Switching from Ulster Bank to...

09-05-2022 6:07pm

https://www.boards.ie/discussion/comment/119033720#Comment_119033720

It's not a closing fee, it's the transaction fee or stamp duty you already owe.

cnoc · 09-05-2022 6:18pm

How do I close my UB account. BTW I have absolutely no money in any account with them. I transferred all (!) my money to BoI a few months ago. Do I still need to actually close my account. TIA.

Jim_Hodge · 09-05-2022 6:22pm

https://www.boards.ie/discussion/comment/119037736#Comment_119037736

You can leave it for them to close when they're turning off the lights.

cnoc · 09-05-2022 6:39pm

Thanks 😊

MickH503 · 09-05-2022 6:49pm

https://www.boards.ie/discussion/comment/119037736#Comment_119037736

Close it in the mobile app.

NewbridgeIR · 09-05-2022 7:48pm

That charge sounds like transaction fees accrued in the period since they were last levied.

GBX · 12-05-2022 11:05am

There is an option in the Anytime app now to close your account. Should be the last option when you click - My transactions at the top, "close this account" at the bottom.

vickers209 · 12-05-2022 2:47pm

I Received a letter from Ulster bank yesterday which I thought was about closing the account.

But when I read it it advised me from middle of June they will no longer process "OTC" transactions/payments from middle of June

The Letter states that these type of transactions are from a payment made from a gambling provider or payment from crypto currency and I was being informed as I previously had this type of transaction.

I had one or 2 wins on paddy power and transfered the win back into my bank which normally was processed in a few minutes.

Question I'm wondering is why are they are stoping this type of payment is it part of there wind down in general or is it some new EU rules regarding payments.

At the bottom of the letter it mentions pending accounts closure but no action was needed from me yet,

I'm planing on starting the move within next few weeks anyway

16-05-2022 10:19am

https://www.boards.ie/discussion/comment/119051586#Comment_119051586

That's odd. OTC is Over the Counter, i.e. teller transactions. Not sure what the connection is with gambling / crypto.

Jim2007 · 16-05-2022 12:09pm

https://www.boards.ie/discussion/comment/119069449#Comment_119069449

No, OTC refers to transactions in various types of investment vehicle including crypto etc...

Jim2007 · 16-05-2022 12:10pm

https://www.boards.ie/discussion/comment/119051586#Comment_119051586

I would image it relates to the close down. It can take months for some OTC transactions to settle so they need to provide a good buffer.

Quackster · 16-05-2022 12:13pm

https://www.boards.ie/discussion/comment/119069449#Comment_119069449

https://en.m.wikipedia.org/wiki/Over-the-counter_(finance)

ednwireland · 17-05-2022 9:53am

https://www.boards.ie/discussion/comment/119037559#Comment_119037559

I've just closed mine in the online banking so we will see. sure I would have some of the monthly charge to pay.

Snake Plisken · 17-05-2022 10:34am

I have my current account moved over to AIB but have left my UB Current account open whilst I still have Mastercard and Visa Credit cards open with them. Be interesting to see if and when we get instructions about them shutting down the credit card services

runjb · 17-05-2022 5:22pm

Hi all,

I have my current account, credit card and savings accounts with KBC. I really don't want to pay bank fees on my current account, so I'm thinking on moving to N26 / revolut. I have a CU savings account so that can handle cheque lodges if I ever need it etc. From reading the previous posts, it appears there are some problems with salaries being paid into N26 / Revolut - I'm in the public sector, so I wonder do all govt departments have the same policy on it and won't allow payment of salaries into accounts with non-Irish IBANS?

Cheers

tamara25 · 18-05-2022 12:14pm

I see it mentioned here that that people can also open a credit union account when switching over from UlsterBank. What are the disadvantages of having a credit union account as opposed to an aib account. I already have a credit union account.

phormium · 18-05-2022 2:54pm

https://www.boards.ie/discussion/comment/119080024#Comment_119080024

Depends probably what is on offer with your local CU, I would have preferred to have gone with CU for current account as they have a good offering, well staffed branch should I need to go in etc and good online and all for €4 pm but you only get 2 free ATM transactions pm and after that have to pay charge, I use the ATM once weekly at the moment, I'm a cash person not a tap/debit card sort of person but if that wasn't something that mattered then CU in my case would have been best option.

I have opened with EBS for now but apparently they will be moving all their current/deposit accounts to AIB anyway next year so will probably end up with AIB anyway and can review again then.

Quackster · 18-05-2022 3:50pm

You could get around that ATM usage restriction by getting a Curve card and attaching your CU debit card to it.

Also handy for EBS as they don't support Google/Apple Pay but you can attach your EBS card to a Curve card and then Curve to Google/Apple Pay. (This is what I do.)

phormium · 18-05-2022 4:06pm

https://www.boards.ie/discussion/comment/119081189#Comment_119081189

See now all that sounds far too much like hard work! Don't want any more cards, Google/Apple pay or even the debit card other than to use for the ATM withdrawals. I have a credit card if I really want to use a card for the odd thing. I like nice simple budgeting and banking 😊

Quackster · 18-05-2022 6:23pm

https://www.boards.ie/discussion/comment/119081271#Comment_119081271

Curve allows you to combine all your cards into one card so you only have to carry the one card in your wallet. And an app that keeps track of all your spending in one place.

The essence of simplicity in my book!

Bobeagleburger · 18-05-2022 6:45pm

https://www.boards.ie/discussion/comment/119033720#Comment_119033720

I closed two old savings accounts. No charges.

Done via the app. There's a close account option. Very straightforward.

phormium · 18-05-2022 6:55pm

https://www.boards.ie/discussion/comment/119081890#Comment_119081890

Nah, not selling it to me, cutting my two cards down to one is hardly worth it, 3 sections in the wallet so 2 cards and drivers licence is grand and I have zero interest in apps, need to carry my glasses around if I want to be using the phone for that stuff, I don't use the phone in general for banking unless unavoidable. I keep track of my spending old school style 😁

ednwireland · 24-05-2022 5:20pm

https://www.boards.ie/discussion/comment/119074043#Comment_119074043

2.21 euro

2.00 last period

0.21 to close

on the transactions page

just waiting to see money land in my new current account now

Slideways · 27-05-2022 1:21am

With my tracker mortgage, AIB will be taking that over, will they automatically open an acc to go with it?

I live abroad and am trying to figure out how I can open an acc to transfer funds for the mortgage payments once UB closes down

rameire · 27-05-2022 7:33am

Unfortunately they will not open a current account for you.

If you have a UB account You will have to setup a new account and get a new bank direct debit working.

macvin · 27-05-2022 7:45am

https://www.boards.ie/discussion/comment/119120076#Comment_119120076

Bunq account is what you need.

Irish IBAN and operates exactly like a bank with direct debit and standing orders.

ffocused · 31-05-2022 10:09am

https://www.boards.ie/discussion/comment/119120076#Comment_119120076

You should be able update your direct debit online from UB banking app by selecting ‘manage my mortgage’

I did it a few weeks ago and first payment due from new BOI account tomorrow, but unsure if it will process.

I have both banks blaming each other for failed direct debit on a UB personal loan a few weeks ago.

UB say it is set up on their end & BOI say they have no record of it, so I am expecting more of the same tomorrow.

Does anyone else here have issues with UB direct debits from BOI after switching?

worlds goodest teecher · 01-06-2022 10:10pm

Hi, we have our mortgage with UB 17.5 years left fixed at approx 2% for next 18 months.

We also have an UB joint account. From this account our mortgage payment and all our utility bills come out.

Because the joint account is linked to the mortgage does that mean UB are obliged to transfer our joint account as well? My wife thinks that they are.

On the Matt Cooper show today Charlie Weston was saying that mortgage holders in their last year of a low fixed rate should consider trying to extend the term at current low rates? Possibly with UB?

AndrewJRenko · 01-06-2022 10:39pm

https://www.boards.ie/discussion/comment/119076794#Comment_119076794

NSSO have no problem paying into Revolut with Lithuanian LT IBAN, so I doubt if they have any difficulties with N26.

rameire · 02-06-2022 8:30am

https://www.boards.ie/discussion/comment/119146886#Comment_119146886

Ulster Bank have no obligation to transfer your current account. it is up to you to get a new account.

As for the Fixed Rate, it may be ideal for you to view their current Fixed Rates available and request a breakage cost from your current Fixed Rate, because if you are moving to PTSB when your fixed rate expires you will be probably offered one of their fixed rates or role onto the variable rate which will most likely be higher.

Switching from Ulster Bank to...

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