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26/09/2021

Ulster Bank announces changes for Donegal customers under phased withdrawal

The bank announced last February that it would be withdrawing from the Irish market

Ulster Bank has released details of changes for personal and business customers as part of its phased withdrawal from Ireland. 

Back in February, the company announced a phased withdrawal from the market in February. 

This latest announcement includes details of a number of changes to new business products over the coming months. 

A spokesperson said: “Our customers’ existing products and services are not impacted by today’s announcement.”

Personal Customers

"For personal customers, Ulster Bank is commencing the process of phasing out the new products and services we offer customers,” said the spokesperson.  

“We will continue to accept new applications from new and existing personal banking customers until close of business October 29, with the main exception of mortgages, which will remain available for existing customers only after that date.  

“Some other exceptions* apply, most notably relating to overdrafts for existing customers, and applications which are in progress prior to October 30.  

“Ulster Bank is writing to our existing customers to give them 60 days’ notice of this change.  Details on this change will also be available on our website and through our normal support channels.  For customers who have an application underway, we will continue to support them throughout the process of their application.”

Business Customers

The spokesperson said: “For business customers, availability of all of our products and services for existing customers, including new-to-Bank customers who are in the process of being onboarded, is unchanged.  

“Ulster Bank will no longer offer our products to non-Ulster Bank customers from July 30. The exception to this is Lombard Asset Finance, which remains open for new and existing customers. 

“If business customers have already applied for a product, or started the onboarding process as a new customer, we will continue to process that for customers.”

Mortgage Customers

In addition and separately, as part of its regular management of compliance with the Central Bank of Ireland’s macro prudential lending rules, Ulster Bank will close to mortgage customers seeking exceptions to these rules, from  August 4.

Ulster Bank Chief Executive Jane Howard said: “Today is another significant milestone and an expected step in the progress of our phased withdrawal. 

“Our colleagues will continue to serve our customers throughout this phase and beyond, including those customers who need more support due to the nature of the product eg self-build mortgage customers who draw down in stages according to their build.”

A comprehensive customer Q&A is available at www.ulsterbank.ie

Additional support

Anyone who needs additional support, is in financial difficulty, or is in a vulnerable situation is invited to call the Ulster Bank team on 1850 211 461. Lines are open 24 hours a day including Bank Holidays. Call costs may vary and calls from mobiles may not be free.

Exceptions to the changes:

Mortgages: Ulster Bank will continue to accept applications from all existing customers for new mortgage lending after close of business on October 29.
Should a mortgage be fully approved and offer letter issued, it will transfer to a new provider in the future. The mortgage team can be contacted at 1890 252 270 from 9am to 5pm, Monday to Friday 9am-5pm (except bank holidays). 

Overdrafts: The bank will accept existing current account customers’ applications for new overdrafts or increased overdraft limits, in limited circumstances to provide customers access to short term emergency funds. 

Credit Card limit: Ulster Bank will continue to accept applications for limit increases on Credit Cards in limited circumstances, to provide customers access to short term emergency funds. 

Home and Car Insurance: Existing customers’ policies will remain in force up until renewal date. On renewal, the bank will write to customers as normal with a renewal quotation. 

Financial Planning Advice: Ulster Bank will continue to provide ongoing financial planning advice to our existing customers through Irish Life. This includes supporting existing customers as their financial circumstances change and supporting existing Ulster Bank Ireland DAC customers with new financial planning advice covering the full range of needs (Mortgage Protection, Life protection, Investment and Pension).

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