Ulster Bank has confirmed that it will begin freezing the current and deposit accounts of customers who received six months' notice in April from Friday (11 November).

Frozen accounts will close 30 days later and a cheque will be issued to the account holder for the remaining balance, minus any fees that are due.

The NatWest-owned lender said it would first freeze the accounts of customers it believes "have low reliance on those accounts or may have accounts elsewhere" and encouraged customers who have not yet switched banks to commence the process now.

The Central Bank said in September that only one in four accounts with Ulster Bank and KBC Bank Ireland, who both announced their intentions to wind down their Irish operations last year, have been closed.

Ulster Bank said that over 70% of customers who received the six-month notice letter in April and May have either closed, materially wound down the level of activity in their current account or left it inactive.

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Ulster Bank said it would begin freezing accounts in "a careful and controlled way," starting with those who are not reliant on their accounts, and that it will take proactive steps to contact certain customer groups to offer further support, including:

• Personal or commercial current account customers with six or more transactions in the last 30 days;
• Personal current or deposit account customers who have received a social protection payment in the last 30 days;
• Personal current or deposit account customers in receipt of an inbound payment of €125 or more, in the last 30 days (as this may be their wages);
• Commercial current accounts with a reliance on an overdraft and an account turnover of more than €1,000 in the last 30 days.

“Our focus remains to support customers to move to another financial institution," said Jane Howard, CEO of Ulster Bank. "We are starting our freezing and closure process very carefully, with customers who we believe have low reliance on these accounts or may have accounts elsewhere. 

"At this point, we are also excluding and reaching out again to personal customers who have received a social protection payment in the last 30 days or who have received an inbound payment of €125 or more in the last 30 days.”

“This careful and controlled approach means that where a customer is still reliant on the current account, we can and will support them to move to a new banking provider.   This will also serve to maintain an orderly process for customers the industry and other key stakeholders. 

"While we will continue to reach out to customers who are still using their account, unless a customer engages with us to change the date, their account will enter the freezing and closure process on or after their original date.”

“As a bank, we have worked very hard to reach out to our customers to ensure that they are aware of their individual notice period and what will happen next, avoiding any surprises for them.  It is crucial for all customers to take action to choose, move and close their current and deposit accounts within their notice period.”

Customers can contact Ulster Bank on 0818 210 260 or 00353 1804 7475 if calling from abroad or 1800 656 001 if they have vulnerabilities.

Business customers can call the bank on 1800 818 375 or can call their dedicated relationship manager for assistance with moving their accounts.

Ulster Bank said it would pause account freezing from 9 December and restart the process on or after 6 January to ensure no accounts are frozen over the Christmas period.

However, personal closures will proceed with those who were already frozen prior to 09 December and did not engage with us to request an extension.

The bank has also confirmed the closure dates for the 25 branches that will reopen as Permanent TSB early next year, with staff working at those branches given the right to move to PTSB as part of the agreement.

12 branches (Ardee, Ballyjamesduff, Blackrock, Blanchardstown Village, Celbridge, Enniscorthy, Kilcock, Lucan, Ranelagh, Rochestown Avenue, Swords Pavilions, and Trim) will close on 6 January.

A further 13 branches (Athenry, Ballybofey, Ballyconnell, Belmullet, Donegal, Eyre Square, Killybeds, Shannon, Thurles, Tuam, Westport, and Wilton) will close a week later on 13 January.

(Pic: Robert Alexander/Getty Images)