Ulster Bank has confirmed that it is delaying closures on accounts that were due to be closed on October 8, to a new date of November 4.
The extension is to facilitate one-off child benefit payments which are due to be paid out by the government on November 1.
Ulster Bank will then begin to freeze the accounts for 30 days before permanently closing them.
Of those who received their first formal notification of closure in April and May, almost two thirds (64%) have either closed or wound down their current account.
Ulster Bank chief executive Jane Howard said:
“As a bank, we have worked very hard to reach out to our customers to ensure that they are aware of their individual notice period and what will happen next, avoiding any surprises for them.
“It is crucial for all customers to understand that their notice to Choose-Move-Close still stands, and they do need to take action on their current and deposit accounts when they receive their notice from us.
“As we move to this critical point, I reiterate our commitment to withdraw on a phased and orderly basis and today’s announcement is in line with this commitment.
“We have worked very closely with the Department of Social Protection and others and thanks to our combined efforts the number of Ulster Bank personal current accounts in receipt of a social protection payment has reduced by over 75% this year, and this is before any customer reached the end of their notice period.
“This is good progress however, some customers in receipt of these payments are still banking with Ulster Bank.
“Today’s announcement is designed to protect these customers by ensuring that these key additional social protection payments reach their accounts.”
Howard added that Ulster Bank will proceed with its plans “carefully, safely and in an orderly fashion”.
“While today’s decision is important, we are not pausing our withdrawal, the remainder of our work and preparations continue as expected and we will continue to proactively contact customers, in particular those who may still be reliant on their Ulster Bank current accounts and support them in their Choose-Move-Close journey,” he said.