Ulster Bank changes new business policy

Brendan Burgess

Founder
Messages
51,904
Today, we are announcing a number of changes to new business products over the coming months. The announcement that we are making today does not impact the existing products and services that we have provided to our customers.

Personal Customers

We are commencing the process of phasing out the new products and services we offer customers. We will continue to accept new applications from new and existing personal banking customers until close of business 29 October 2021 with the main exception being mortgages, which will remain available for existing customers only after that date. Some other exceptions (list appended) apply, most notably relating to overdrafts for existing customers, and applications which are in progress prior to 30 October. We are writing to our existing customers to give them 60 days’ notice of this change. Details of this change will also be available on our website and through our normal support channels. For customers who have an application underway, we will continue to support them throughout the process of their application



Business Customers

Availability of all our products and services for existing customers, including new-to-Bank customers who are in the process of being onboarded, is unchanged. We will no longer offer our products to non-Ulster Bank customers from today, 30 July. The exception to this is Lombard Asset Finance, which remains open for new and existing customers. If business customers have already applied for a product, or started the onboarding process as a new customer, we will continue to process that for customers.



We are writing to all existing personal customers to give them the details of this change and to give them 60 days’ advance notice to ensure that they have ample time to consider their needs. We will also again remind customers that Ulster Bank Ireland DAC has made an announcement that the Bank has commenced a phased withdrawal from the Irish banking market which may result in the transfer of their product to another provider or the closure of their account. All existing legal and regulatory protections will continue to apply. A comprehensive customer Q&A on today’s announcement is live on www.ulsterbank.ie.



This is another significant milestone and an expected step in the progress of our phased withdrawal, building on our colleague and union agreement announced on 11 June 2021; the binding agreement with AIB announced on 28 June 2021; and the non-binding Memorandum of Understanding with Permanent TSB Group announced on 23 July 2021. Our colleagues will continue to serve our customers throughout this phase and beyond.



In addition and separately, as part of our regular management of our compliance with the Central Bank of Ireland’s macro prudential lending rules, we will close to mortgage customers seeking exceptions to these rules, from 04 August 2021.


There are some exceptions where we will continue to support our existing customers in the following scenarios after close of business 29 October 2021:

  • Mortgages: we will continue to accept applications from all existing customers for new mortgage lending after close of business 29 October 2021. It is important to understand that, should a mortgage be fully approved and offer letter issued, it will transfer to a new provider in the future. Customers can contact our mortgage team for support and assistance to enquire about applying on 1890 252 270. Open Monday to Friday 9am-5pm (except bank holidays).
  • Overdrafts: We will accept existing current account customers’ applications for new overdrafts or increased overdraft limits, in limited circumstances to provide customers access to short term emergency funds.
  • Credit Card limit: we will continue to accept applications for limit increases on Credit Cards in limited circumstances, to provide customers access to short term emergency funds.
  • Home and Car Insurance renewals: existing customers’ policies will remain in force up until renewal date. On renewal, we will write to customers as normal to provide a renewal quotation.
  • Financial Planning Advice: we will continue to provide ongoing financial planning advice to our existing customers through Irish Life. This includes supporting our existing customers as their financial circumstances change and supporting existing Ulster Bank Ireland DAC customers with new financial planning advice covering the full range of needs (Mortgage Protection, Life protection, Investment and Pension).


Additional support: If a customer needs additional support, is in financial difficulty, or is in a vulnerable situation we continue to be here to help, please call us on 1850 211 461. (Lines open 24 hours a day including Bank Holidays. Call costs may vary and calls from mobiles may not be free)
 
Clearly it makes no sense for anyone applying for a new mortgage to go to Ulster Bank.

If they want to be a customer of ptsb, they should apply to ptsb directly and get the cash back.

The only reason for going to Ulster Bank would be if all the other lenders had rejected their mortgage application.

Brendan
 
Back
Top