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Ulster Bank invited other financial providers to a meeting today where it discussed it's move out of the Irish market.
Ulster Bank invited other financial providers to a meeting today where it discussed it's move out of the Irish market.
Image: Sam Boal/Rollingnews.ie

Ulster Bank urges customers not to switch banks 'at last minute'

The bank has committed to giving up to six months notice of its departure in 2022.
Dec 2nd 2021, 2:00 PM 39,015 17

ULSTER BANK SAYS customers do not need to do anything for now, but has urged them not to leave switching providers “to the last minute” during its exit next year.

The withdrawal from Ireland, which has been rumoured since last September, but was confirmed earlier this year, has caused headaches for customers who will have to find a new provider at some point in 2022.

Ulster has committed to giving the public “up to six months notice” of its departure.

However it’s strongly urged people to take a look at other options sooner rather than later, to avoid a “bottleneck” of account openings for other companies in the second half of next year.

The bank has also advised companies that hold direct debits with Ulster Bank customers to make it clear the changes are happening next year, “to help them to be ready.”

AIB has already agreed to take on €4.2 billion worth of Ulster Bank’s corporate and commercial loans.

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These comments from Ulster came as the bank held a meeting with other financial providers based here, not just banks, to “give them as much information as possible” ahead of the exit.

With both KBC and Ulster Bank in the process of withdrawing, it means traditional options for hundreds of thousands of customers are dwindling.

AIB, Bank of Ireland and Permanent TSB are among those who will accept new customers, along with local Credit Unions, An Post Money, EBS or online providers like Revolut or N26.

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Tom Douglas

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