Around 75,000 Ulster Bank credit card customers will be given six months to close their accounts before their cards stop working next March.
It is part of the bank’s phased withdrawal from the financial market in the Republic of Ireland, which was announced in February 2021.
From next month (September), the bank will write to its personal credit card holders informing them to chose an alternative provider, if required.
Customers will need to move recurring transactions, pay outstanding balances and ensure they have sufficient funds to cover the government stamp duty of €30 prior to closing their accounts.
Those moving to a new credit card provider will receive a ‘Stamp Duty Letter of Closure’ to avoid being charged stamp duty on April 1, 2023.
The bank said that it has been contacting and offering support to customers who may have difficulty repaying their full balance within the notice period.
It added that it will work with customers on a case-by-case basis for individual plans.
Ulster Bank advised any customers in financial difficulty or in a vulnerable situation to contact its credit card team.
Meanwhile, Ulster Bank is today (Tuesday, August 9) reminding customers with current and deposit accounts to consider their options sooner rather than later and take steps to switch financial provider.
Ulster Bank chief executive Jane Howard said that many customers have already taken action since the start of this year.
“If any customer needs additional support, I’d strongly encourage them to contact us as soon as they can either in branch, or on the phone.
“We want to ensure that customers who need additional help are supported at this time.
“Our colleagues are working hard to support customers through all channels and we have changed branch services to allow branch colleagues to focus on supporting customers who are moving their current and deposit accounts,” Howard added.