Dublin: Ulster Bank will freeze current and deposit accounts from today. The bank announced it was withdrawing from the Irish market in February.
Current and deposit accounts of the first customers who received six months' notice in April will be frozen on or after today and the accounts will be closed after 30 days, the bank said in a statement. Ulster Bank has confirmed it will close 25 branches on January 6 or 13 . They will soon re-open as a permanent TSB branch.
70% of Ulster Bank's personal current account customers who received the April and May notification either closed or disabled some level of activity on their current account. Customers who believe their accounts are less reliable or have accounts elsewhere will begin freezing their accounts first. The bank said it is starting the process "in a careful and controlled manner. It will offer more support to customers who are still heavily dependent on their accounts and will no longer freeze their accounts."
High reliance accounts include personal or commercial current account customers with 6 or more transactions in the last 30 days, customers who have received a social protection payment in the last 30 days, and personal current or deposit account customers who have received an inbound payment of €125 or more. Because more than 1,000 euros in the last 30 days ie their wages and commercial current accounts that rely on overdrafts.
Appearing before the Oireachtas Finance Committee last month, the bank's CEO Jane Howard outlined the process. They say that if the bank freezes an account that a customer still relies on, they can temporarily freeze and get the account for a short period of time.
