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Switching to Ulster Bank

Switching your business current account to Ulster Bank could be a smart move - and we'll make it easy for you.

We can help you to:

  • Cancel the regular payments on your old account
  • Transfer the credit balance from your old account to your new account or
  • Transfer funds from your new account to clear an overdraft* on your old account
  • Close your old account

What it costs

We don't charge you anything for our switcher service.

How long it takes

We'll ask your old bank to send us a list of your standing orders and direct debits within three working days after receipt of the request to do so.

We will set up your new standing orders and advise direct debit originators within four working days of the receipt of these from you or your old bank.

We will request your old bank transfers the credit balance from your old account to your new one within three working days of receipt of the request to do so. This is unless you have an overdraft which is backed by a guarantee or security (secured overdraft).

If agreed with us in advance, we'll transfer funds from your new account to clear your overdraft (including interest and costs), on your old account, within three working days of the receipt of the request to do so. This is unless you have an overdraft which is backed by a guarantee or security (secured overdraft)

Leaving Ulster Bank

We're confident you won't want to leave Ulster Bank, but if you do we'll do all we can to make the switch quick and easy. Read more about how we aim to help you in our terms and conditions.

How we performed

Find out how well our switching service performed.

*subject to Ulster Bank overdraft approval.

Moving your business account to and from Ulster Bank

We make a series of commitments to you when you decide you want to move your account to us, and if you decide to leave Ulster Bank. Every six months we publish results indicating how we perform against each of these commitments. The results are obtained by way of monthly sampling and are shown on this page.

Jul to Dec 2013 Performance

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Joining Ulster Bank

Our commitment Timescale Result
When we receive a list of your Direct Debits & Standing Orders, we will arrange to set these up on your new account. By close of business on the third working day following receipt of the list, or any later date agreed with you. 100%
If requested (and this is authorised by you), we will arrange for your old bank to transfer your remaining credit balance to us. *By close of business on the second working day following receipt of your request or any later date agreed with you. 100%
If agreed with us in advance, we will transfer funds from your new account to your old bank, to clear your overdraft (including interest & costs) with them. *By close of business on the second working day following receipt of your request or any later date agreed with you. 100%

* These targets are not applicable to an account with a secured overdraft.

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Leaving Ulster Bank

Our commitment Timescale Result
If requested (and this is authorised by you), we will provide your new bank with a list of your existing Direct Debits and Standing Orders. By close of business on the second working day following receipt of the request. 100%
If requested (and this is authorised by you), we will cancel your Direct Debits and Standing Orders. By close of business on the second working day following the receipt of the request or any later date agreed with you. 100%
If requested (and this is authorised by you), we will transfer the remaining credit balance on your account to you or to your new bank account. If requested (and this is authorised by you), we will also close your account with us. *We will transfer any credit balance by close of business on the third working day following receipt of the request. However, if we have been requested to close the account this will take an additional working day (i.e. four working days in total) whether the account has a credit or zero balance. 100%
On receipt of sufficient cleared funds, to clear the balance of any overdraft (including interest and costs), the outstanding balance will be cleared and, if requested (and this is authorised by you), we will arrange to close your account. *Within 3 working days following receipt of the funds. An additional working day is required if we have been requested to close your account. 100%

* These targets are not applicable to an account with a secured overdraft.

Switching your account from Ulster Bank

What we'll do

  1. If you authorise it, we'll provide your new bank with a list of your existing direct debits and standing orders, by the end of the third working day from receipt of the request
  2. If you authorise it, we'll cancel your direct debits and standing orders, by the end of the third working day from receipt of the request.
  3. If you authorise it, we'll transfer the remaining credit balance in your account to you or to your new bank account, by the end of the fourth working day from receipt of the request. Additionally, by the following day we will close your current account if requested to do so. This is unless you have an overdraft which is backed by a guarantee or security (secured overdraft).
  4. If you authorise it, on receipt of sufficient cleared funds from your new bank or you, to clear the balance of your overdraft (including interest and costs) we will level off your account (showing the balance as zero) within four working days from receipt of the funds. Additionally, by the following day we will close your current account if requested to do so. This is unless you have an overdraft which is backed by a guarantee or security (secured overdraft).

We always aim to meet these timescales, but in exceptional circumstances we may not be able to.

If you are a small or medium enterprise* and the timescales outlined are not met when you are moving your account to a new bank, and this is wholly due to a failure on our part, you will be entitled to make a claim for payment by contacting your Relationship Manager.

These commitments do not apply to the transfer of loan accounts.

Complaints

We are committed to providing a high-quality service at all times. If you are not happy about our transfer of your account, please contact your Relationship Manager. If you're not satisfied with the response you get, please ask for details of our complaint-handling procedure. You can also get this from any of our Ulster Bank branches

*A small or medium sized enterprise is defined for these purposes as a 'business or group of businesses, that in respect of a given financial year applying to it, has annual sales revenue of no more than 25 million'.