Ulster Bank announce major changes starting today

Ulster Bank has announced its timeline for a phased withdrawal, starting today.

The bank is 'encouraging customers' to prepare for changes occurring in 2022 amid their withdrawal, however, the bank will continue to serve existing customers for 6 months. 

Ulster Bank announced its exit in February with a 'phased withdrawal of all banking activity and associated services within the Republic of Ireland'

Customers are urged to begin the process of considering their banking options.

In a statement today, Ulster Bank said they will contact customers directly when they need to take action and this will commence in early 2022 when they begin to serve formal account closure notice to current account and deposit account customers.

Ulster Bank is 'encouraging customers' to consider options, avail of supports by the bank, and ensure they are ready to choose a new banking provider for current and deposit accounts.

"Over the coming months, we will engage with customers, including those who might need more support, to help them to get ready to choose a new provider, with a view to move & close their accounts." added Ulster Bank.

The banking provider will not close any of its branches in 2021 and does not expect to see any branch closures in the first half of 2022. 

New applications will not be accepted after close of business today, with the exception of mortgage and overdraft applications which will only be accepted for existing customers.

Ulster Bank is 'committed' to giving 6 months' notice to all customers to ensure banking changes can be facilitated and to ensure there is a timeline for account holders to switch banks and move their accounts from Ulster Bank.

Ulster Bank Chief Executive, Jane Howard said customers may not have noticed many changes yet but that is expected to change over the coming months and the bank will continue to update and signpost changes for customers and colleagues including other products and services which are not covered by today's announcement.

"We want to encourage customers to spend some time thinking about the best options for them and we wish to support them on this journey as much as possible." she added.

Ulster Bank has 88 branches across the country and more than 1 million customers in the Republic of Ireland.