 pages and 9 pages of T&Cs, and the section about FATCA (US foreign Account Tax Compliance Act) is very confusing and I'm at a loss as to what I'm suppose to do with this section , I don't have any US trading or Entities in the US, but the form is confusing to say the least.

2. then there is a very simple 2 page form : Business Current Account Switching to AIB form , which asks me to fill out my current UB details, but also my new AIB bank details? which i don't have yet? all very strange.

I tried ringing my local AIB branch , but its all automated , and there is no section for Business customers, or even a "talk to someone" section.

not inspiring me with confidence when i get my closing letter (which I'm expecting to get soon)

not sure what to do, I'm going to have to go to the branch myself and talk to someone, but getting to the bank and then to be fobbed off is a worry and time consuming.

any suggestions on what to do next?
 
Do you have a relationship manager in Ulster Bank? My understanding was that they would be reaching out to each business customer via their relationship manager as opposed to a letter in the post.

Personally, I think you would be better off setting everything up from scratch with your new bank first. Whilst there is supposed to be a switching process between banks, it was never designed for something on this scale.
 
i did have someone in Ulster bank when i opened the account 10 years ago, that person has probably moved on by now but to be honest, im a very small LTD company with 2 employees (me and my wife) so i have done everything online for years, never needed to interact with anyone until now.

PS im currently on hold 30 minutes trying to get to talk to someone in AIB (0818 300 245)
i have given up and will probably bite the bullet and try to get an appointment at my local AIB branch, its crazy stuff!
you think i was robbing them or something, all i want to do is give them my money
 
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I thought that was the number for personal accounts and not business. Their website says just download the forms

Business Account Opening Form

aib.ie
 
Moving a business account is always a long and frustrating process. A lot of forms and paperwork is required. This isn't new or unique to Ulster Bank. If there are two directors of the company, both of you will need to present yourself at the branch with your anti money laundering documents as well as your articles and memo of association.

You may need to your company seal* too. Can't really remember


*It is a legal requirement to have a company seal. You can buy one online very cheaply.
 
Be careful what's the cost for online banking, I think IBB costs €300 a year, might be worth it with large volume, but don't think there is another online access option like Internet banking for a business account with AIB.

I'm with UB, small Ltd company re contracting business so have to move, was with AIB at the start as they had free fees for first 2 years of a business but moved after that as the cost of Internet banking (IBB) I couldn't get my head around.
 
Thanks for that , didn't know anything about IBB cost, i have very little monthly in/out transaction's, probably no more than 10 id say,

a sole trader account would probably suit me more, but i have to go with a LTD company current account.

looks like there are only 3 viable options for an Irish LTD company (IMO)
AIB, BOI and PTSB ,

Cant go N26 with LTD , not sure about revolut , but i think it would be better to have a bank with a local branch.

but the way its at the moment, it might as well be an online bank, it would have the same level of customer care as the 3 main banks.
which is crazy.
 
mc-BigE said:
looks like there are only 3 viable options for an Irish LTD company (IMO)
AIB, BOI and PTSB ,
Click to expand...

I would steer clear of PTSB. They don't seem to have many business accounts so even very straight forward things are hard work with them. Their online is very basic, you can't even get statements without them posting them out to you which is very frustrating when it comes to doing VAT returns etc.
 
We got our accountant to fill out the tax part as we hadn't a clue but the bank official said they would have gone through it with us anyway, so I'd leave it and ask them to go through it with you when you go in for your appointment.
 
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