Ulster current accounts not moving to permanent tsb

Brendan Burgess

Brendan Burgess

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According to RTE

WHAT ABOUT MY ULSTER BANK CURRENT ACCOUNT?

Current account transfers are not part of the deal.

Ulster Bank says it will proactively contact customers when they need to move bank and or close accounts.

It says it understands that customers may wish to start moving to a new bank now and it is ready to help them through its branch and telephony teams.

Permanent TSB says it will offer all Ulster Bank personal customers an account opening process that will allow them to apply for a Permanent TSB personal current account in less than 15 minutes. It will be an app-based process.




I suspect that permanent tsb realised that it would not be technologically easy to move the current accounts en masse, so they want people to open an account from new.

Brendan
 
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Our household account is with Ulster Bank. I'll put off moving it until the last possible moment as I can't face the hassle involved. Moving accounts is never as seamless as they advertise and I've tons of direct debits that will have to be changed as well as online accounts such as Netflix and Spotify coming out of it.
 
Steven Barrett said:
I'll put off moving it until the last possible moment as I can't face the hassle involved. Moving accounts is never as seamless as they advertise and I've tons of direct debits that will have to be changed as well
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Hi Steven

You should not leave it to the last minute.

When you go to open an account with AIB or BoI, there will be long delays as they will be inundated.

First, open a new bank account.

For all new direct debits, set them up on the new account.

Transfer over the existing ones a few at a time.

Then when it's all settled down, close your UB account.

Then turn on Joe Duffy and listen to all the UB customers who left it to the last minute and can't find any bank to take them on as they are closed to new accounts.

Brendan
 
Folks, I made an aside comment in my first post, which a lot of people responded to.

I don't want to take the thread off topic, so I have deleted my aside comment, and the responses to it.

Brendan
 
Brendan Burgess said:
Hi Steven

You should not leave it to the last minute.

When you go to open an account with AIB or BoI, there will be long delays as they will be inundated.

First, open a new bank account.

For all new direct debits, set them up on the new account.

Transfer over the existing ones a few at a time.

Then when it's all settled down, close your UB account.

Then turn on Joe Duffy and listen to all the UB customers who left it to the last minute and can't find any bank to take them on as they are closed to new accounts.

Brendan
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I might dip my toe in the water. Have to go AIB and open an account for my son. I'll talk to them there about it. :)
 
I'm just back from the ebs trying too open an account as I'm with UB also.
I've too book an appointment online so I can open an account in my local branch
 
Pinoy

That really underpins what I am saying.

If thousands of people leave it to the last moment, they will find themselves without banking facilities for a time.

It's best to move now and if there are problems, one can follow up with UB while they are still here.

Brendan
 
Thirsty said:
@Pinoy adventure - Good luck with that!

Central Bank proposes to ban "price walking" on home and car insurance.

Press Release – 21 July 2021 Central Bank proposes to end the loyalty penalty for private car and home insurance customers [broken link removed] ... Based on the evidence from the Review we are proposing a series of measures to strengthen the consumer protection framework. These proposals...
www.askaboutmoney.com
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Ive booked an appointment now with them,so let's see how long it takes for them too call me.
 
I've an old current account, and a deposit a'c with AIB with something like €40 in it. Have never used it in about 10 years or so. Checked with them today and YES, I can continue my old current account with them whenever I feel the need to do so. Being of a pensionable age, I see they have an account for people of my age called, Advantage A'C, which will suit us and that's what I'll be doing, but no intention of moving anything until at least the middle of next year and will see what the story is at that stage. I'd be of the opinion that Banks will want those people to open ac's with them, and will be quite happy to accommodate the numbers who might want to do so.
 
noproblem said:
I'd be of the opinion that Banks will want those people to open ac's with them, and will be quite happy to accommodate the numbers who might want to do so.
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I agree with you. But the call centres will be swamped with

1) People wanting to open accounts
2) Direct debits not set up properly and so some service has been discontinued
3) Lodgements going to Ulster Bank instead of the new account

It just seems easiest to do it before the rush.

Brendan
 
Agree with the ‘act now’ advice. We opened new AIB accounts, manually set up DD’s (don’t trust the ‘automated tool’ the bank has to facilitate this and was advised by AIB staff of issues with same), informed pension providers of new accounts and all has worked well so far.

We will continue with UB accounts until they request us to close the accounts there. Like another poster, an old AIB mortgage account which I had completely forgotten about was, although dormant, still there and this helped the process along.

My advice is as as others above, act now, and this will give you time to move recurring transactions in order of priority.
I suspect it will be fairly difficult in the next few weeks to get appointments for a new bank, due to summer holidays, Covid, and the reaction to today’s news confirming that UB’s departure is more clearly defined and maybe sooner than we thought.
 
Does anybody have any idea of the number of UB current accounts that will be closed / have to switch?

Are we talking about hundreds of thousands?
 
In very rough figures, they have about 15% of the market.
Are there about 2 m adults with current accounts in Ireland? 3m?
Say 2m at 15% = 300,000.

So it could be anywhere between 200,000 and 500,000
 
Hi Red

I was ignoring business accounts, but they will have to be switched as well.

But I would guess that businesses will have switched long before the deadline.

Brendan
 
Steven Barrett said:
Our household account is with Ulster Bank. I'll put off moving it until the last possible moment as I can't face the hassle involved. Moving accounts is never as seamless as they advertise and I've tons of direct debits that will have to be changed as well as online accounts such as Netflix and Spotify coming out of it.
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High net worth individuals will be dealt with on a one to one basis…
 
Hello,

While I agree with Mr Burgess about not leaving things to the last minute, I think its also important to remember that there's no need to panic - it's probably going to be at least another nine months, before UB starts asking anyone to physically close their accounts, in fact, probably longer.

As a starting point, everyone needs to take a little time to decide exactly what they need, going forward - do they need a branch network, a good online offering, do they simply want the cheapest option regardless of limited customer service etc.

For me, I think I'm going to look at how I can make even better use of the newer online options, to help reduce my transaction costs further.

Do your research, and look at all of the options, before you move account
 
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Some (many?) customers will have a current account in another bank already
 
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