Ulster Bank have announced a one-month extension to the closure of its accounts so customers can easily access one-off welfare payments.
The bank confirmed today that customers can continue to use Ulster Bank’s services until November despite its phased withdrawal from Ireland. This means that customers who had accounts that were supposed to freeze today can continue to use them until November 4.
The bank confirmed that the extension was granted in order to assist people receiving off one social welfare payments in line with Budget 2023. The child benefit payment, for instance, is to be allocated to welfare recipients on November 1.
READ MORE : Over €15 million in vacant site levies owed to Dublin City Council
The bank confirmed in a statement: "One of the key payments impacting a majority of customer is the additional child benefit payment, which is expected to be made by 01 November. Ulster Bank has decided to begin to implement the first ‘no-ops’ markers for personal and business customers slightly later than planned on or after 04 November, rather than 08 October."
The bank added: "It is the right thing to do, to ensure that there are no unintended impacts on customers in receipt of these particular payments."
Ulster Bank has gradually been withdrawing its services as its parent company Nat West Group exits the Irish market. A phoneline was recently set up to assist vulnerable customers uncertain about closing their accounts. The banking giant is expected to fully cease operations by 2023.
The company first issued communication to its customers of their intent to close accounts back in April, giving people six months’ notice ahead of the planned account freezing. The closure has seen thousands of people switch banking providers, as witnessed when 11,000 people opened AIB accounts over the course of a week in June.
Ulster Bank had approximately 1.1 million customers in Ireland before their exit was announced. The bank also controlled roughly 15% of Ireland’s mortgage market. The exit of KBC is an additional blow for the Irish banking market, which issued its six month notice period on June 1.
READ MORE
New 140-bedroom four star Maldron Hotel opens in Dublin city centre
The days and times homes are most likely to be burgled according to Gardai
IKEA franchise launches €100 million social housing plan in Dublin
Met Eireann's awful forecast says outbreaks of rain and strong winds to hit Dublin
Social welfare Ireland: Parents could receive double Child Benefit payment earlier than expected
Sign up to the Dublin Live Newsletter to get all the latest Dublin news straight to your inbox.
