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Wednesday 29 March 2023 Dublin: 12°C
Sam Boal
# Winding down
Ulster Bank customers to be given six months' notice to close accounts from early 2022
The bank said it is continuing to serve existing customers, so no action is required by customers yet.

ULSTER BANK CUSTOMERS will be given six months’ notice to close their accounts and find a new bank from early next year. 

Ulster Bank said today it is “encouraging customers to get ready” for changes coming in 2022 as part of the bank’s withdrawal from the Irish market. 

The bank said it is continuing to serve existing customers, so no action is required by customers yet.

“Ulster Bank will contact customers directly when they need to take action and this will commence in early 2022 when we plan to begin to serve formal account closure notice to current account and deposit account customers,” the bank said in a statement.

“In advance of this, Ulster Bank is encouraging customers to consider their options, avail of supports and get ready to choose a new banking provider, particularly for customers’ current and deposit accounts. 

“Over the coming months we will engage with customers, including those who might need more support, to help them to get ready to choose a new provider, with a view to move & close their accounts.

“However, if customers are ready now, we are encouraging them to review their Ulster Bank accounts or make an appointment to review their Ulster Bank accounts.”

Ulster Bank will stop accepting applications for new and existing personal banking customers at close of business today with the main exception of mortgages, which will remain available for existing customers only. 

The bank said it is encouraging business customers to prepare for these changes. 

Ulster Bank said it will not close any of its 88 branches in 2021 and that it does not anticipate closing any branch in the first six months of 2022. 

However, it will begin to phase out traditional counter-cash services to concentrate on in-person support for customers to move bank and/or close accounts.

“We committed to giving customers up to 6 months’ notice to facilitate key changes for them and in this context, today we are signposting the expected timelines for current and deposit account customers to choose a new bank, move and close their accounts with Ulster Bank,” said Ulster Bank Chief Executive Jane Howard.

“While customers do not need to take action at this time, we know that some customers will want to get ready to start this process now and we will facilitate this for any customer who needs it. 

“We want to encourage customers to spend some time thinking about the best options for them and we wish to support them on this journey as much as possible.”

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