Ulster Bank is extending the deadline for customers with inactive accounts by another month this week.
The bank announced it was withdrawing from the Irish market in February. It began contacting customers in April to give them a six-month notice period to close their accounts.
The six-month notice period will expire on Saturday, October 8 for first-time customers.
However, Ulster Bank has stated that it has decided to delay the process of turning these accounts inactive until after November 4, four weeks instead of the original schedule.
The bank claimed that the new deadline will make it easier to apply the vast majority of the Department of Social Protection's increased payments, which were revealed last week in the Budget.
According to Ulster Bank, nearly two-thirds (64%) of the customers who received their first formal notification in April and May have either terminated or wound down their current accounts, or have left them close to inactive or dormant.
The remaining one-third of these clients are being "continuously reached out to," the bank said, adding that the majority are reporting that they have created new accounts elsewhere and are in the process of transferring their payments to those new accounts.
More than 75% of Ulster Bank's personal current account clients who receive social security payments have reportedly already made changes to their accounts.
Ulster Bank attended a meeting earlier today with representatives of older and personal clients who are in vulnerable positions.
According to Ulster Bank CEO Jane Howard, "as a bank, we have worked very hard to reach out to our clients to ensure that they are informed of their specific notice period and what will happen next, avoiding any shocks for them."
All clients must comprehend that their Choose-Move-Close notification is still valid, and they must take action when they receive their notice from us regarding their current account and deposit accounts, according to Howard.
I restate our commitment to withdraw on a methodical and orderly basis as we approach this critical point, and today's announcement is in keeping with that, she added.
Following Ulster Bank and KBC's withdrawal from the Irish market, the Banking & Payments Federation Ireland (BPFI) today stated that all five retail banks have established dedicated phonelines to assist vulnerable consumers move banks.
A new guide from BPFI has also been released for consumers who are switching financial services providers and those who are personally or privately caring for them.
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