Coronavirus | Ulster Bank

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Coronavirus (COVID-19)

We're here to support your business

Important Update from Ulster Bank

We understand that these are uncertain times, and many of you may be worried. We want to assure you that looking after our customers and colleagues is our number one priority, and we are closely following advice from Government and the relevant authorities to make sure that we are prepared.

If you’re concerned about being affected financially or being unable to get to the bank due to coronavirus (COVID-19), we’re here to help. We will use this page to let you know of what help and support is available, and to give you updates on our services.

The European Banking Authority (EBA) have currently set a deadline of the 30th September 2020 for first payment break requests to be received and processed by all Banks.

If you haven’t yet requested a payment break and you think you will have difficulty meeting your repayments due to COVID-19, please contact us as early as possible in September, but no later than 30th September 2020.

This will allow us sufficient time to process your request for a COVID-19 payment break. Further instructions on how to progress are detailed within the Ulster Bank support available tab below.

 

Short-term financial support

Short-term new or increased Business Overdraft for 6 months

  Interest rates can be viewed here.  Interest is calculated daily and charged to your account quarterly 

 

  No arrangement fee applies

 

  Security may be required

 

Please note, we are prioritising all Covid-19 related applications and on receipt of a fully completed application form we will endeavour to be in contact within 48 hours with our decision or, if necessary, to request further information

 

For an Overdraft under €150,000 

Apply for an overdraft under €150,000

For an Overdraft more than €150,000 

Apply for an overdraft greater than €150,000

Capital or Full Payment Break on your loan for 3 months

As part of the measures to help you during this unprecedented time we are putting in place a process to allow you to apply for a payment break on your Business Loan Account for an initial period of 3 months. 

 

There are two options available:

1.     A Capital Payment Break (interest only repayment) or

2.     A Full Payment Break (neither capital nor interest paid)

 

Interest will continue to accrue and be payable on your Credit Facilities and charged quarterly in accordance with the existing terms and conditions which currently apply to your Credit Facilities. 

 

If you select option 2 you won’t pay any interest on your loan during the period of the break but the interest will still accrue.

 

At the end of the payment holiday period your normal monthly repayment may be recalculated which means that your monthly repayment will be greater than it is now or alternatively the term of the Credit Facilities may be extended.  If you choose to extend the term of your Credit Facilities the amount of interest payable and amount owing on the related Credit Facility will increase.

 

The options above will be discussed in detail when we contact you in relation to your application.

Apply Online Today

Waiving of surcharge interest and related charges if your account goes into an unauthorised overdraft

We know there may be times when you may accidentally go overdrawn on your account without an agreed overdraft or exceed an agreed overdraft limit. If this happens surcharge interest and charges will normally apply as follows:

 

•  Surcharge Interest (additional 9% on top of the overdraft interest rate)

•  Unpaid Outwards Charge (€12.70)

•  Irregular Account Charge (€4.44)

 

From 17th April 2020, surcharge interest  and charges detailed above will be waived for a three month period on Business and Corporate Current Accounts. Overdraft interest will continue to apply on all overdrawn balances.

 

Here are a few examples:

 

1.The balance on your account is €100. Your ESB bill is presented for payment for €130. We pay the bill resulting in your account going overdrawn by €30. You have no overdraft agreed on your account. In this instance arranged overdraft interest will apply to the overdrawn amount (€30) but the Irregular Account Charge of €4.44 will be waived and the additional surcharge rate of interest, currently 9%, will not be applied on top of the overdraft interest rate.

 

2.The balance on your account is €400. A recurring payment of €800 is presented for payment. This is returned unpaid so the balance on your account stays at €400. In this instance the unpaid fee of €12.70 that would normally be applied to your account will be waived.

 

On Friday 17th July 2020 the existing interest and charges applicable on your current account will start to apply again. This means any unauthorised borrowing outstanding on your account will attract surcharge interest as detailed above, in addition to the standard overdraft interest rate.  Please think carefully about any additional borrowing you take on and consider how you will repay it.  If you do not meet the repayments on your credit agreement your account will go into arrears.  This may affect your credit rating, which may limit your ability to access credit in the future.

 

For further information on unauthorised overdraft interest and charges, please refer to our booklet A Guide to Business Current Account Fees.

Need to speak to someone?

If you require assistance, please contact your Relationship Manager.

If you do not have a nominated Relationship Manager please call 1850 211 690.

Alternatively you could email us here to request a call back.

Please note that if you decide to call us, there will be a higher than normal call wait time, and calls may be recorded for training and monitoring purposes.  

Manage your business banking online

You can complete your online banking on Anytime Internet Banking, mobile app or Bankline*

*Criteria applies.

Did you know, there is now functionality to cancel your Direct Debits without the need to call?  Other channels include our new online form which can be accessed here, Anytime Banking or Bankline, further guidance is available on our FAQs.  If cancelling via the Online Form, the direct debit cancellation will be actioned in the next 24 hours.

You can also ring our telephone banking team if you need help getting set up on 1850 211 609 or +3531 451 3007 from outside Ireland. We’ll be happy to help.  Please note, we are prioritising help for those customers who need us the most. We are trying to keep our telephony lines open to help customers who are in an emergency situation throughout COVID-19.

 

Government supports available

 

We're here to support your business

Call your Business team or Relationship Manager on 1850 211 690

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