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

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 Questions
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Icon expand Why should I continue to bank with Ulster Bank?

All of our great products and services that you have enjoyed as our customer remain in place today.

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Icon expand Will my Branch remain open?

Yes, your Branch will remain open and we will continue to serve you and our communities. We will be contacting customers in due course once further information is available. For now, your Branch will remain open and will continue to serve customers as it does today. Please be patient with us should there be any impact on opening hours due to Covid.

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Icon expand Who can I speak to for more information?

The most up to date information on this announcement will continue to be held on www.ulsterbank.ie

There is no further information on the impact of this announcement at this time, once we have more details we will be reaching out to all customers.

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Icon expand What changes do I need to make?

No changes or actions are required by you at this time. There is no immediate impact on your products or your day to day banking with us. We will continue to keep you updated during the coming weeks and will provide advance notice of any further changes as a result of this decision.

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Icon expand How will you handle my data, will it be shared with others?

Your personal data will continue to be managed in accordance with our Privacy Notice (https://digital.ulsterbank.ie/globals/privacy.html) the General Data Protection Regulation (GDPR) and the product terms & conditions. As is always the case, in the event of a sale your personal data may be shared with third parties.

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Icon expand How can I file a complaint?

If you would like to raise a complaint please click on the attached link https://digital.ulsterbank.ie/personal/help-and-support/how-to-make-a-complaint.html

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Icon expand I have an outstanding complaint, will that still be resolved? 

All complaints will be managed in line with business as usual  and service level agreements. 

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Icon expand I have a personal & business account with UB – what does this mean for both my relationships with you?

There are no changes to your existing accounts with UB. Your relationship manager will be in touch with you directly in the coming weeks. 

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Icon expand What happens if I do nothing?

There is no action required by you, we’ll be in touch with you at the appropriate time regarding next steps. 

Ongoing contact with customers
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Icon expand When / how will you get in touch with me to keep me updated?

We will communicate directly with you via email and / or letter and provide advance notice of any changes or actions required in line with the minimum requirements as per your product / service terms & conditions. 

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Icon expand When will you confirm timescales / next steps on what this means for me?

We are committed to keeping you regularly informed and will be writing to customers directly. 

New Business/Application Requests
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Icon expand I’m in the process of opening an account / product with you. What does this now mean?

We will continue to honour all applications that have been submitted and are in our pipeline as per normal service levels and terms & conditions.

 

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

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. 

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Icon expand What if I am an existing customer and require a new product but have not commenced the application process?

We continue to remain open for business for all our products and services as per normal service levels and terms & conditions.

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Icon expand  Given this announcement will my likelihood for approval of your products be reduced?

We remain open for business and there are no plans to change our credit policy and reduce your opportunity for approval as a direct result of this announcement. We continually review our policy to keep it aligned to our strategy and our risk appetite and this will remain the case.

Mortgage related questions
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Icon expand If Ulster Bank is leaving the market what does this mean for my Approval in Principle?

The announcement that has been made on the future of Ulster Bank Ireland DAC has no impact on your Approval in Principle. We are delighted that you have your Approval in Principle and once you secure your property, you can contact your Mortgage Manager who will support you through the draw down process.

If your Approval in Principle expires before you secure your new property, then your Mortgage Manager will support you through the process to get that renewed. Please be assured your legal and regulatory position is unchanged as a result of this decision. 

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Icon expand I am in the middle of completing my mortgage application with Ulster bank, what does this mean for me?

The announcement that has been made on the future of Ulster Bank Ireland DAC has no impact on your application. You can of course complete your mortgage application and your Mortgage Manager will be happy to take any questions. Ulster Bank currently has a range of fixed interest rates in the market. We are delighted that you have chosen Ulster Bank as your Mortgage Provider.

Please be assured your legal and regulatory position is unchanged as a result of this decision. Everything currently remains the same.

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Icon expand If Ulster Bank is leaving the market what does this mean for my loan offer? Will this change?

The announcement that has been made on the future of Ulster Bank Ireland DAC has no impact on your loan offer. Ulster Bank has a range of fixed interest rates in the market. We are delighted that you have chosen Ulster Bank as your Mortgage Provider. Your loan offer will remain valid until its expiry date. You can of course proceed to draw down your loan with Ulster Bank.  Your Mortgage Manager will be happy to take any questions.

Please be assured your legal and regulatory position is unchanged as a result of this decision. Everything currently remains the same.

 

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Icon expand I am due to draw down my mortgage and complete the purchase of my house soon? What does this mean for me?

The announcement that has been made on the future of Ulster Bank Ireland DAC has no impact on the drawdown of your mortgage. You can of course proceed to draw down your loan with Ulster Bank.  Your Mortgage Manager will be happy to take any questions.

Please be assured that the outcome of this decision will not affect the completion of your house purchase. In addition, please be assured your legal and regulatory position is unchanged as a result of this decision.

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Icon expand I have a Mortgage loan offer – can I change my rate?

Yes, Ulster Bank has a range of interest rates in the market and your Mortgage Manager will be happy to discuss all rate options with you. Any change in rate will require an updated loan offer to issue.

Fixed Rate Mortgages
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Icon expand My fixed rate ends soon (March) – how will this affect me?

The announcement that has been made on the future of Ulster Bank Ireland DAC has no impact on your mortgage rate options. Ulster Bank continues to offer very competitive mortgage rates and you can continue to avail of those, in the same way you would have before now.

The letter you received sets out the options and next steps for when you come to the end of your current fixed rate period.  You can follow those steps to choose the best rate for you.

In the event of a change of ownership of your Mortgage Provider, the term and corresponding rate you chose will transfer with you. 

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Icon expand My fixed rate ends later in the year (June) – how will this affect me?

The announcement that has been made on the future of Ulster Bank Ireland DAC has no impact on this. You will receive a letter from Ulster Bank Ireland DAC prior to the expiry of your fixed rate later this year.

That letter will set out the options available to you at the end of your current fixed rate period.

At that time, you will be able to avail of one of the range of very competitive mortgage rates that Ulster Bank offers and the letter you receive will outline the steps you will need to take to avail of one of those rates. 

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Icon expand I have just chosen a new interest rate on Manage My Mortgage; can I change my mind now?

Ulster Bank have a very competitive range of interest rates and we encourage you to choose one that best suits your needs.

That does not change with this announcement today.

If you chose a fixed rate, you will retain that rate throughout the period you chose.

Please be assured that the outcome of this decision does not affect your legal and regulatory rights. Everything currently remains the same. If there is a future proposed change regarding the ownership of your Mortgage, we will contact you prior to that to give you notification.

If you still wish to change your mind. You can call 1890 252 270 to discuss rate options and confirm your instruction.

 

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Icon expand I am on a fixed rate?  Will you waive the breakage cost if I want to move my mortgage?

A breakage cost will be applied if your loan is repaid whilst on a fixed rate – please refer to the fixed rate agreement and your terms and conditions for more details.  

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Icon expand If I choose a UB fixed rate now, what happens after that period expires?

As with any fixed rate product, the options available to you at the end of that period will depend on the available rates of your provider. 

Existing mortgage customers
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Icon expand If my mortgage was sold what would happen to my rate (Fixed/Tracker/Variable)?

All terms and conditions will transfer to the new provider and so your existing rate, repayment and term will not change.

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Icon expand I still have a term remaining on my mortgage and I don’t want to move to another bank

We understand that the announcement we have made introduces uncertainty for customers, but the decision has been taken after a period of careful consideration. Please note that under our agreement with you, we can decide to transfer your Mortgage Loan and, in the meantime, you should continue to repay your mortgage under your existing agreement with us. You can continue to benefit from the competitive range of interest rates available to all of our customers.

Once further details are available about any proposed change to the ownership of your mortgage in the future, we will write to notify you and explain what it means for you.

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Icon expand I have additional concerns,  who should I go to for advice? 

If you have any additional concerns or questions about your Mortgage you may wish to seek independent financial or legal advice. 

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Icon expand I want to redeem my mortgage – how do I do that?

The announcement we have made caused uncertainty for you and your future Banking requirements. We can confirm that there is no action required for our existing customers today. Please be assured that the outcome of this decision does not affect your legal and regulatory rights - this means your interest rate, associated repayments and your mortgage term will remain as per our agreement with you.

If there is a proposed change regarding the ownership of your Mortgage we will notify you in advance of that and explain what that means for you.

If you still wish to redeem your Mortgage, you will need to call 1890 252 270 and request a redemption figure.

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

We understand the announcement we have made has caused uncertainty for you and your future Banking requirements. We can confirm that there is no action required for our existing customers today. Please be assured that the outcome of this decision does not affect your legal and regulatory rights - this means your interest rate and associated repayments, and your mortgage term will remain as per our agreement with you.

If there is a proposed change regarding the ownership of your Mortgage, we will notify you in advance of that and explain what that means for you.

You can of course Switch your mortgage to another lender.  You can visit the Competition and Consumer Protection Commission's website for more information on switching lenders (https://www.ccpc.ie/). Please note that a breakage cost may be applied if your loan is repaid whilst on a fixed rate in accordance with the terms and conditions for your mortgage loan

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Icon expand What would happen with deeds to my mortgage if my existing provider leaves Ireland?

In the event of a Mortgage Book sale, these would transfer to your new provider and you’d be made aware of this in advance via email and / or letter. 

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Icon expand What happens to my Offset Mortgage? 

The Announcement does not affect your legal and regulatory rights of your Mortgage held with us. Everything currently remains the same.

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Icon expand Where do I go to get information on my mortgage? 

You can self-serve using Manage My Mortgage by going to the Ulster Bank website and selecting 'Products' then 'Mortgages'.

Under the "Manage Your Mortgage" heading there will be a link called 'Manage your mortgage'.

Click on that link and then click on the button "Sign in to manage your mortgage online today"

You will then be presented with the log in screen where you need to key in the required details and click 'Log In'.

Once you have entered the correct details, you will be presented with a 'Mortgage summary' screen where you can review your mortgage.

Existing product related questions
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Icon expand What are my rights and is my money / deposits with you protected? 

Please be assured your funds remain safe with UBI DAC. The NatWest decision to exit the Republic of Ireland is based on simplifying their business model. 

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Icon expand Is my money protected under the Deposit Guarantee Scheme? 

Deposits of up to €100,000 per customer are protected as per the existing Deposit Guarantee Scheme where appropriate.

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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.

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Icon expand Will there be a change to the products and services I’m currently using?

Please be assured that the outcome of this decision does not affect the terms and conditions of your products / services with us in the immediate short term. Everything currently remains the same.

Any change regarding the ownership of your products / services with the Bank will be communicated to you in due course.

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Icon expand My Loan is not covered by the Memorandum, what does this announcement mean for me?

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 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.

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Icon expand Will you help me find a new provider - how are you going to help me?

We will continue to support you with your existing bank products & services. We are committed to assisting you in the switcher process for finding alternative banking arrangements in due course if that is what you choose to do.

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Icon expand My Home Insurance is with Aviva – will that be affected?

We continue to operate as normal, your insurance cover remains in place with Aviva Ireland DAC and is unaffected by this announcement. If there is any change in the future we will inform you in writing. 

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Icon expand My Car Insurance is with Aviva – will that be affected?

We continue to operate as normal; your insurance cover remains in place with Aviva Ireland DAC and is unaffected by this announcement. If there is any change in the future we will inform you in writing. 

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Icon expand I have Financial Protection (Life Assurance, Income Protection etc) in place with Irish Life through UBI DAC – will that be affected?

Your policy will remain in place with Irish Life until renewal, at which point Irish Life will be in contact with you.

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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?

We are not closing your account; we’ll be in touch with you in due course once we have confirmed further details in relations to this announcement. 

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Icon expand A phased withdrawal of Ulster Bank from Ireland 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.

Everyday banking operational questions
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Icon expand What will happen to all my direct debits & standing orders that are currently getting paid on my account?

Everything remains in place as normal. 

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Icon expand How does this announcement impact on the fees you are charging me?

All fees will continue to be in place as per business as usual.

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Icon expand Will my credit rating be affected?

There is no impact to your credit rating. 

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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 deal with NatWest Markets for Foreign Exchange; can I still do that?

Customers of NatWest Markets should continue to contact the team in NatWest Markets as normal. The team will contact you once you are required to take action to continue provision of this service.  

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

This announcement is focused solely on UBI DAC 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 am an NI-based customer with accounts with UBI DAC, will they be impacted?

There is no immediate impact on you, your products and services. We remain open for business and there is no need for you to take any action. The phased withdrawal we announced recently will take an extended period of time. We will proactively engage with you when any action is required and ensure that you have all of the information you need.  

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Icon expand  I live in a country outside of Ireland and have accounts with UBIDAC, will they be impacted?

There is no immediate impact on you, your products and services. We remain open for business and there is no need for you to take any action. The phased withdrawal we announced recently will take an extended period of time. We will proactively engage with you when any action is required and ensure that you have all of the information you need.  

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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. 

Customers in financial difficulty
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Icon expand You are currently supporting me with a Covid-19 Payment Break – what does this now mean for me?

Your Covid-19 Payment Break will continue. If you require support with your existing loan please contact our Arrears Support Unit on 1800 435 763 for Mortgages and 1850 201 210 for Personal Loans.

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Icon expand I am currently engaging with Arrear Support Unit (ASU) to get back to financial health - will you still support me?

Yes, our ASU team will continue to support customers to find a long-term sustainable solution. If you are in financial difficulty it is important that you engage with  ASU to complete a Standard Financial Assessment. ASU will continue to work with you to find a solution to your financial difficulties. You can contact ASU on 1800 435 763 for Mortgage Support and 1850 201 210 for Personal Loan support. 

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Icon expand I am currently in an Alternative Repayment Arrangement with the bank, should I continue to pay this?

Yes, it is important that you continue to meet the monthly repayments you have agreed with the Bank as part of an alternative repayment arrangement. If your circumstances change and you are no longer able to maintain the agreed payment, then please contact the Arrears Support Unit on 1800 435 763 for Mortgages and 1850 201 210 for Personal Loans.

 

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Icon expand I’m currently going through Legal proceedings, what will happen to my case?

All Legal proceedings will continue as normal. 

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Icon expand I have received a letter to advise that my loan is to be sold as part of a debt sale, does the announcement mean this will no longer be happening?

If you have been advised that your mortgage is included in a debt sale, then the announcement made will not change this. The bank will communicate with you further in relation to the sale of your mortgage. 

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Icon expand If you are selling my loan does that mean that I no longer need to make payments to the account or clear the arrears?

The announcement made does not impact your responsibility to maintain the payments expected on your loan. Please continue to pay these as normal. If you require support with your existing loan, please contact Arrears Support Unit on 1800 435 763 for Mortgages and 1850 201 210 for Personal Loans.

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Icon expand I am currently on a tracker rate. Does this announcement mean when my account is sold, I will lose out on this?

Please be assured that the outcome of this decision does not affect your legal and regulatory rights - this means your interest rate, associated repayments, and your mortgage term will remain as per our agreement with you.

Everything currently in place remains the same. If there is a future proposed change regarding the ownership of your Mortgage, we will contact you prior to that to notify you.

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Icon expand Can I avail of one of Ulster Bank’s fixed rates?

Yes, Ulster Bank continues to offer very competitive mortgage rates and you can continue to avail of those, in the same way you would have before now.

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Icon expand I have an ongoing complaint what will happen to this?

Any new or existing complaints in relation to Ulster Bank services or products will continue to be investigated and responded to by Ulster Bank. 

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