Ulster Bank begins freezing accounts

Ulster Bank has confirmed closure dates for 25 branches and their transfer to Permanent TSB. These include former Ulster Bank branches in Ballyjamesduff and Ballyconnell. There has been no update as yet regarding the planned closure of the Ulster Bank branch in Cavan Town.

The 25 branches, which will close in January, will reopen shortly afterwards as Permanent TSB branches. Ulster Bank staff working in these branches will also transfer to the new PTSB branches as part of the agreement.

The announcement comes as Ulster Bank confirmed that customers who received their six-month notice back in April 2022 will begin to see their current and deposit accounts frozen on or after November 11, and fully close 30 days later.

The account closures will begin with customers who the bank believe have a low reliance on these accounts or may have accounts elsewhere.

Ulster Bank is encouraging customers, who have not yet taken action, to begin the process to choose a new provider, move their transactions and close their accounts within their notice period.

Over 70% of Ulster Bank personal current account customers who received their first formal notification in April and May, have either closed, materially wound down the level of activity in their current account or left it inactive. “This trend is increasing every day,” say Ulster Bank, which will be taking “proactive steps to reach out again” to customers to offer additional support.

Ulster Bank will also pause account freezing from December 9, restarting on or after January 6, 2023, to ensure that no additional accounts are frozen over the Christmas period. “In this time period, personal closures will proceed with those who were already frozen prior to December 09, and did not engage with us to request an extension.”