Customers not obliged to take any action until they receive letter or email. Ulster Bank said on Wednesday that it has formally begun writing to groups of current and deposit account customers to give them six months’ notice to move their business to another provider and close their accounts.
The bank said it is sending out letters and emails on a phased basis to different groups of customers “to help to facilitate orderly account switching and new account opening across the industry and to avoid a single closure date for customers and the industry”.
“Customers are not obliged to take any action until they receive their letter or email from us; our branches will remain open throughout this ‘choose-move-close’ process to ensure that all customers will have in-branch support available to them, should they require it,” it said.
Ulster Bank, which announced in February 2021 that it was exiting the Republic after more than 160 years in the market, has set up special customer hubs on its website for personal and business customers to outline various options available to them.
“This is an important step in the phased withdrawal of Ulster Bank, and we recognise that, for our customers, especially those who have banked with us for decades, choosing and moving to a new provider requires effort, time and support,” the bank said. “We are taking a responsible and prudent approach which includes regular monitoring and evaluation of the progress throughout this process.”