The first batch of Ulster Bank accounts will be frozen today as part of the provider's final exit from the Irish market.
The customers affected by today’s freezes were among the first to be given a six-month notice period, to close their accounts and switch provider, back in April.
It will therefore affect those who have not yet taken action to change providers - with access to finances and outgoing direct debits coming to a halt.
READ MORE: Calls for legal smoking age in Ireland to increase as habit uptake increases
According to the Central Bank, just 38% of active accounts with Ulster bank and KBC Bank Ireland have been closed, leaving a massive 770,000 accounts still open.
Around 3,600 accounts will be frozen by Ulster Bank today with the process taking effect over the coming days.
These accounts will then be closed completely 30 days later.
The bank is taking a cautious approach to the closure and is first targeting accounts they believe the owners have a low reliance on them or may have accounts elsewhere.
Accounts that are still receiving social welfare payments will be given slightly more time to make a move and provide new details to officials so as not to leave people without.
The bank says those customers in the first tranche who still have a higher reliance on their accounts will not see them closed yet and it will contact them to offer assistance.
The process will be done in a careful and controlled way, it says.
READ NEXT:
Calls for legal smoking age in Ireland to increase as habit uptake increases
Face of man who tried to meet 14-year-old after he's caught in sting in Cork
To get the latest news right now, visit our homepage
