Ulster Bank has announced that it will begin to freeze current and deposit accounts from November 11, with the accounts being closed 30 days after they are frozen.
The bank is encouraging customers who have not yet taken action to begin the process to choose a new provider, move their transactions and close their current and deposit accounts within their notice period.
Over 70% of Ulster Bank personal current account customers who received their first formal notification in April and May, have either closed, materially wound down the level of activity in their current account or left it inactive.
Ulster Bank stated that they will be taking proactive steps to reach out again to the following groups of customers to offer further support and these higher reliance accounts will not be frozen at this time:
- Personal or Commercial current account customers with six or more transactions in the last 30 days;
- Personal current or deposit account customers who have received a social protection payment in the last 30 days;
- Personal current or deposit account customers in receipt of an inbound payment of €125 or more, in the last 30 days (as this may be their wages);
- Commercial current accounts with a reliance on an overdraft and an account turnover of more than €1,000 in the last 30 days.
Ulster Bank chief executive Jane Howard said:
“The first Ulster Bank current and deposit account customers will enter the account freezing and closure process on or after November 11.
“Our focus remains to support customers to move to another financial institution. ‘, with customers who we believe have low reliance on these accounts or may have accounts elsewhere.
“At this point, we are also excluding and reaching out again to personal customers who have received a social protection payment in the last 30 days or who have received an inbound payment of €125 or more in the last 30 days.”
“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 take action to choose, move and close their current and deposit accounts within their notice period.”