Important Customer Notice

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Important Customer Notice:

Update on Ulster Bank Ireland DAC presence in the Republic of Ireland.


We remain open for business.

   An update from Ulster Bank

Last Updated 19th February 2021:

Following an extensive review of Ulster Bank Ireland DAC, a decision has been made for a phased withdrawal of all its banking activity and associated services within the Republic of Ireland over the next number of years.

What do customers need to do?
Nothing
, there is no immediate impact on your products and your day to day banking, simply continue to bank with us as normal. We commit to keeping you updated and assure you that we will provide advance notice of any changes to your future banking services as a result of this decision.

Are we open for new business?
Yes – 
we will remain open for all new business as we work to find the solutions that will ensure continuity of support for you. This announcement of a phased withdrawal may result in the transfer of your product to another provider.  

To keep you up to date with what this means for you, we have put together these frequently asked questions and answers.

We would like to thank you for your ongoing business with us and assure you that we are committed to serving you and working in the best interests of all our customers.

Be fraud aware?

This decision may prompt fraudsters to attempt to take advantage of the situation. We will ensure all security measures continue to keep you protected. Please stay alert and watch out for scams and for more information please visit our security centre.

 

For all your personal banking needs please visit ulsterbank.ie/personal.html

For all your business banking needs please visit ulsterbank.ie/business.html

 

On this page

General Information
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Icon expand Are you still open for new business?

Yes. We are open for new business across all parts of our Commercial Banking business.   

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Icon expand What do you mean by a phased withdrawal? 

The announcement on the 19th Feb refers to our intention to commence a phased withdrawal of UBIDAC activities from the Irish market. Right now, there is no change to your products or services and when we need to notify you or require you to act we will contact you directly

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Icon expand A phased withdrawal of the bank is not covered in the T&Cs of my product, so how are you able to make this change?

The terms and conditions of our products permit the Bank to transfer the product to another provider, in which case your legal rights and protections will remain the same

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Icon expand As a business customer, will the branch I use remain open?

There is no immediate change to the relationship you have with UBI DAC, we will be contacting all customers in due course once further information is available. For now, your Branch will remain open and will continue to serve customers.

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Icon expand When will you be able to tell me more information?

Right now, there is no change to your products or services and when we need to notify you or require you to act we will contact you directly.  

 

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Icon expand I have made an application for a new product or service, what do I need to do? 

You do not need to do anything. We remain open for new business in all our teams and this includes any applications already submitted to us. 

Help with my business account
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Icon expand Are you going to close my account?

Nothing changes with your account today. We’ll be in touch with you in due course once we have confirmed further details.

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Icon expand If my account is going to be closed, how will I get / pay any funds owed to / by me?

Nothing changes with your account today. We’ll be in touch with you in due course once we have confirmed further details.

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Icon expand I also have accounts in UB Northern Ireland, are they impacted? 

The  announcement on the 19th Feb is focused solely on UBIDAC in the Republic of Ireland and has no impact on UB NI. Your accounts in UB NI will remain open and fully operational. 

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Icon expand I want to switch my current account to another provider – how do I do that?

The Central Bank of Ireland has a Switching Code that is designed to make the process as quick and easy as possible, which all banks must comply with. Your new bank will assist and guide you through what is required to transfer the relevant product to them. We are also committed to supporting you and your business through this process. 

Help with loans and overdrafts
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Icon expand What will happen to my loan? 

We will be in touch with you directly in due course. The announcement on the 19th Feb  confirmed that the Bank has commenced a phased withdrawal from the Irish banking market and that will be likely to result in the transfer of your product to another provider.

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Icon expand Will my term and interest stay the same if my loan is transferred? 

If your loan is transferred to another provider in the future, this does not change your legal position in terms of this facility. It also means there is no change to your rights and obligations as outlined in the facility documentation.

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Icon expand Will you sell my loan to a vulture fund?

Details of the transfer of any product or service will be communicated directly to customers and colleagues in due course. 

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Icon expand How much notice will you give me to (i) close my current account (ii) when you’re selling my loan (iii) terminating my product?

We will honour all minimum notice periods as prescribed by the regulations and we are committed to supporting you and your business as we work through this process. 

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Icon expand I have a syndicated corporate loan, what will happen to the Ulster Bank portion of that?

Once we can confirm further details relating to the announcement on the 19th Feb , we will let you know what action is required in order to ensure your syndicated loan is treated appropriately. 

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Icon expand Can I still draw down unused portions of existing loans / overdrafts / RCFs?

Yes. Your facilities remain in place and fully operational. Once we have more information on what further action you need to take, we will let you know. 

Help with Other Ulster Bank Products/Services
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Icon expand How much notice will you give me to (i) close my current account (ii) when you’re selling my loan (iii) terminating my product?

We will honour all minimum notice periods as prescribed by the regulations and we are committed to supporting you and your business as we work through this process. 

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Icon expand I deal with NWM for Foreign Exchange, can I still do that?

UBIDAC customers of NatWest Markets should continue to contact the team in NatWest Markets as normal. If we need to contact you about any change to the product or service, we will contact you once you are required to take any action.  

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Icon expand I want to change a product (e.g. new Bankline user, change mandate, increased card limit), will you still do that?

Yes. All operational changes on your account can still be made and you should contact us in the normal way to do that. 

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Icon expand Can I still use An Post & Cash Centre for its cash / payment services?

All services presently available to our customers through these outlets remain in place.

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Icon expand I have a fixed rate deposits, can I break early and will there be charges?

Your money continues to remain safe with UBI DAC, this announcement does not require any action by you. If you wish to break your fixed rate deposit, your current terms and conditions will continue to apply.

Memorandum of Understanding with AIB
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Icon expand You have announced a Memorandum of Understanding with AIB this morning, how do I know if my loan is covered by this or not? 

We have announced a Memorandum of Understanding which refers to certain loans in our Commercial Banking Division. Once we are in a position to communicate directly with you with more information, we will do that. 

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Icon expand What about those loans not covered by that Memorandum?

We have announced we are in early discussions with other entities about some other assets, liabilities and operations. Once we are in a position to confirm more detail on that, we will contact you directly. 

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Icon expand I am in a population identified for the Memorandum but I don’t want that to happen. Can I be removed from this?

The facility documentation in place gives the Bank the right to transfer loans to another provider. We will work with you through this process to ensure it is as smooth as possible. 

Further Customer Help and Support
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Icon expand Who can I speak to about this?

All information related to this announcement is available on our website https://digital.ulsterbank.ie/business.html and our staff have no further information at this time.

Those customers with a dedicated Relationship Manager should contact them directly. Given current Public Heath advice our teams are using digital methods to meet our customers and can discuss this with you.  

If your relationship is managed by our Business Direct Team the telephony team is available on 1850 211 690 for operational queries. 

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Icon expand How can I make a complaint?

If you wish to make a complaint, please click on this link for advice on how to raise one: https://digital.ulsterbank.ie/personal/help-and-support/how-to-make-a-complaint.html

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Icon expand My business is currently significantly impacted by COVID so I therefore have little prospect of re-banking – will you continue to support my business ?

Our priority remains to continue to support our customers.  If you are not able to service your loan arrangements or need further Covid support please contact your Relationship Manager and they will be able to discuss this with you. 

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