Cork elderly advocate says people are ‘disappointed’ as Ulster Bank closes

An advocate of the elderly in Cork has reminded Ulster Bank customers to choose a new provider, move their transactions and close their current and deposit accounts within their notice period.

It comes as Ulster Bank confirmed that customers who received their six-month notice in April 2022, will begin to see their current and deposit accounts frozen on or after November 11 and close 30 days later, beginning with customers who the bank believes have a low reliance on these accounts or may have accounts elsewhere.

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, a trend that the bank has said is increasing each day.

“This precautionary, careful and controlled approach of freezing an account 30 days before closure means that where a customer needs more support, which may or may not mean more time, we can and are keen to provide that – they just need to let us know what they need,” a statement from Ulster Bank read.

Speaking to The Echo, Paddy O’Brien said that the bank’s closures are “a big disappointment for many elderly people”.

“Many people would have been associated with the bank for many years and for many it is the only bank they’ve had all their lives.” He said that many older persons come to know their local branch very well and become friendly with the staff.

“If they run into any problems in relation to bank accounts they can walk into a bank and seek advice. Going to a new bank with new people will be a major problem for these people.”

Ulster Bank has also confirmed the closure dates for the 25 branches, including its Wilton branch, which will close in January and reopen shortly thereafter as Permanent TSB branches.

The bank advised customers that even if their local branch is becoming a Permanent TSB branch, and/or their mortgage is transferring to Permanent TSB, their current and deposit accounts are not transferring, and action must be taken to choose a new provider.

Echoing this, Mr O’Brien reminded the elderly that they are entitled to open up a bank account in whatever bank they wish if they want a bank in their own area where they reside.

“Permanent TSB is a very good bank with excellent staff and I know many elderly who use this bank and are happy with the service they get.

“The elderly should be reminded that they can choose to move to a bank that suits them best,” he said.

Ulster Bank Chief Executive Jane Howard said that the bank’s focus remains to support customers to move to another financial institution and is also 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.

Customers can contact Ulster Bank on 0818 210 260 or 00353 1804 7475 if calling from abroad. Those with vulnerabilities can call 1800 656 001 and business customers can call 1800 818 375.