Update on Ulster Bank withdrawal

Brendan Burgess

Founder
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54,768
I got a call from Ulster Bank today to update me on what is happening.

1) Current accounts
People were given 180 days notice in batches and the first batch expires on 8th October.
Any account still open on that day will be switched to "non-operational" - no transactions can take place.
The account holder can go into their branch and withdraw the balance.

On day 210, they will be sent a cheque for the balance, and the account will be closed.
On day 150, Ulster will be proactively contacting customers by phone to tell them their account will be closed.

2) Department of Social Welfare payments
The Department of Social Welfare has been very proactive and contacts anyone who has still designated Ulster Bank to receive their payment. Most of them have already given the DSP a new account.

3) Mortgages
The non-trackers will move to permanent tsb in the next month or so. The customers don't need to do anything.
The trackers will move to AIB but that has not been approved by the CCPC yet.

Anyone with a tracker today who fixes with Ulster Bank, will move to AIB and not ptsb.

4) Credit Cards
The process of notifying credit card customers has just started.
 
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Strange I have got emails about my current a/c which is not closing till January however nothing on my mortgage which is moving next month!
 
Hi TRS

You don't need to do anything on your mortgage.
I would say that they will write to you when they know what date it's moving.
Then you will get a welcome letter from ptsb.

But you have to take action if you have a current account.

Brendan
 
What's happening the offset mortgages I wonder? I have moved all dds and payments etc but still have a balance in current account which is offset against mortgage for interest purposes. Annoyingly I am still charged €2 per month for current account that they don't want me using, it's not much but it's the principle of the thing!
 
Brendan Burgess said:
Hi TRS

You don't need to do anything on your mortgage.
I would say that they will write to you when they know what date it's moving.
Then you will get a welcome letter from ptsb.

But you have to take action if you have a current account.

Brendan
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Thanks Brendan. I appreciate the difference in action required or not however would still be nice to be told.

Anyway, once informed, I can begin my inquiries to PTSB about how I will be treated once my fixed rate ends.
 
TRS30 said:
Anyway, once informed, I can begin my inquiries to PTSB about how I will be treated once my fixed rate ends.
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Well, KBC fixed-rate customers will only be eligible for BOI's rates (not including their low, "new business" rates) when their fixed period ends, so I wouldn't expect PTSB to be any better.
 
Paul F said:
Well, KBC fixed-rate customers will only be eligible for BOI's rates (not including their low, "new business" rates) when their fixed period ends, so I wouldn't expect PTSB to be any better.
Click to expand...
I would suspect the same Paul however will be a nice argument when I'm having a bad day
 
I have 3 legacy accounts that are not current accounts.
Mortgages and property tax charges are being taken from the account. What happens here? I did not receive a letter saying the account will close on the 8 th Oct.
Contacted AIB and it will take at least 10days for an account to be set up. Have not checked Bank of Ireland.
I just looked on the Ulster Bank website stating current account are frozen from the 8 th Oct. The number of people with mortgages coming out of the current accounts will now effect their credit rating as the so or dd will not work properly.
We have a rough idea where tracker and variable mortgages are moving to but there still not fully approved. My understanding that the move will be in the New Year but they are pushing the closing of accounts by the 8th Oct. What a mess.
 
Not all accounts I presume are inoperable on 8th Oct, I have not received any letter or email telling me that about my two o/s accounts there. Think it's only those that have been notified, doing it in batches as far as I know as I did receive a letter re my fathers account some months ago and have closed it.
 
We have not received a letter saying the date the account is finally closed. My husband got a missed call from someone saying they are from Ulster Bank but with phishing he would not reply. I have not received a call or a letter giving a cut off date.
 
Brendan Burgess said:
Why are you all waiting for a cut off date?

Why don't you move your accounts immediately?

Brendan
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In my case Brendan I'm not closing those accounts as both accounts are offset against mortgage, I'm waiting until they tell me their solution for offset mortgages! In fact I have essentially moved all payments and debits other than mortgage which comes out of the offset account to the mortgage.
 
Brendan Burgess said:
Ah, that makes sense. So if they close it, you can still run your finances.

Brendan
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Well I can run my finances as such but I doubt they can just close the accounts offsetting against the mortgage without offering same option elsewhere or some other solution. It's what an offset mortgage is based on, the offsetting.
 
Brendan Burgess said:
Why are you all waiting for a cut off date?

Why don't you move your accounts immediately?

Brendan
Click to expand...
The bank accounts were set up when the bank was a building society and the accounts are not current accounts as such they were set up to pay mortgages from. The bank applies interest on savings in the account as well. There is no debit card on the accounts.
No fees involved with the accounts. Trying to hold on as long as possible.
 
Instant Access Plus accounts, very handy things! Operate like a current account but with none of the charges, I had a bunch of them, used for all different bills and could pay online from them, sad to lose them, there is no similar alternative out there. I had an AIB deposit/savings account which could be used online to do transfers etc but they have removed that functionality from it and you have to go in branch to do any transaction which is pointless!

I moved to EBS for now who have a Moneymanager account I think it's called, no fees but does have debit card, not sure though if they are still opening them and it seems they intend transferring all non mortgage business to AIB next year so I will be moving again then to CU when that happens.
 
That is the name of the account! Really do not want to move straight away but may not have a choice. Would move to a bank that had the equivalent. We are running out of choices.
 
To Avoid bumpimg here, I was in thr Ulster Bank Today , my Date was the 15th October and i asked here was this extended she tols me they have all been extended till the 4th November Cheers.
 
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