No.Has it being made public it's closing ???
will they be required to provide a switcher service?
Pros for these are they are cheaper/easier than bricks and mortar banks. Could be looked at regardless of Ulster banks decisionsPros and cons of using Revolute, N26 etc?
What happens to credit card accounts, couldn't they be kept on?
Unlikely to be good. Really depends on how any wind down is carried out (if there is to be one) and who buys the loan booksWhat will be the impact on competition?
In fairness to us we've weathered banking closures before. I've had the pleasure of (opening and) closing accounts with danske, Halifax, nationwide (IE & UK) and a few others. But it's definitely one of the more established names and branch networks.It may all be easier in these fintech times but it's one of the biggest bank closures in this countries history I think
The entity your account is with does not have a banking licence.Not sure of Revoluts banking status. If it's not licenced it's not covered by a deposit guarantee scheme. ... Open to classification on that one as I know they were looking for one in Latvia(?)
@Red if it was wound up,would those with deposits be given a cheque for the balance of there accounts ?Natwest (their parent) will announce their Group Annual Results on the 19th February (this Friday). Things may (or may not!) be clearer after that.
I've absolutely no idea, but it's very unlikely that another bank would be interested in taking the deposits in the current environment, but anything could happen. It's a complex full bank structure, so nothing is going to happen overnight if they decide to exit, so you'll have plenty of time to plan.@Red if it was wound up,would those with deposits be given a cheque for the balance of there accounts ?
@Red if it was wound up,would those with deposits be given a cheque for the balance of there accounts ?
Just remember, very different times. Banks actually wanted more deposits back then!AFAIK when NWUK wound down it's IE operations any residual deposits were transferred to the UK
Just remember, very different times. Banks actually wanted more deposits back then!
bear in mind that if NW announce UB is to close, it could take years to wind down so nothing is going to happen overnight. In the short term, the bigger issue will be a strike by staff (which is understandable in fairness)
because 2500 people employed by the bank are going to lose their jobs. They'll strike to firstly try and prevent it, knowing full well they won't succeed so then they will strike for the best redundancy package or best package to TUPE over to anyone who takes over part of the business.What would the strike be for?
What about historical statements etc. not sure it's all online, can think they might be needed in time, shouldn't everyone get a data dump? I've been with them all my banking life
Saw that in the news today and thought it was surely illegal from a anti-competition POV.Why is the Dail Finance Committee suggesting they will be able to force Ulster Bank to sell to BofI or AIB. They have no power to do this surely?
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